Tencent Music Entertainment Group (TME) has announced a first quarter net profit attributed to equity holders of 1.42 billion RMB, reflecting a 23.9% increase from the previous year. The earnings per ADS for the period was 0.91 RMB, up from 0.73 RMB. The Non-IFRS net profit for equity holders was recorded at 1.70 billion RMB, showing a 20.8% growth year-on-year. The Non-IFRS earnings per ADS rose slightly to 1.09 RMB from the previous 0.89 RMB.
The company produced total revenues of 6.77 billion RMB in the first quarter, which signifies a 3.4% drop year-on-year. This is primarily due to a decrease in revenue from social entertainment services and other sectors, a blow that was partially softened by the robust growth in revenue from online music services. Revenue from music subscriptions rose to 3.62 billion RMB, a sharp 39.2% leap from the previous year. Paying users also saw a 20.2% uptick, reaching 113.5 million in total.
Moving into fiscal 2023, the board has decreed a cash dividend of $0.0685 per ordinary share, or $0.1370 per ADS, to be given to holders of ordinary shares and ADSs as of the end of the business day on May 31, 2024.