JSE-listed technology giant Naspers says the 12 months to end-March was a knockout year with it delivering on its “ambitious” targets, including generating more than $7.3 billion (R120 billion) in revenue.
The company, which earns most of its revenue through international arm Prosus, says its Ecosystem unit – previously called Ecommerce – returned $1.1 billion (R18.12 billion) in income.
“Every one of our ecosystems is now profitable, and our free cash flow – excluding Tencent – continues to grow,” Naspers says in a trading statement released this morning.
Naspers, which claims to be the largest primary listed company on the JSE, has completed its transformation from a traditional holding company into an active operator of AI-driven lifestyle ecosystems across Latin America, Europe and India.
The company’s stock was down 1.28% this morning, although it is up 36.74% over a five-year period as revenue came in at the bottom end of its November 2025 guidance. Naspers completed a share split of five:one last October and has restated last year’s figures to reflect this.
Some up, some down
Its results, to be presented on 29 June, should show core headline earnings per share for continuing operations grow by between 20.8% and 27.8% on last year’s 366USc. Naspers’s board considers core headline earnings a useful indicator of the operating performance of the group, as it adjusts for non-operational items.
Naspers adds that headline earnings per share for continuing operations will rise between 8.3% and 15.3% from the 306USc reported last year. Naspers delivers its results in USD.
“Both of the above measures are driven by strong growth in revenue and profitability of our consolidated businesses and equity accounted investments, most notably Tencent,” says Naspers.
Earnings per share for continuing operations during the period are expected to either decline by 1.3% or gain 5.7% on the prior 12 months’ 620USc. “This is primarily driven by the group's improved overall profitability across consolidated businesses in Latin America, Europe and India,” Naspers says, adding that its share of Tencent’s result also aided growth.
However, this was offset by a lower gain from the sale of its Tencent shareholding as it sold fewer shares during the period and increased unrealised foreign currency losses on translation of the euro-denominated bonds to the group’s US dollar reporting currency.
*The rand was trading at R16.48 at the time of writing.
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