COMPANY RESULTS: Naspers pumps money into ecommerce — but Takealot takes a pummelling

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 62 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 84%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Naspers CEO Bob van Dijk says the group will remain committed to its ecommerce portfolio — and especially Tencent — for a long time to come.

A day after issuing a trading update warning of a significant decline in half-year profit, Naspers and its subsidiary Prosus published results for the six months ending 30 September, intimating that the worst was behind the group as it had channelled resources into profitable entities.

Shortly after the JSE’s closing on Tuesday, Prosus gave an update, saying it had bought 613,279 Naspers shares worth just over R1.53-billion, as part of an open-ended share repurchase programme announced earlier this year to offload Tencent shares and “unlock immediate value for shareholders”. Last week, Reuters reported that Tencent planned to distribute $20-billion of stock in meal delivery giant Meituan in the new year. This triggered a selloff of Chinese internet stocks as investors feared more divestments by the online gaming company were in the offing.

Naspers’ revenue is up 9% to $17-billion, but group trading profit declined by 38% to $1.4-billion due to a lower contribution from Tencent and investment in ecommerce extensions. PayU — a Netherlands-based payment service provider to online merchants — has delivered good results, growing payment volumes and pursuing additional opportunities in credit and digital banking. Total transactions grew 17% year on year, driving total payment volume growth of almost 50% to $46-billion.

It said it had sold more than 26% in merchandise, which hiked revenue by 52% to $1.9-billion, while investments boosted trading losses by $69-million to $381-million.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

How many billions did van dijk award himself this year

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Naspers warns of massive drop in earningsNaspers has warned shareholders to expect a massive drop in earnings when it reports its interim results this week.
Source: BusinessTechSA - 🏆 24. / 61 Read more »