Naspers posts 29% increase in revenue in half-year results

Naspers [JSE:NPN] reported a 29% increase in revenue in rand terms to $11bn for the six months ended September 30. 

In dollar terms the growth, adjusted for acquisitions and disposals, was 23%. 

The multinational media group released its half-year interim results on Friday afternoon. 

In a statement Naspers said its trading profit grew 34% in rand terms year-on-year to $2bn, while its core headline earnings grew 39% to $1.7bn. 

Naspers chairperson Koos Bekker said in a statement that the company "made good progress in the first half of the year".

Naspers shares, which opened at R2 826.16 on Friday morning, were changing hands at R2 824.09 just after the results were released. 

In the past six months Naspers announced its intention to unbundle its video entertainment business MultiChoice, whichit hopes to list separately on the JSE in the first half of 2019. 

"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… It means in future, effectively 100% of our revenues and profits will come from online businesses," said CEO Bob van Dijk in a statement. 

In its latest results Naspers reported a "strong" net cash position of $8.7bn, primarily driven by the sale of Tencent shares and the disposal of its 12% stake in Indian e-commerce company Flipkart for $2.2bn, with a gain of $1.6bn.

*Fin24 is part of Media24, a subsidiary of Naspers.

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