Naspers records jump in earnings from $119 million to $759 million

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JSE-listed Naspers has reported a big jump in full-year earnings, primarily driven by the improved performance of its e-commerce offerings.

Consolidated revenue grew by 8% to $6.4 billion driven by strong performances in its Classified and Food Delivery businesses.

The company also announced that headline earnings per share rose from $119 million in 2023 to $759 million in 2024. Naspers highlighted that its consolidated e-commerce business achieved profitability in the year ended March 2024, ahead of its expectation for the first half of next year.

“I think the key take away is, is something that we’ve been saying to the market for a while, which is, that the e-commerce profitability really is key to the story behind the Last Post process stable. It is not just about the ramp and what campaign centre and the discounted Tencent, although we have seen that narrow significantly and the share buybacks and the so-called financial engineering. That have been avoided for so long is now starting to take hold,” says Portfolio Manager at Rand Swiss Gary Booysen.