From Newspaper Roots to Tech Titan: Naspers Eyes Huge 2025 Earnings Leap

Tencent stake and booming e-commerce give SA’s biggest company a R3 trillion shot in the arm

In a sharp twist from its humble beginnings as a South African newspaper publisher, Naspers, now South Africa’s largest listed company by market capitalisation, is gearing up for one of its most profitable years ever. And it’s all thanks to two powerful engines: its growing global e-commerce empire and its golden stake in Chinese tech behemoth Tencent.

Naspers, through its international holding company Prosus, is expecting to almost double its earnings per share for the financial year ended 31 March 2025. That’s no typo, the company forecasts earnings per ordinary share to increase by 98.4% to 107.8%.

And while investors often fixate on headline earnings, Naspers’ core headline earnings per share, the metric its board believes best reflects the company’s true operating performance are also expected to leap between 57.1% and 66.7%.

Behind the Boom: E-Commerce and Tencent Deliver

It’s not hard to see what’s powering this financial rocket.

Prosus, which holds Naspers’ international assets, has spent years investing in high-growth tech sectors around the world, from food delivery apps to education platforms. That strategy seems to be paying off. The group cited “accelerated growth and improved profitability” across its consolidated e-commerce businesses, particularly in Latin America, India, and Europe, as a key driver of the earnings jump.

But the crown jewel remains Tencent. Even after trimming its stake in the Chinese tech firm, Prosus still reaps immense value from Tencent’s performance. In fact, the sell-down of Tencent shares, while financially impactful, is excluded from headline earnings,meaning the gains reported are coming from actual operations, not one-off deals.

Investors Take Note: Numbers That Matter

Here’s a snapshot of what to expect when Naspers publishes its results on Monday, 23 June 2025:

Even when excluding discontinued operations, core headline earnings are expected to grow by over 50%.

From Cape Town to the Cloud: A Company Transformed

To fully appreciate this moment, consider Naspers’ journey. Founded in 1915 in Cape Town as a publisher, the company reinvented itself over the decades. The biggest turning point came in 2001, when Naspers invested in a then-little-known company called Tencent. That $32 million gamble has since turned into one of the most lucrative tech investments of all time.

Today, Naspers is a R3 trillion powerhouse with a portfolio that stretches across the globe. Through Prosus, the company owns stakes in global e-commerce, fintech, food delivery, and edtech platforms. Yet, it still lists on the JSE, tying it symbolically to its South African roots.

What’s Next? AI, Strategy, and the Road Ahead

Looking ahead, Naspers says it will continue doubling down on its e-commerce ventures, especially in high-growth markets. But there’s a new buzzword entering the boardroom: AI.

The company sees artificial intelligence as a critical lever for “sustainable, profitable growth”. It’s already being applied across its platforms to improve logistics, customer service, and decision-making — potentially turning this year’s earnings boom into a long-term trend.

Social & Market Reactions

On financial Twitter and local investment forums, traders and analysts were quick to react:

“Tencent + e-comm growth = Naspers finally looking investable again,” wrote @EquityZa.

“SA’s sleeping giant is finally waking up,” noted one user on Reddit’s r/SouthAfricaInvest.

Shares in both Naspers and Prosus are expected to respond positively in the days leading up to the official announcement.

Naspers is sending a clear message: it’s no longer just coasting on its Tencent windfall. With aggressive e-commerce growth and a sharper operational focus, it’s staking its claim as a global tech leader — one that just so happens to call South Africa home.

For investors, analysts, and ordinary South Africans alike, June 23 might mark more than just another earnings release. It could signal a new chapter in Naspers’ legacy, one where growth, innovation, and profitability finally align.

{Source: BusinessTech}

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