Tencent Holdings gains 30% profit in 2020

Its total revenues amounted $573b (RMB482.06b) for the year.

Internet value added service provider Tencent Holdings Limited saw a 30% YOY increase in its profit to $151b (RMB126.98b) in 2020.

The company’s total revenues grew 28% to $573.23b (RMB482.06b), compared to the previous year. Its basic earnings per share was $15.38 (RMB12.934).

“We extended our leading position in the consumer internet space with enriched content and innovations across our products, while making notable progress in international expansion, starting with games,” Chairman and Chief Executive Officer Ma Huateng said. “We also further penetrated into industrial internet with our flagship SaaS products and upgraded cloud infrastructure.”

He added the company will continue to implement Tech for Good as well as work with its industry partners this year.

In the fourth quarter of 2020, Tencent Holdings generated $158.86b (RMB133.6b) in revenue and $40.96b (RMB34.45b) in the profit for the period.

In particular, revenue from its value-added service segment grew 28% to $79.68b (RMB67b) during the quarter, whilst it gained by 29% to $46.49b (RMB39.1b) in online games.

The increase was also linked to the revenue contributions from Tencent’s smart phone games Peacekeeper Elite, Honour of Kings, PUBG Mobile and Moonlight Blade Mobile.

Total smartphone games, PC client games and social networks revenues were $43.64b (RMB36.7b), $12.12 (RMB10.2b), and $33.176b (RMB27.9b), respectively.

Moreover, online advertising during the quarter increased by 22% to $29.37b (RMB24.7b) due to demand from advertising categories such as education, eCommerce platforms and fast-moving consumer goods.

Its fintech and business service, likewise, generated revenues worth $45.7b (RMB38.5b), a 29% higher compared to the same period in 2019.

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