Naspers reported a net loss of approximately $0.9 billion for fiscal year 2024 at the consolidated level, as e-commerce losses from Prosus subsidiaries exceeded the group's share of Tencent's net income. Naspers' headline earnings — the metric most South African investors track — were positive at roughly $1.8 billion, driven almost entirely by equity income from Tencent.
Earnings of Naspers
Naspers headline earnings (USD billions) from 2001 through FY2024. Red points mark years where IFRS net profit was negative. Headline earnings adjust for impairments and gains, and are the primary reported metric. The FY2022 spike reflects a one-time Tencent-related gain.
Annual Earnings Of Naspers
| Fiscal Year | Headline EPS (USD) | Headline Earnings (USD) |
|---|---|---|
| FY2015 | $6.82 | $2.06B |
| FY2016 | $8.14 | $2.44B |
| FY2017 | $11.2 | $3.36B |
| FY2018 | $16.1 | $4.76B |
| FY2019 | $12.8 | $3.80B |
| FY2020 | $14.4 | $4.24B |
| FY2021 | $13.6 | $3.96B |
| FY2022 | $22.8 | $6.52B |
| FY2023 | $6.4 | $1.84B |
| FY2024 | $6.2 | $1.80B |
Note: Naspers reports headline earnings as its primary profit metric, which strips out non-recurring items and acquisition-related amortisation. These figures reflect Naspers' proportionate share of Tencent earnings plus e-commerce segment results. FY2022 includes a large Tencent-related disposal gain.
Naspers P/E Ratio
| Fiscal Year | P/E (Headline) | Note |
|---|---|---|
| FY2015 | 19.6x | — |
| FY2016 | 32.0x | Valuation premium building |
| FY2017 | 23.2x | Earnings surge |
| FY2018 | 15.1x | Peak earnings, depressed multiple |
| FY2019 | 22.1x | Lower earnings |
| FY2020 | 21.7x | Stable |
| FY2021 | 25.3x | Lower earnings vs peak |
| FY2022 | 8.0x | Elevated earnings from disposal |
| FY2023 | 29.3x | Earnings normalized, share price fell more |
| FY2024 | 30.6x | Persistent discount narrative |