Naspers' H1 2023 Results

Naspers’ interim results for the six months ended 30 September 2023 show a decrease in trading losses and a 35% growth in bottom-line profit, reaching $3.34 billion.

The company attributes the positive performance to its classifieds, food delivery, payments, and fintech segments, with consolidated revenue exceeding $3 billion. Notably, gains from the partial disposal of equity-accounted investment and a share buyback scheme contributed to the higher bottom-line profit.

The e-commerce segment saw revenue growth, especially in the food delivery business, where iFood reported a revenue of $679 million.

Naspers anticipates achieving profitability in the second half of the 2023/24 financial year and emphasizes continued investment in enhancing ecosystems for customers and shareholder returns.

“With improved results in the current period, we expect to achieve profitability for 2H24, ahead of the prior commitment to do so in 1H25 and to grow profitability further,” it said.

“We will invest to enhance our ecosystems as value to customers, while delivering returns to our shareholders.” – the company added.