Chinese Internet giant Tencent and e-commerce businesses have helped lift Naspers’s revenues by 6% to US$12,2bn for the financial year ended 31 March 2016.
In its full-year results, Naspers reported on Friday that its core headline earnings are up 21% in dollar terms to $1,2bn and that 77% of its revenues were generated outside of South Africa. Naspers, in its results announcement, said it regards core headline earnings as its best indicator of sustainable earnings.
A key component to Cape Town-headquartered Naspers is its 34% stake in Chinese Internet giant Tencent. For the year ended 31 December 2015, Tencent recorded 30% annual growth to 102,9bn yuan.
Meanwhile, Naspers’s stake in Russian e-mail service, Mail.ru, also yielded positive results as that business unit’s revenue for the year ended December 2015 rose by 11% to 36,3bn rubles.
Naspers’ e-commerce revenues further increased by 6% to $2,6bn.
“Our e-commerce businesses benefit both from the continued growth of existing businesses and investments in new models,” said Naspers CEO Bob van Dijk.
However, Naspers’s video entertainment revenues were down by 11% year on year to $3,4bn, owing to weaker African currencies.
The South African consumer base of Naspers’s video entertainment business, though, increased by 325 000 subscribers.
“Overall the group delivered a satisfactory performance,” said Naspers chairman Koos Bekker.