Naspers lifts core earnings by 46% as e-commerce profitability surges

Technology investor Naspers reported a significant improvement in its financial performance for the year ended 31 March 2025, driven by strong growth and improved profitability in its global e-commerce portfolio.

Naspers' logo is pictured on a smartphone in this illustration taken, 4 December 2021. Reuters/Dado Ruvic/Illustration

Group core headline earnings rose 46% to $3.1bn, while adjusted earnings before interest and tax (EBIT) turned positive at $130m, compared to a $154m loss in the prior year. Revenues increased 20% year-on-year to $7.2bn.

E-commerce revenues grew 21% to $7.0bn, with adjusted EBIT surging to $430m from $24m. Key units delivered strong gains, including food delivery business iFood (aEBIT up 178%), classifieds (aEBIT up 61%), and online retailer eMAG, which achieved profitability.

Free cash flow, excluding Tencent contributions, improved by $263m. Naspers also invested $7.8bn over the year to expand its regional ecosystems and support AI-driven startups.

Locally, Takealot Group continued to lead South Africa’s e-commerce sector, with a 26-fold growth in gross merchandise value over nine years. Classified platforms AutoTrader and Property24 also recorded steady usage and market traction.

The group’s performance supports its ongoing transition into a more operationally focused technology company, with continued investment in platforms across Latin America, Europe and India.