Naspers, Africa’s largest publicly listed company by market capitalization, has posted Profit After Tax (PAT) of US$12.26 billion, surpassing revenue of US$7.18 billion-for the fiscal year ended 31 March 2025.
Revenue rose 11.7% year-over-year to US$7.18 billion but its earnings were also propelled by non-operating gains, especially via Prosus, its internet investment vehicle.
Nasper’s share of profits from equity-accounted investments, mainly its Tencent stake, rose to US$5.7 billion, more than double FY2024.
In addition, it booked US$5.4 billion in asset disposal gains, including proceeds from trimming a 1.1% Tencent stake.
These sales helped fund Prosus’ ongoing buyback program, which has repurchased US$25.5 billion in shares since June 2022. Together, these gains made up over 90% of PAT, explaining how profits exceeded revenue. This reflects the unique nature of Naspers’ holding-company model under IFRS.
Operating Businesses Gain Momentum
Operationally, has Naspers made strong strides. It reversed a US$562 million loss in FY2024 to deliver an operating profit of US$124 million in FY2025.
iFood grew revenue by 30% (local currency) and doubled adjusted EBIT to US$226 million, boosted by AI efficiencies.
OLX Classifieds reported aEBIT of US$270 million (+61%) with margin expansion to 35%.
eMAG reached profitability for the first time.
Overall ecommerce revenue rose 12% (21% LC) to US$7.0 billion, while adjusted EBIT jumped 18-fold to US$430 million, signaling growing scale and profitability.
Strong Cash Position and Shareholder Value Creation
Naspers ended FY2025 with US$7.27 billion in cash, up from US$2.23 billion. Free cash flow totaled US$1.0 billion, supporting continued investment.
It also advanced its buyback strategy. Prosus repurchased over US$25 billion, and Naspers reduced its own share count. NAV per share rose 11%, closing valuation gaps.
Naspers is betting big on AI-led platforms. It acquired Despegar and announced a planned €4.1 billion merger with Just Eat Brazil, boosting its LatAm presence.
In FY2026, the group expects higher adjusted EBIT and further gains from matured assets.