Tencent Q2 Profit Rises; Total Revenues Up 20%

Tencent Holdings Limited (TCTZF.PK,TCEHY.PK) recorded a 13% year-over-year growth in second quarter non-IFRS profit attributable to equity holders. The company achieved healthy growth rates across its business lines, particularly Business Services and advertising, while game revenue benefitted from international growth.

For the second-quarter, fee-based VAS subscriptions grew 13% year-on-year to 229 million. Video subscriptions rose 9%. Music subscriptions increased 41% year-on-year to 66 million. Games revenues were up 12% year-on-year, primarily driven by the increase in revenues from games such as Honour of Kings, PUBG Mobile, Valorant, Clash of Clans and Moonlight Blade Mobile, partly offset by the decrease in revenues from Peacekeeper Elite.

On a non-IFRS basis, second-quarter profit attributable to equity holders was RMB 34.0 billion, an increase of 13% from prior year. Earnings per share was RMB 3.504, for the quarter. On IFRS basis, profit attributable to equity holders was RMB 42.6 billion, an increase of 29% from a year ago. Earnings per share were RMB 4.387 compared to RMB 3.437.

Second quarter total revenues were RMB 138.3 billion, an increase of 20% from last year. Revenues from VAS increased by 11% to RMB 72.0 billion. Revenues from Online Advertising rose 23% to RMB 22.8 billion. Games revenues increased by 12% to RMB 43.0 billion. Revenues from FinTech and Business Services increased by 40% to RMB 41.9 billion.

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