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S.Africa’s Naspers says revenue doubles, e-commerce portfolio nears breakeven

S.Africa’s Naspers says revenue doubles, e-commerce portfolio nears breakeven


Naspers’ brand is pictured on a smartphone on this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights

JOHANNESBURG/AMSTERDAM, Nov 29 (Reuters) – South Africa’s Naspers (NPNJn.J) reported on Wednesday a leap of 112% in half-year revenue, boosted by improved efficiency of its e-commerce companies and China’s Tencent (0700.HK), including that its e-commerce portfolio was now near breakeven.

“After years of funding and development, our companies at the moment are at scale and exhibit bettering profitability,” mentioned interim CEO Ervin Tu, including that the corporate expects these investments to develop into worthwhile within the present monetary yr ending March 31, 2024, or six months ahead of anticipated.

The South African know-how investor mentioned core headline earnings per share, a key indicator of working efficiency, rose to 454 U.S. cents for the six months ended Sept. 30, 2023, greater than double a restated 214 cents posted a yr earlier.

Naspers controls Amsterdam-listed Prosus (PRX.AS), and holds its worldwide investments there.

These cowl meals supply firms iFood of Brazil, Supply Hero (DHER.DE) and India’s Swiggy, on-line marketplaces similar to OLX, academic software program corporations similar to SkillSoft and Stack Overflow, and funds firms similar to India-focused PayU.

Naspers reported an e-commerce buying and selling lack of $38 million, shrinking 85% from a lack of $270 million.

Income from persevering with operations grew 14% to $3 billion, with the largest contributors being classifieds, meals supply, and funds and fintech, it mentioned.

Prosus additionally holds a large stake in Chinese language software program and gaming big Tencent (0700.HK), which it offered right down to 25% from 26.2% over the previous six months, to fund a rolling share buyback program.

Naspers and Prosus say the buybacks profit shareholders as a result of Prosus is price 30% lower than the worth of the Tencent stake, or $98 billion at present costs.

Prosus took a $340-million impairment cost on the valuation of Stack Overflow, a knowledge-sharing web site utilized by programmers that it purchased for $1.8 billion in 2021.

Whereas the positioning’s enterprise has been damage by the swift rise of Chat GPT in its place software for programmers, Tu mentioned Prosus was integrating synthetic intelligence instruments into Stack Overflow and seen generative AI as a possibility.

“We have now made three investments into AI firms up to now, and anticipate extra to return,” Tu added.

Reporting by Nqobile Dludla; Modifying by Tom Hogue and Clarence Fernandez

Our Requirements: The Thomson Reuters Belief Rules.

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