Ant Group's Q1 profit reached 9.2 billion yuan, up 567% year-on-year

2020-08-21
|
Michael Liang

On August 20, Alibaba Group announced its financial report, which shows that from January to March 2020, Alibaba received an investment income of approximately RMB 3.034 billion from Ant Group.


Based on Alibaba’s 33% stake in Ant, in the first quarter of this year, Ant Group’s profit was about 9.2 billion yuan, a year-on-year increase of 567%.


Ant Group has never released revenue information, and Alibaba's financial report is one of the few channels through which the outside world can see its financial information.


According to Alibaba's financial report, from January to March 2019, the intellectual property and technical service fees provided by Ant Group for Alibaba were 517 million yuan.


According to the profit sharing agreement between the two parties at that time, this amount was equivalent to 37.5% of Ant's pre-tax profit. It is estimated that Ant's pre-tax profit in the first quarter of last year was about 1.38 billion yuan.


It is worth mentioning that Ant Group's first-quarter profit increased by 567% year-on-year, which was achieved in the traditional off-season under the impact of the epidemic. Of course, there was also a factor of high market investment in the same period last year.


Not long before, on July 20, Ant Group announced the launch of the "A+H" listing plan.


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