African e-commerce company reports 24% rise in full-year profit
Naspers, a media and e-commerce firm, reported a 24 percent increase in earnings for the year ended March 31, bolstered mostly by the performance of its investment in Tencent Holdings in China, the company announced on Monday.
The largest firm in Africa by market capitalization announced core headline earnings per share of US$8.14, up from $6.56 a year earlier.
Its profit increased by 33% in the financial year because to its 28.9% share in the Chinese corporation, which it owns through its Amsterdam-listed subsidiary Prosus. Naspers owns 73 percent of Prosus, which is where the company’s international assets are housed.
Prosus, which also released annual results on Monday, announced a better-than-expected net profit of $7.45 billion for the fiscal year 2021, owing to excellent Tencent returns.
According to Refinitiv data, analysts expected net profit to be $4.63 billion for the year ending March 31, up from $3.66 billion a year earlier. Tencent is owned by Prosus to the tune of 28.9%.