Naspers has seen a massive rise in its profits, with the group looking to expand aggressively in Europe, Latin America and India.
Starting as a publisher, Naspers has grown to a global technology giant and now owns Takealot, Olx and Media24.
With a market cap of about R935 billion, it is the most valuable company in South Africa. Much of this value is tied to Tencent, a Chinese technology giant and the world’s largest video game maker.
Naspers also has a complex cross-ownership structure with Amsterdam-based Prosus, which is valued at R2.7 trillion.
“We are only just beginning to build Prosus into a global tech leader and, to get there, we must stay relentlessly focused on delivering results,” said CEO Fabricio Bloisi.
The group said that its goal is to unlock substantial value by building large regional lifestyle ecommerce ecosystems in Latin America, Europe, and India.
The group’s businesses now serve about 2 billion customers worldwide and span nearly 100 companies with complementary capabilities.
The group sees significant headroom to continue to grow strongly while expanding profit margins.
In its financial results for the six months ended 30 September 2025, the group invested S$2.0 billion through mergers and acquisitions (M&A) to increase profitability.
This includes the acquisition of Just Eat Takeaway.com, for approximately EUR4.2 billion (R83 billion).
“The acquisition advances our ambition to build a European lifestyle ecosystem and create an AI technology champion in Europe,” said the group.
“We remain disciplined in managing our portfolio by divesting non-strategic businesses and allocating that capital towards our ecosystem strategy.
Financials
In October, the group completed a five-for-one share split, which had an impact on earnings per share.
The group’s consolidated revenue increased 20% to US$4.1 billion, driven by strong growth from iFood in Latin America (LatAm), OLX in Europe, and PayU in India.
The group’s earnings from continuing operations increased to US$2.4 billion (R41.54 billion) from US$2.0 billion (R34.62 billion) in the prior period.
This increase was primarily due to increased profitability in consolidated and equity-accounted results, primarily from Tencent.
There was also an increased gain on the partial disposal of the investment in Tencent.
Core headline earnings from continuing operations were up 13% to US$1.7 billion (R29.43 billion)
Headline earnings from continuing operations slightly declined by US$4 million (R69.24 million) to US$1.1 billion(R19.04 billion).
Looking at total operations, the group’s earnings per share rose by 36.53% to $0.299 (R51.76).
Headline earnings per share also rose by 9.38% to 140 cents (R24.23) per share, even if the overall headline earnings for the period dropped by 0.18% to US$1.1 billion(R19 billion).
| Metric | HY26 | HY25 | % Change (YoY) |
| Earnings per N ordinary share (US cents) | 299 (R51.76) | 219 (R37.91) | 36.53% |
| Headline earnings for the period (US$’m) | 1,110 (R19 214m) | 1,112 (R19 249m) | -0.18% |
| Headline earnings per N ordinary share (US cents) | 140 (R24.23) | 128 (R22.16) | 9.38% |
| Core headline earnings for the period (US$’m) | 1,704 (R29 496m) | 1,499 (R25 948m) | 13.68% |
| Core headline earnings per N ordinary share (US cents) | 214 (R37.04) | 172 (R29.77) | 24.42% |
