HomeMarket OverviewNaspers Headline Earnings up 88%

Naspers Headline Earnings up 88%

25-06-2024
Naspers Headline Earnings up 88%

On Monday, the media giant reported its results for the year ended March 2024. Naspers’ shares climbed 2.7% and surpassed the R3700 price point during the day.

This comes a decade after the group’s chair, Koos Bekker, went on a sabbatical and returned with the idea to make huge investments in digital services. It took longer than anticipated for this move to pay off, with the first profits only coming in in the last fiscal period.

While Naspers did record operational losses of $562 million, it is much better than the $1 billion from a year ago. Tencent, and the sale of some of its shares, contributed about $6.6 billion in profit. Core headline earnings jumped from $1.14 billion to $2.14 billion.

Net asset value grew 8% due to the company’s share buyback programme. 

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Naspers Headline Earnings up 88%