DURBAN – Global internet group Naspers reported slow earnings growth for the six months to the end of September, with profit falling at its key investment, Tencent, and accelerated investment into new revenue verticals, such as food delivery.
Naspers, which holds a 31 percent stake in Tencent, grew its core headline earnings per share by 8 percent to 380 US cents a share. Core headline earnings from continuing operations also increased by 8 percent to $1.7 billion (R25bn) on the back of improving profitability in Tencent and the more established e-commerce businesses.
However, headline earnings per share, slid to 326c from 624c a year earlier – a 48 percent fall in profit.
Chief executive Bob van Dijk on Friday said the group had entered financial year 2020 well positioned as a global consumer internet group following the successful listing and unbundling of MultiChoice Group.
“In the first six months, we successfully listed our international internet assets as Prosus on Euronext Amsterdam in September, creating Europe’s largest consumer internet company by asset value and unlocking $10bn in value for our shareholders. The listing of Prosus positions us well for future growth, opening up investor access to our unique portfolio of international internet assets. We delivered solid results and good progress in our core segments, which are growing fast and scaling well,” Van Dijk said.