Tencent had profits of $19.5 billion in 2020

Helped by Honor of Kings and PUBG Mobile

Tencent had profits of $19.5 billion in 2020

Chinese tech giant Tencent achieved total revenues of ¥482 billion ($74 billion) in 2020.

As detailed in the company's latest financial report, the staggering figure represents an increase of 28 per cent year-on-year.

Meanwhile, Tencent achieved operating profits of ¥149.4 billion ($22.9 billion), growing 30 per cent from 2019, while the operating margin was stable at 31 per cent.

The PUBG Mobile publisher grew 30 per cent year-over-year for overall profit, having grossed ¥127 billion ($19.5 billion).

In Q4 2020, Tencent experienced a revenue increase of 26 per cent year-on-year with ¥133.7 billion ($20.5 billion). As for operating profit, the company hit ¥38 billion ($5.8 billion).

At an increase of 29 per cent year-on-year, profit for the quarter ended with ¥34.5 billion ($5.3 billion).

Of all the revenues generated in the fourth quarter, 29 per cent, or rather ¥39.1 billion ($6 billion), came from the company's online games sector.

Top of the world

Tencent's mobile divisions have proven to be instrumental in the firm's monetary success.

Its online battle arena title, Honor of Kings, held the top spot as the top-grossing mobile game for the second year running.

Moreover, come November 2020, the game would hit 100 million daily active users. As such, it was unsurprising that the game has continued its dominance and continues to be the most popular mobile title in China through MAUs.

Of course, there is more to Tencent and its mobile offerings than just Honor of Kings. It also has battle royale giant PUBG Mobile, which itself has had an impressive year.

Not only has the game grossed $3.5 billion in lifetime revenue, but it recently crossed one billion downloads.

Solid year

"While 2020 was a year of unprecedented challenges, solid results across all our businesses testify to our focus on user value, technology innovation and business sustainability," said Tencent CEO Ma Huateng.

"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.

"We also further penetrated into industrial internet with our flagship SaaS products and upgraded cloud infrastructure.

Huateng concluded: "We will continue to implement Tech for Good and work with industry partners to bring value-enhancing products and services to users, enterprises and society as a whole."

Staff Writer

Kayleigh is the Staff Writer for Besides PGbiz and PCGI she has written as a list writer for Game Rant, rambling about any and all things games related. You can also find her on Twitter talking utter nonsense.