CAPE TOWN, South Africa–(BUSINESS WIRE)–Naspers Limited (JSE: NPN; LSE: NPSN):
Revenues increased 29%1 year on year to
US11.0bn2 (2017: US$9.0bn2).
Trading Profit grew 34%1 year on year to
US$2.0bn2 (2017: US$1.7bn2).
- Core Headline Earnings grew 39% to US$1.7bn (2017: US$1.2bn).
Ecommerce reduced trading losses materially on the back of strong
contributions from classifieds, which turned profitable including
letgo, and the business-to-consumer (B2C) segment.
business to list on the JSE as MultiChoice Group.
Strong balance sheet with net cash of US$8.7bn positions the group to
- US$750m invested in classifieds, payments, and online food-delivery.
- IRR of 22% on existing assets (excluding Tencent) since 2008.
stake sold to Walmart for US$2.2bn, at an internal annual rate of
return of around 29%.
Basil Sgourdos, Group Chief Financial Officer, said
“We executed well in the first half of the financial year, growing
revenue 29%1 to US$11.0bn2,
and trading profit 34%1 to US$2.0bn2.
The classifieds business is now profitable including letgo. Trading-loss
margins in etail and payments narrowed considerably as the businesses
delivered solid revenue growth and continued to scale. Naspers continues
its track record of locking in strong returns with the recent sale of
Bob van Dijk, Group Chief Executive, added:
“In September, we took a significant step in our evolution into a
global consumer internet company, announcing our intention to list our
video entertainment business. We believe this will unlock value for
Naspers shareholders while creating an empowered, top 40 JSE-listed
African entertainment company. It means in future, effectively 100% of
our revenues and profits will come from online businesses. Throughout
the period we continued to invest in growth, strengthening our online
food-delivery, classifieds, and payments businesses.”
Koos Bekker, Naspers Chairman, commented:
“The team made good progress in the first half of the year, building
a focused consumer internet company that delivers long-term returns for
shareholders. We also contribute meaningfully to the communities we
serve, and hope to accelerate investing in early-stage technology
companies in South Africa and abroad.”
We believe great ideas can change the world –
addressing big societal needs, bringing people closer together,
improving their lives, making them more enjoyable and enriching. We
believe the best ideas often start locally, so we look for exceptional
entrepreneurs that meet the needs of the people and communities they
understand best. And when we see those same needs elsewhere, with our
backing and their ambition, the businesses we invest in and help build
can become global game changers. When we invest in entrepreneurs, it’s a
partnership. We bring resources, scale, experience, and expertise, and
they bring their insight, ideas, passion and ambition. Together, we work
hard to take their company as far as it can go.
Founded in 1915, Naspers is a global internet
and entertainment group and one of the largest technology investors in
the world. Operating in more than 120 countries and markets with
long-term growth potential, Naspers builds leading companies that
empower people and enrich communities. It runs some of the world’s
leading platforms in internet, video entertainment, and media.
Naspers companies connect people to each other and the wider world, help
people improve their daily lives, and entertain audiences with the best
of local and global content. Every day, millions of people use the
products and services of companies that Naspers has invested in,
acquired or built, including Avito, Brainly, Codecademy, eMAG, ibibo,
iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax,
SimilarWeb, Swiggy, Twiggle, and Udemy.
Similarly, hundreds of millions of people have made the platforms of its
associates a part of their daily lives: Tencent (www.tencent.com;
SEHK 00700), Mail.ru (www.corp.mail.ru;
LSE: MAIL), MakeMyTrip Limited (www.makemytrip.com;
NASDAQ:MMYT) and DeliveryHero (www.deliveryhero.com;
Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an
ADR listing on the London Stock Exchange (LSE: NPSN). For more
information, please visit www.naspers.com
The complete results are available on the Naspers website at www.naspers.com/investors
1 Growth percentages are shown in local currency terms and
adjusted for mergers and acquisitions unless otherwise stated;
2 All amounts are shown on an economic-interest basis (i.e.
Including a proportionate consolidation of the contribution from
associated and joint ventures) unless stated as being presented on a
This report contains forward-looking statements as defined in the United
States Private Securities Litigation Reform Act of 1995. Words such as
“believe”, “anticipate”, “intend”, “seek”, “will”, “plan”, “could”,
“may”, “endeavor” and similar expressions are intended to identify such
forward looking statements, but are not the exclusive means of
identifying such statements.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be
considered in light of various important factors. While these
forward-looking statements represent our judgments and future
expectations, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ materially
from our expectations.
The key factors that could cause our actual results performance, or
achievements to differ materially from those in the forward-looking
statements include, among others, changes to IFRS and the
interpretations, applications and practices subject thereto as they
apply to past, present and future periods; ongoing and future
acquisitions, changes to domestic and international business and market
conditions such as exchange rate and interest rate movements; changes in
the domestic and international regulatory and legislative environments;
changes to domestic and international operational, social, economic and
political conditions; the occurrence of labour disruptions and
industrial action and the effects of both current and future litigation.
We are not under any obligation to (and expressly disclaim any such
obligation to) revise or update any forward-looking statements contained
in this report, whether as a result of new information, future events or
otherwise. We cannot give any assurance that forward-looking statements
will prove to be correct and investors are cautioned not to place undue
reliance on any forward-looking statements contained herein.
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