Ultimate magazine theme for WordPress.

S.African tech investor Naspers logs 11% rise in first-half profit

JOHANNESBURG, Nov 22 (Reuters) – South African expertise investor Naspers Ltd (NPNJn.J) mentioned on Monday its first half profit climbed 11%, pushed by a big contribution from Chinese web big Tencent (0700.HK) in which it not directly holds a 29% stake.

Its core headline earnings per share, which strips out good points or losses from non-operational objects, stood at 416 U.S. cents, versus the 376 cents per share posted a yr earlier.

Naspers, Africa’s greatest firm by market capitalisation, has parked all its worldwide belongings, together with its Tencent stake, in its Amsterdam-listed subsidiary Prosus NV (PRX.AS), , in which it holds a 57% stake.

Register now for FREE limitless entry to reuters.com

Naspers, by means of Prosus, has investments unfold throughout a mess of on-line companies together with categorized advertisements, meals supply, funds and schooling in international locations from Brazil to India to China in addition to in many elements of Europe.

However, most convey minimal income good points and are overshadowed by earnings generated by its Tencent stake.

Its e-commerce portfolio excluding Tencent began displaying indicators of fast development from final yr. learn extra

“Our progress is reflected in the increasing value attributed to our ecommerce portfolio and, to capture the significant opportunity ahead, we stepped up investment in our core segments,” Chief government Bob van Dijk mentioned in an announcement.

Naspers, which additionally owns media home Media24 and e-commerce firm takealot.com in South Africa, posted half-year income of $17.2 billion, up 29% from a yr in the past.

E-commerce revenues grew 52% to $4.6 billion, outpacing income development at Tencent, though the e-commerce portfolio as a complete posted a lack of $374 million.

Register now for FREE limitless entry to reuters.com
Reporting by Promit Mukherjee; Editing by Emma Rumney and Edwina Gibbs

Naspers logo is seen in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko

Naspers logo is seen in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko/File Photo

Naspers logo is seen in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko

Comments are closed.