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Naspers Limited Announces Annual Results for the Year Ended 31 March 2024

Tinashe Mupasiri



Cape Town, 24 June 2024 – Naspers Limited has released its annual results for the financial year ending 31 March 2024. Despite challenging macroeconomic conditions, the group has reported significant improvements in profitability and revenue growth, underscoring its commitment to enhancing everyday life for billions through technology.

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

Key Financial Highlights

Continuing Operations:

  • Revenue: Increased by 8% to US$6.4 billion (FY23: US$6.0 billion).
  • Operating Loss: Reduced to US$562 million from US$1.1 billion in the previous year.
  • Earnings per Ordinary Share: US$1,595 cents (FY23: US$2,014 cents).
  • Headline Earnings per Ordinary Share: Improved significantly to US$792 cents from US$143 cents.
  • Core Headline Earnings per Ordinary Share: Rose to US$1,148 cents from US$546 cents.

Total Operations:

  • Earnings per Ordinary Share: US$1,532 cents (FY23: US$2,078 cents).
  • Headline Earnings per Ordinary Share: US$759 cents, up from US$119 cents.


Naspers has achieved consolidated eCommerce profitability in the second half of FY24, ahead of its target to achieve this by the first half of FY25. This marks a major milestone for the group, reflecting its focus on sustained, profitable growth. Consolidated revenue growth was driven by strong performances in OLX and iFood, with eCommerce trading profit improving by US$460 million to reach US$24 million.

Core headline earnings from continuing operations saw a notable increase of 88% to US$2.1 billion. This was driven by improved profitability in eCommerce and equity-accounted investments, particularly Tencent, alongside higher net interest income.

Strategic and Operational Achievements

  • Share-Repurchase Programme:
  • Since June 2022, Naspers has significantly reduced the free-float share count by 21%, creating US$30 billion in value for shareholders. This programme has also reduced the holding-company discount of Naspers and Prosus by 21 percentage points.
  • Structural Simplification:
  • In September 2023, Naspers removed its cross-holding structure with strong shareholder support.
  • Leadership Changes:
  • Bob van Dijk stepped down as CEO in September 2023, succeeded by Ervin Tu as interim CEO. On 17 May 2024, Fabricio Bloisi, CEO of iFood, was appointed as the new group CEO.

Business Segment Performance

  • iFood:
  • Delivered a strong increase in trading profit of US$166 million YoY, driven by growth in restaurant food delivery, lending, grocery, and meal vouchers.
  • Classifieds:
  • Achieved marked profitability improvement through revenue growth and cost control, particularly in OLX Europe.
  • PayU:
  • Continued strong growth in its core PSP business, despite regulatory challenges in India.
  • Edtech:
  • Faced revenue growth challenges due to macroeconomic conditions and the adoption of generative AI tools. However, significant actions were taken to improve trading profit and cash flow, particularly for Stack Overflow and GoodHabitz.

Financial Stability and Future Outlook

Naspers’ balance sheet remains robust with US$16.1 billion in cash and short-term investments. Approximately US$8.0 billion is available for new investments, supporting the group’s strategy to navigate a difficult macroeconomic environment.

Naspers Limited’s results for FY24 reflect its resilience and strategic focus on profitable growth amidst a challenging global landscape. The group continues to create shareholder value through disciplined investment and operational excellence, positioning itself for long-term success in the technology sector.

For further details, the full consolidated annual financial statements and integrated annual report are available on the Naspers website and the JSE link.

Contact Information:

  • Website: www.naspers.com
  • Registered Office: 40 Heerengracht, Cape Town 8001, South Africa
  • Sponsor: Investec Bank Limited

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