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.
The company owns a slew of businesses across sectors spanning the internet, video and media, including the listing portals Avito, OLX and Property24.com.
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.”
