E-commerce giant Coupang has reported higher profit in the third quarter as its sales growth momentum continued.

For the quarter ended September 30, the company’s net revenues soared 18 per cent to $9.3 billion (up 20 per cent on a constant currency basis).

Net income and net income attributable to Coupang stockholders were $95 million, representing a 48 per cent and 36 per cent increase, respectively.

The product commerce segment saw net revenues increase 16 per cent to $8 billion, with active customers growing 10 per cent to 24.7 million. 

The developing offerings segment, including international, Eats, Play, Fintech and Farfetch, recorded a 32 per cent uplift in revenues to $1.3 billion

Gross profit margins expanded over 50 basis points to 29.4 per cent and adjusted EBITDA margins increased by 10 basis points to 4.5 per cent, primarily driven by the product commerce segment.

“Our results this quarter continue to demonstrate our conviction that Korea remains a remarkably durable growth opportunity with a largely untapped runway ahead,” said CEO Bom Kim. “We continue to see broad-based strength across our customer cohorts.”

“In Taiwan, our momentum continues to accelerate, generating exciting year-over-year and quarter-over quarter revenue growth again this quarter… These levels of customer adoption in Taiwan are similar to those we saw at the same stage in building our retail business in Korea, reinforcing our confidence in its long-term potential,” Kim added.