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Naspers expects big jump in earnings

Johannesburg - The share price of global media and internet giant Naspers was up around 1% in trade in Johannesburg on Friday following a market update advising shareholders of higher earnings.

Naspers’ share price was trading at R2 169.78 at 10:59 on the Johannesburg Stock Exchange (JSE) on Friday after the group announced that it expected core headline earnings per share for the six months ended September 30 to be between 37% and 42% higher than the comparable period.

“Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the sustainable operating performance of the group, as it adjusts for non-recurring and non-operational items,” said Naspers in a SENS announcement.

The announcement further said that headline earnings per share for the period are expected to rise between 25% (1 410 cents) and 30% (1 466 cents) from the prior period’s 1 128 cents.

The company added that its earnings per share for the period is forecast to be between 10% (2 023 cents) and 15% (1 911 cents) lower compared to the prior period’s 2 248 cents.

Naspers has a 34% shareholding in Chinese internet giant Tencent Holdings. Last month, Naspers also bought a majority stake in Russia’s largest classifieds website Avito for $1.2 billion.

The company’s interim results are planned to be released on November 27.

*Fin24 is part of Media24 which is owned by Naspers.

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