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Naspers records full-year revenue up 3% to $6.1bn

26 Jun 2017

The $3.25bn sale of Polish online auction site Allegro in October and other disposals helped Naspers nearly triple its aftertax profit for the year to end-March.

Image credit: Bloomberg

The media group reported on Friday its aftertax profit jumped 181% to $2.8bn, while overall revenue grew 3% to $6.1bn.

"Significant disposals during the year, notably the Allegro business in Poland and the Czech e-commerce units, Netretail and Heureka, reduced revenues," CE Bob van Dijk said in the results statement released on Friday.

Holders of its JSE-listed N shares will receive a R5.80 dividend, 11.5% higher than the prior year's R5.20. Holders of its unlisted A shares - which are controversial because they represent the bulk of Naspers's voting rights, but their owners are kept secret - will similarly see their dividend rise 11.5% to R1.16 from the prior year's R1.04.

"Net interest expense on borrowings was down 17% to $142m, due to lower utilisation of credit facilities and, to a lesser extent, cash retained from the Allegro disposal. Consequently, the group was in a net cash position of $1.1bn at year-end," Van Dijk said.

The group's internet division, which houses Chinese associate Tencent, Russia's Mail.Ru and its remaining e-commerce businesses, grew revenue 29% and trading profit 52%.

Naspers's traditional media business limited its decline in revenue by 3% to $588m, but trading profit declined 34% to $19m.

"Besides ongoing challenges from structural changes in the print media industry, the segment also continues to face tough macroeconomic conditions due to a weak South African rand. Consumer spending was subdued and, as a consequence, subscription and advertising income.

The focus remains on restructuring the mature print businesses, migrating audiences to digital platforms and scaling e-commerce interests while containing costs," Van Dijk said.

Its pay-TV division held revenue flat at $3.4bn but trading profit halved to $287m from $610m.

"Last year tough economic conditions led to significant churn in subscribers, but 2017 saw a return to modest growth. A value strategy was

successful at expanding the business over the long term," Van Dijk said.

Source: BDpro

Source: I-Net Bridge

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