Tencent Holdings quarterly profit

Chinese internet giant Tencent Holdings Ltd.'s fourth-quarter net profit rose 2.7 times to a record 59.302 billion yuan ($9.09 billion), up from 21.582 billion yuan in the same period in 2019.

The figure was boosted by growth in the value of the companies in which it invested.

The company said in a press release that its operating profit increased 2.2 times to RM63.713 billion.

Revenue rose 26% to 133.669 billion ($20.5 billion). Including the online gaming segment, which is the largest in the company's business, the figure rose 29% to 39.1 billion yuan. One of the company's best-known games, Honor of Kings, posted its strongest revenues for the second consecutive year, the report said.

The company's net profit and revenue beat analysts' forecasts, The Wall Street Journal noted.

Tencent posted a net profit of 159.847 billion yuan in 2020, up 71% year-on-year. Revenue rose 28% to 482.064 billion yuan.

The number of active users of the QQ instant messaging service stood at 594.4 million at the end of last year, down 8.1% over the year. The combined number of users of Weixin and WeChat (Twitter analog) grew by 5.2% to 1.225 billion people.

The aggregate value of Tencent's investment package rose to 1.205 trillion yuan at the end of December, up from 890.7 billion yuan three months earlier.

The company's board has recommended a final dividend of HK$1.6 per share, up from HK$1.2 in 2019.

Tencent's market value has risen 10 per cent since the start of the year, while Hong Kong's Hang Seng stock index has added 2.5 per cent in the period.