Business

Good news for shareholders of South Africa’s most valuable company worth R640 billion

Luke Fraser

 ·29 Jun 2026

Naspers has hiked its dividend by 40% as the company plans to expand its AI offerings using its international commerce base.

In its latest financial results for the 12 months ending 31 March 2026, Naspers and Prosus announced plans to increase their dividend by 40% to 28 euro cents per share.

Naspers is South Africa’s most valuable company, with a market cap of around R640 billion. While Anglogold Ashanti has a higher market cap and is still listed on the JSE, it sold all its local operations in 2020.

Naspers owns several major local companies, including Takealot, Media24, Property24, Autotrader, and others.

Most of the group’s value is tied to its over 50% stake in Dutch company Prosus, which was created to house its international assets.

Most of Naspers’ wealth is tied to its stake in Chinese technology giant Tencent, the world’s largest video game maker and owner of WeChat.

In its latest financials, the group said that it reached its ambitious revenue and aEBITDA guidance and overcame challenges in a more competitive space.

The group said that it “transitioned to an active operator of innovative, AI-driven lifestyle ecosystems across Latin America, India and Europe.”

“We remain committed to future-focused investment in our journey to become a leading global technology company.”

The group’s core headline earnings per share rose by 24%, driven by strong growth in revenue and profitability and its consolidated businesses and equity accounted investments, most notably Tencent.

It added that its core headline earnings benefited from a recent share-repurchase programme. The group sees core headline earnings as a useful measure, as it adjusts for non-operational items.

During the year, the group also completed two strategic acquisitions in Europe: La Centrale and Just Eat Takeaway (JET). This further expanded its regional expansion goals.

“JET is a significant growth opportunity that will require investment and enhanced operational capabilities under a strengthened management team,” it said.

“We expect to deliver substantial operational improvements and report measurable progress against growth and operational targets within the next 12 to 18 months.”

The group added that its holding in Tencent will be maintained for the foreseeable future, as it is the cornerstone of the group’s portfolio due to its ability to generate strong returns.

The group added that it will continue to invest in AI, with the group stating that its large commerce model “will form the intelligence that powers all its applications and agents.

“These include our innovative lifestyle assistants that perform actions based on learned intent and preferences, making personalised recommendations and forecasts, and when empowered, acting.”

Financials

Looking at the financials in greater detail, while the group’s revenue was up considerably to US$10.8 billion (R188 billion), it reported an operating loss of $217 million (R3.8 billion)

Nevertheless, the group’s adjusted EBITDA more than doubled to $1,093 million (R18.9 billion). The group’s free cash flow was also up to $1,490 million (R25.8 billion).

The group’s earnings per share were up marginally to $6.34 (R110), with the group stating that its 5-for-1 stock split affected earnings.

Prosus’ board recommended declaring a dividend of 28 euro cents per N ordinary share for the reporting period, which is subject to Prosus shareholder approval. This marks a 40% increase.

Dividends for A-ordinary shares will be paid by Naspers from the amount that Naspers receives from Prosus.