{"id":288766,"date":"2018-12-03T10:25:17","date_gmt":"2018-12-03T08:25:17","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=288766"},"modified":"2018-12-03T10:26:43","modified_gmt":"2018-12-03T08:26:43","slug":"naspers-share-price-surges-towards-r3000","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/internet\/288766\/naspers-share-price-surges-towards-r3000\/","title":{"rendered":"Naspers share price surges towards R3,000"},"content":{"rendered":"

Shares in media and internet giant Naspers surged in morning trade on Monday, after the group reported strong growth in interim financial results late Friday.<\/p>\n

In results for the half-year to September 2018, Naspers showed a 29% increase in revenue to $11 billion, driven by e-commerce ventures and its stake in Tencent.<\/p>\n

Trading profit grew 34% year on year to $2.0 billion, while core headline earnings grew 39% to US$1.7 billion.<\/p>\n

Diluted headline earnings per N ordinary share was up to 632 US cents, from 206 cents previously.<\/p>\n

Shares in Naspers climbed nearly 7% in morning trade on Monday; however, its shares are still down 17% in 2018, tracking Chinese technology giant, Tencent, in which it as a 31% stake.<\/p>\n

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In an interview with Bloombeg, Naspers chief financial officer Basil Sgourdos said that company is targeting \u201csignificant investments\u201d for its $10 billion cash pile in the next couple of months.<\/p>\n

\u201cIn the first half of this year we have done about $750 million in deals, and there are some near-term opportunities coming up,\u201d Sgourdos said by phone on Friday.<\/p>\n

\u201cWith markets correcting and valuations coming down, that favours companies with strong balance sheets, and that\u2019s what Naspers has.\u201d<\/p>\n

Bloomberg reported that Naspers is working to reduce its exposure to Johannesburg\u2019s stock exchange as it seeks to narrow a valuation gap with Tencent Holdings Ltd.<\/p>\n

The market values the stake at some $28 billion more than Naspers as a whole.<\/p>\n

Shares in Tencent climbed 3.85%, to $324 in Hong Kong on Monday.<\/p>\n

Every year, Naspers looks at about 700 deals, and completes 10 to 15, said Sgourdos. \u201cThose are the ones that makes sense for a Naspers,\u201d he said.<\/p>\n

\"\"<\/a><\/p>\n

\n

Read: How much money DStv makes per subscriber<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in media and internet giant Naspers surged in morning trade on Monday, after the group reported strong growth in interim financial results late Friday.<\/p>\n","protected":false},"author":10,"featured_media":15768,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882],"tags":[26,107],"class_list":["post-288766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-headline","tag-naspers"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/288766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=288766"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/288766\/revisions"}],"predecessor-version":[{"id":288778,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/288766\/revisions\/288778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/15768"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=288766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=288766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=288766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}