Connect with us

Business & Economy

Naspers Limited Reports Strong Interim Results for the Six Months Ended September 30, 2023

Tinashe Mupasiri



Johannesburg, November 29, 2023 — Naspers Limited, a leading South African multinational conglomerate, announced its interim results for the six months ended September 30, 2023, showcasing robust financial performance and significant progress on strategic commitments.

A logo sits on display inside the headquarters of Napsters Ltd., at the Media24 Ltd. office complex in Cape Town, South Africa, on Thursday, May 7, 2015. South Africa lacks a coherent economic policy and government departments are failing to work together, said Koos Bekker, billionaire and chairman of Naspers Ltd., Africa’s biggest company. Photographer: Halden Krog/Bloomberg

Financial Highlights:

  • Revenue Growth: Naspers reported consolidated revenue from continuing operations of US$3 billion, marking a 9% increase compared to the same period last year.
  • Earnings Per Share: Earnings per ordinary share (US cents) saw a substantial rise to 812, compared to 501 in the corresponding period in 2022.
  • E-commerce Progress: The Group demonstrated commendable progress in its e-commerce segment, with consolidated trading losses decreasing by US$232 million to US$38 million. This reduction is attributed to cost-cutting measures and improved operational efficiencies.
  • Core Headline Earnings: Core headline earnings reached US$0.9 billion, indicating a remarkable increase of 90%.

Operational Achievements:

  • Prosus Ecommerce Profitability: Naspers celebrated the fourth anniversary of listing Prosus on the Euronext Amsterdam. The Group fulfilled its commitment to delivering consolidated Prosus Ecommerce profitability during the first half of FY25.
  • Share Repurchase Program: The open-ended share repurchase program continued as planned, contributing to the overall positive financial performance.
  • Structural Simplification: Naspers achieved significant progress in simplifying its structure by removing crossholdings, streamlining operations, and enhancing transparency.
  • Portfolio Value Highlighted: The Group successfully highlighted the value within its portfolio of assets, with key contributors being Classifieds, Food Delivery, and Payments and Fintech.

Strategic Outlook:

As the company reaches the halfway point in FY24, Naspers remains optimistic about its future prospects. The reduction in trading losses for the e-commerce segment, coupled with strong free cash inflow of US$597 million, positions the Group for continued success.

Forward-Looking Statements:

Naspers emphasized that the growth rates discussed in the report are comparisons between 1H24 and 1H23. The company remains committed to its strategic objectives, including ongoing and future acquisitions, adapting to market conditions, and navigating regulatory environments. Naspers underscored its commitment to transparency and cautioned investors not to place undue reliance on forward-looking statements.

In conclusion, Naspers Limited’s interim results reflect a resilient and forward-looking company, achieving milestones and setting the stage for sustained growth in a dynamic business environment. Investors and stakeholders can look forward to continued updates as the Group progresses through the remainder of the fiscal year.

The full condensed consolidated interim report can be found on the company’s website at www.naspers.com and can be viewed at https://senspdf.jse.co.za/documents/2023/JSE/ISSE/NPN/Interims.pdf

Continue Reading
Click to comment

Warning: Undefined variable $user_ID in /home/iniafrica/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply