Naspers Rises as First-Half Earnings Increase as Much as 42%

Naspers Ltd., Africa’s biggest company by market value and owner of the continent’s largest pay-TV service, said first-half profit probably rose as much as 42 percent.

So-called core headline earnings per share for the six months ended Sept. 30 will be 37 percent to 42 percent higher than the 15.28 rand reported a year earlier, the Cape Town, South Africa-based company said in a statement Friday. The measure adjusts for non-recurring and non-operational items.

The shares rose as much as 0.7 percent and traded 0.4 percent higher at 2,157.12 rand as of 9:49 a.m. in Johannesburg. The stock is up 43 percent this year, valuing the company at 908 billion rand ($65 billion).

Naspers has expanded through acquisitions of stakes in early-stage technology companies in emerging markets around the world. The company owns a 34 percent shareholding in Tencent Holdings Ltd. of Hong Kong, and last month agreed to buy a majority stake in Russia’s largest classifieds site Avito for $1.2 billion.

The results will be released on or about Nov. 27.

Before it's here, it's on the Bloomberg Terminal.