Picture: SUPPLIED
Picture: SUPPLIED

Africa’s biggest company by market value, Naspers, reported a jump in half-year profit on Friday, boosted by its internet businesses that include a major stake in China’s Tencent Holdings.

Cape-Town-based Naspers, which owns about a third of China’s biggest social network and online entertainment firm, said core headline earnings totalled $914m, or 212c per share, compared with $696m, or 169c per share, a year earlier.

Core headline earnings per share is Naspers’s main profit measure that strips out nonoperational and one-off items.

Founded in 1915 as Nasionale Pers, or National Press, Naspers has transformed itself from an apartheid-era newspaper publisher into a $64bn internet powerhouse, by focusing on e-commerce platforms such as auction sites and classified adverts in emerging markets.

Sales rose 16% to $6.8bn as a one-third rise in revenue from e-commerce businesses offset falling sales at payTV and media units.

Shares in the company were 1.18% higher at R2,092 as of 2.35pm GMT, outpacing a 0.18% gain in the top-40 index.

Reuters

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