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South Africa's Naspers reports 24% rise in full-year profit

South Africa's Naspers reports 24% rise in full-year profit

FILE PHOTO: Naspers logo is seen in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG: South African media and e-commerce group Naspers Ltd reported a 24 per cent rise in profit for the year that ended Mar 31, boosted primarily by the performance of its investment in China's Tencent Holdings, the company said on Monday.

Africa's biggest company by market capitalisation reported core headline earnings per share - the main gauge of corporate profit in South Africa - of 814 U.S. cents, up from 656 cents reported for the same period a year earlier.

Its 28.9 per cent stake in the Chinese firm, which it holds through its Amsterdam-listed subsidiary Prosus, saw its profit grow by 33 per cent in the financial year.

Naspers holds 73 per cent of Prosus, which houses all of its international assets.

Source: Reuters

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