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Shore Africa > Hot news > Business > Naspers becomes Africa’s first $50 billion company
Naspers
BusinessHot News

Naspers becomes Africa’s first $50 billion company

Omokolade Ajayi
Last updated: June 3, 2025 7:14 pm
Omokolade Ajayi Published June 3, 2025
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At a Glance


  • Naspers hits $50 billion market cap, first African firm to reach that milestone.
  • Tencent rally and strong e-commerce profits drive Naspers’ stock up 25% in 2024.
  • Aggressive buybacks narrow discount with Prosus, boosting investor confidence.

In a defining moment for African markets, Naspers, the South African global consumer internet group, has crossed the $50 billion mark in market value, becoming the first company on the continent to do so.

The milestone not only underscores the company’s long-standing strength but also highlights how African firms are starting to make their presence felt on the global stage.

Several factors have contributed to this jump in value. Chief among them is the renewed global appetite for technology stocks, especially those tied to artificial intelligence.

For Naspers, its exposure to Chinese tech giant Tencent has been a key advantage.

Through its Amsterdam-listed subsidiary, Prosus, Naspers holds a 24.3 percent of Tencent, whose shares have risen more than 20 percent this year.

The boost came after Tencent successfully integrated DeepSeek’s AI model into its WeChat platform, reinforcing its leadership in AI-powered services. As Tencent’s value has grown, so has Naspers’, given the link between the two.

Naspers stock rises on earnings beat

At the same time, Naspers’ own performance has been solid. For the six months to September 30, 2024, the company reported a strong rebound in its e-commerce businesses.

Revenue in this segment rose 15 percent to $3.4 billion, and operating profits swung from a $426 million loss to a $107 million gain.

Adjusted earnings before interest and taxes (aEBIT) in the e-commerce division improved by $400 million, moving from a loss to a profit.

Meanwhile, earnings from continuing operations climbed to $2 billion from $1.5 billion, and core headline earnings rose 74 percent to $1.5 billion, fueled by growth in both its own businesses and its Tencent stake.

Investors have taken notice. Naspers’ stock on the Johannesburg Stock Exchange has gained nearly 25 percent this year, rising from R4,173.2 ($233) at the start of January to R5,203.6 ($291).

That increase pushed the company’s market capitalization from R815.05 billion ($45.6 billion) to R907.1 billion ($50.7 billion).

A stronger rand has also helped lift the company’s value when measured in US dollars, further increasing its appeal to global investors.

Naspers narrows discount with Prosus

In recent times, Naspers has stuck to a consistent capital strategy. Since mid-2022, its ongoing share buyback program has reduced its free-float share count by 23 percent, delivering about $39 billion in value to shareholders.

The move has helped narrow the discount between Naspers and Prosus, which has often been a concern for investors.

Prosus itself has repurchased nearly 684 million of its own shares worth $20.4 billion, lifting its net asset value per share by almost 9 percent.

To finance these buybacks, Naspers has periodically sold parts of its Prosus stake, 261.8 million shares so far, while repurchasing 46 million of its own shares worth $7.1 billion.

These efforts have reinforced investor confidence and helped sustain the upward movement in the stock price.

Crossing the $50 billion mark cements Naspers’ status not just as Africa’s most valuable listed company, but as a symbol of what African firms can achieve in global markets.

The company has shown that it can adapt to shifting technology trends, manage complex international investments, and execute a disciplined growth strategy.

As AI continues to shape the digital world, Naspers is well-positioned to keep playing a leading role, both at home and abroad.

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Feyisayo Ajayi 278 Articles
Feyisayo Ajayi is the Publisher and Co-founder of Shore Africa, the flagship media brand under the Travel Shore umbrella. He brings over a decade of multidisciplinary experience across media, finance, and technology. Feyisayo holds a bachelor’s degree in Geology from the University of Ibadan, Nigeria.
Omokolade Ajayi 84 Articles
Timilehin Adejumobi 180 Articles
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