[SPONSORED] Naspers shares jumped on Tuesday as news of reduced trading losses and the prospect of profits around the corner reached the market. Moneyweb CompanyNews
Naspers says its e-commerce businesses are on a “clear path to profitability” by the first half of 2025 after announcing a near halving in core headline earnings to $1.1 billion for the year to March 2023.
Naspers, valued at about R1.3 trillion on the JSE, owns a majority interest in Prosus, which in turn holds slightly more than a quarter of Tencent. The repurchase programme cost $10.5 billion , adding 4.5% to NAV. The narrowing of the discount and the increase in NAV per share added roughly $29 billion in shareholder value.Naspers says it has received the required approvals from the South African Reserve Bank for the buy-back programme, which will remove the complexity of the cross-holding without impacting the effective economic interests of both Naspers and Prosus.
iFood, considered a key part of the group’s future growth, continued to benefit from sustained momentum in the restaurant food-delivery businesses. Naspers acquired the remaining 33.3% stake of iFood in November 2022 for €1.5 billion, plus a contingent consideration of up to €300 million.The classifieds business performed well in its core European market, while the auto, real-estate and pay-and-ship initiatives added to revenue growth.
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