China's express delivery giant SF Holding saw its net profits surge in the first half of 2019 as new business expanded rapidly and efficiency improved, according to the company's latest financial results.

Net profits attributable to shareholders stood at 3.1 billion yuan (about 438 million U.S. dollars) in H1, a 40.35-percent increase year on year, SF Holding said in a filing to the Shenzhen Stock Exchange.

Revenue climbed 17.68 percent year on year to roughly 50 billion yuan in the period.

Though revenue from traditional products saw slower expansion, the company's overall revenue growth remained healthy with steadily increased profitability resulting from new business growth, cost reduction and efficiency improvement brought by new technologies, SF Holding said.

New business such as cold chain and pharmaceutical transportation, international express delivery and intra-city delivery accounted for 23.66 percent of the company's total revenue in H1, a larger share than before.

Improved cost efficiency helped the company increase its overall gross profit margin to 19.82 percent in H1, up 0.86 percentage points year on year.

The liability-to-asset ratio rose to 52.26 percent as of the end of June, up from 48.45 percent at the end of 2018, but the level of debt remained relatively healthy and the financial position was stable with a positive outlook, according to the company.

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