South African media conglomerate Naspers has posted its Q3 financial results for the six months to 30 September 2016, which indicates 16% year on year growth to US $6.8 bn.
Its revenues, which were measured on an economic interest basis, (including the proportionate contribution from associates and joint ventures), increased 16% year on year to US$6,8bn. Excluding acquisitions, disposals and currency movements, revenue growth was 27% and businesses outside South Africa contributed 80% of revenues, up from 75% a year ago.
Naspers’ chair Koos Bekker commented on the company’s third quarter. He said:
“We experienced a satisfactory first six months to the financial year. The ecommerce businesses and Tencent performed well, while video entertainment and print did their best in a pretty tough environment.”
Revenues from the company’s internet segment, which now accounts for 72% of group revenues, were up 30% (40%) to US$4,9bn while trading profits increased 54% (71%), driven by Tencent and higher profits or contracting losses in many ecommerce units.
“The group now has 23 profitable ecommerce businesses, up from 18 a year ago,” said CEO Bob van Dijk.
“Classifieds delivered strong results across the portfolio, boosted in particular by Avito. Our retail, travel and payments businesses all performed well.”