HONG KONG: Chinese Internet giant Tencent said its profits jumped by 47 percent in the second quarter, buoyed by new users of its popular messaging service WeChat, gaming and digital content.
Net profit for the three months to June rose to 10.74 billion yuan ($1.62 billion) from 7.31 billion yuan in the same period last year, beating the average analyst estimate of 9.52 billion yuan according to a Bloomberg survey.
Revenue jumped by 52 percent from 23.43 billion yuan to 35.69 billion yuan, the technology company said.
Based in the Chinese southern export hub of Shenzhen, Tencent operates China’s biggest messaging service WeChat, through which a variety of businesses including gaming, advertising and social networking have flourished in recent years.
Monthly active users for WeChat — known as Weixin in Chinese — reached 806 million from 600 million in June last year.
The company’s messaging service is expanding into the corporate sector. The company said Weixin “further penetrated into communication scenarios at work,” with 20 million active users registered on its platform for enterprises.
Tencent’s online games business grew by 32 percent to 17.12 billion yuan in revenues in the second quarter, helped by existing gaming offerings including popular Cross Fire Mobile and Honor of Kings, it said.
“In recent months, we have conducted several initiatives to develop our online games and digital content businesses,” Chairman Ma Huateng said in a statement to the Hong Kong Stock Exchange, where it is listed.
The company announced in June it had agreed to buy Finnish game-maker Supercell Oy, creator of “Clash of Clans,” from Japanese mobile firm SoftBank for $8.6 billion.
It said in the statement the deal would be completed by the end of the year.
WeChat owner Tencent sees profits surge
WeChat owner Tencent sees profits surge
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
