Hangzhou, 14th May: Earlier this week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the year ended 31st March 2024. Revenues in the financial year were US$130 billion, representing year-on-year growth of 13%. Net income in the year grew 9%, reaching US$9.9 billion. Diluted earnings per share for the year were RMB 31.24 (US$4.33).

In terms of its B2B business, revenues generated from Alibaba’s B2B business in China under the Taobao and Tmall Group, mainly through its 1688.com platform, were US$2.8 billion, resulting in a year-on-year increase of 15%. The international B2B business under the Alibaba International Digital Commerce Group, primarily on Alibaba.com, posted a 7% increase in revenues, reaching US$2.9 billion. The B2B businesses only accounted for just 4.4% of Alibaba’s total revenues.