Demand fuels jump in Kingsoft's net profit

Kingsoft Office, which offers online office tools such as Microsoft Office, posted a 120-percent jump in net profit for 2020, thanks to booming online working and education demands during the pandemic and a growing paid subscription user base, the STAR-listed company said on Wednesday. 

Net profit hit 879 million yuan (US$137 million) last year while revenue grew 43 percent to 2.26 billion yuan.

In 2019, the company’s net profit had risen 29 percent. 

The pandemic, which forced people to study and work online, boosted demand for online office tools and cloud services. It also brought Kingsoft more paid users, both individuals and organizations.

Online education and classes also fueled its business. It’s monthly active user base for WPS Office, its core product, hit 168 million in computers and 271 million in mobile devices, the company said.

Kingsoft Office is now the No. 2 company in the STAR Market with a current market value of 165 billion yuan.