On May 30th, Century Internet, a leading technology innovation digital new infrastructure enterprise and a US listed IDC company, released its unaudited financial performance for the first quarter of 2024. Century Internet's net revenue in the first quarter of 2024 was 1.9 billion yuan (262.9 million US dollars), an increase of 5.1% compared to the same period in 2023, which was 1.8 billion yuan.
Chen Sheng, founder of Century Internet, said, "Through the strong implementation of the dual engine strategy and high-quality development strategy in the first quarter, we have ushered in a hopeful start to 2024. We have successfully won multiple projects from new and old customers, and have continued to consolidate the good development momentum of our data center business by seizing the growing demand driven by artificial intelligence from various industries. It is worth noting that we have received about 15MW of new orders from existing customers and plan to deliver them within 2024. As of the end of the first quarter of this year, the operational capacity of our base based business has reached 332MW, with an increase in listing rate to 71%. Looking ahead, we will continue to rely on reliable IDC services, high computing power deployment capabilities, and expanding loyal customers." "Group, promote high-quality growth of our own business, while also supporting the development of China's digital economy."
Century Internet CFO Wang Qiyu said, "We have kicked off 2024 with robust first quarter performance. Our revenue in the first quarter of this year increased by 5.1% year-on-year to 1.9 billion yuan, and our base business revenue increased by 59.1% year-on-year. As we enter 2024, we will actively seize the market opportunities brought by the artificial intelligence boom, continue to focus on high-quality business growth, and provide sustainable long-term value to our stakeholders."
Specifically, during the reporting period, the net revenue of the company's data center business was 1.28 billion yuan (177.9 million US dollars), an increase of 5.2% compared to the same period in 2023. Among them, the net revenue of base based businesses was 361 million yuan (50 million US dollars), an increase of 59.1% compared to the same period in 2023; The net revenue of urban business was RMB 923.7 million (USD 127.9 million), a decrease of 7.1% compared to the same period in 2023.
As of March 31, 2024, the shelving rate of Century Internet base type computer rooms was 71.0%. By comparison, as of December 31, 2023, it was 65.8%, and as of March 31, 2023, it was 51.7%. As of the end of March, the total contracted capacity of the base type data center was 326MW, with a pre contracted total capacity of 104MW and a pre contracted rate of 74.5%.
In terms of urban business, as of March 31, 2024, the company has operated 52068 cabinets, compared to 52233 as of December 31, 2023. In the first quarter of 2024, the MRR of a single cabinet in urban computer rooms was 8742 yuan, while in the fourth quarter of 2023, it was 8759 yuan and in the first quarter of 2023, it was 8874 yuan.