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Naspers’s big bet classifieds business turns the corner

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Turn to internet-based business yields a profit, but Naspers would be deep in the red without its stake in China’s Tencent

Naspers’s classifieds business — its big bet on the future — turned profitable for the first time, the company said on Friday as it reported its maiden set of results since unbundling MultiChoice.

But the results are still dominated by Chinese technology group Tencent in which Naspers holds a 31% stake. Without Tencent’s contribution of $3.9bn to trading profit, Naspers would be deep in the red. Naspers now has a portfolio of e-commerce investments, which includes classifieds, online retail, food delivery and online payments.

“It is a very sizeable market and we think it will be able to carry more than one player,” said Sgourdos. But it is still early days, he added.

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