Naspers rallies to record levels

SA media giant, Naspers climbed to a record high on the JSE on Thursday (16 August), picking up R15.79 by close of play, and adding to gains exceeding R14 on Wednesday (15 August) as the group approaches the R500 mark.

This follows positive Q2 results from Chinese Internet company, Tencent, of which Naspers has a 34.2% stake.

Tencent on Wednesday reported a 32% rise in second-quarter net profit to 3.1 billion yuan ($492 million), its biggest rise since the first quarter of 2011.

The group’s revenue rose 56% to 10.53 billion yuan ($1.65 billion) on the back of a 53% rise in online gaming revenue and online advertising revenue, which advanced 72% from before.

Having listed on the local exchange back in 1994, shares in Naspers advanced 3.30% to R494 by close of play on Thursday, up from its year-worst figure of R329.50, and giving the group a market cap of R203.57 billion.

Dividend heaven

At the end of June, Naspers reported a 19% rise in consolidated revenues for the year ended March 2012, to R39.5 billion.

Operating profit, however, declined to R3.202 billion from R4.056 billion, due mainly to accelerated consolidated development costs which ballooned to R2.8 billion from R1.5 billion in 2011.

The group’s board recommended that the annual gross dividend be increased by 24% to R3.35 per listed N ordinary share, and 67 cents (previously 54 cents) per unlisted A ordinary share.

A slice of the pie

Naspers’ CEO, Koos Bekker is in-line to receive a payout valued at approximately R680 million for each of the five years from 2008 to end financial 2013, Business Report noted earlier this week.

Bekker holds R6 billion-worth of Naspers N shares, according to the group’s recently released annual report. The group’s chief holds 7.8 million Naspers N directly, and a further 4.7 million, indirectly.

Naspers’ annual report points out that Bekker does not receive a salary, bonus, car scheme, medical or pension contributions from the company.

The shares held directly by Bekker were awarded to him in terms of his five-year contract with the company.

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Naspers rallies to record levels