Alibaba.com revenues up 43%, net income up 45%

Hong Kong-listed Alibaba.com posted another year of record growth in 2010. Revenues jumped 43% last year reaching US$846 million. Similarly, net income rose 45% to US$223.6 million.

Despite the fact the company closed several major acquisitions (Shenzhen One-Touch, Auctiva and Vendio), cash on hand increased 33% to US$1.46 billion. (Yes, billion!)

The Hangzhou-based company also increased its number of registered users by 29% to a total of 61.8 million - that figure includes users on its Chinese-language and English-language sourcing platforms). 18 million of those users are registered on the English-language site.

India is now Alibaba.com's second largest market (after China). In 2010 the company established its own direct sales force there setting up offices in Mumbai, Delhi, Chennai and Bangalore. Management plans to continue to focus on the Indian market in 2011.

Paying users increased from 615,000 at the end of 2009 to 809,000 in 2010 - a 32% increase. China Gold Suppliers (paid users on its English-language sourcing platform) rose 26% to 121,000. Paid members on the much less expensive Chinese-language site increased 35% from 501,000 to almost 678,000.

Despite the resignation last month of the CEO and COO ostensibly for not doing enough about fraud on the platform, the company had a remarkably busy and successful 2010: closing a multiple acquisitions, launching AliExpress and 1688.com and switching to a direct sales model in India.

In 2011, watch for Alibaba.com to continue to focus on building its SME ecosystem with greater collaboration with other Alibaba Group companies such as Taobao and expansion of its AliLoan programme to more markets in China.