Naspers: Doubled profit, e-commerce nearing breakeven

Naspers reported on Wednesday a jump of 112% in half-year profit, on improved performance of its e-commerce businesses and China’s Tencent, adding that its e-commerce portfolio was now close to breakeven.

The South African technology investor said core headline earnings per share, a key indicator of operating performance, rose to 454 US cents for the six months ended on September 30, more than double a restated 214 cents posted a year ago.

Naspers, with global investments housed in Amsterdam-listed Prosus, said improvement in profitability enabled it to advance its Prosus e-commerce profitability target by six months, to the second half of 2024.

A consolidated e-commerce trading loss of $38 million, narrowed 85% from a loss of $270 million.

Consolidated revenue from continuing operations grew 14% to $3 billion, with the biggest contributors being classifieds, food delivery, and payments and fintech, it said.

Read the Naspers Sens here.

Read the Prosus Sens here.