Naspers' half-year profit jumps on strong e-commerce, Tencent

Reuters
2024-12-02
UPDATE 1-Naspers' half-year profit jumps on strong e-commerce, Tencent

Adds detail, recasts core headline figure in dollars

JOHANNESBURG, Dec 2 (Reuters) - South African technology investor Naspers NPNJn.J posted a 74% jump in its half-year core headline earnings, driven by accelerated growth and improved profitability of its e-commerce businesses and contribution from China's Tencent 0700.HK.

Naspers said on Monday its core headline earnings for continuing operations rose to $1.5 billion in the six months ended Sept. 30, up from $866 million.

Core headline earnings, the group's key indicator of profit, adjusts for non-operational items.

Dutch subsidiary Prosus NV PRX.AS, which houses its international businesses and investments, reported core headline earnings of $3.5 billion, up from $2 billion.

Group revenue rose by 23% to $3.4 billion, while adjusted earnings before interest, tax $(EBIT)$ swung to a profit of $36 million from a loss of $121 million as its e-commerce business turned profitable.

Consolidated e-commerce revenue grew by 24% to $3.3 billion, while adjusted EBIT of that portfolio swung to a profit of $169 million, from a loss of $35 million.

(Reporting by Nqobile Dludla; editing by Rashmi Aich and Jason Neely)

((nqobile.dludla@thomsonreuters.com; +27103461066;))

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