Naspers announced positive financial results for the 2017 financial year ending March 2017. One of the highlighlts is that the company's revenue grew by 19% year-on-year to $14,6 billion.
Notably, Naspers businesses outside of South Africa contributed 80% of revenues. This contribution has increased year-on-year because for the 2016 financial year non-South African businesses contributed 77% to Naspers annual revenue.
“Naspers produced satisfactory results for the year,” said Koos Bekker, Chairperson at Naspers as he explained that the company's core headline earnings grew 41% to $1,8bn.
“Tencent continued its growth, while we scaled various ecommerce businesses. Video entertainment is facing new competition from international players based in the US.” added Bekker.
Naspers' Internet segment of its investments grew revenues by 29% to $10,6 billion. Internet investments account for 73% of the company's revenues.
“The group now has twenty one profitable e-commerce businesses, delivering $699 million in revenues and $229 million in trading profits,” said Bob van Dijk, CEO at Naspers.
In presenting its 2017 financial year results, Naspers acknowledged Tencent’s excellent results and increased profitability of its e-commerce assets as a great contributor to the group's positive 2017 financial year results.
“Classifieds performed well, boosted by Avito and accelerated growth in our European markets led by Poland, Ukraine, Romania and Portugal. Our B2C, travel and payments businesses all generated strong revenue growth and were further strengthened by additional investments to drive scale.” added van Dijk.
Elaborating on some of Naspers' plans for the 2018 financial year, Basil Sgourdos who is CFO at Naspers, said that they will keep scaling the e-commerce businesses, "to drive profitability and cash generation. In our more mature businesses, such as media and video entertainment, the focus will be on managing macroeconomic and sectoral headwinds through cost containment,”
“We will continue to drive innovation and transformation of existing businesses, while investing to fuel the next wave of growth,” concluded Sgourdos.Share this article via: