After gold’s record rally earlier this year briefly lifted Johannesburg-based Gold Fields Ltd. to the top of Africa’s corporate rankings, the crown has changed hands again. Naspers Ltd. has reclaimed its position as Africa’s most valuable listed company, with a market capitalization of about $42 billion, reflecting renewed investor confidence in the technology investor as Gold Fields has retreated from its recent highs.

Data tracked by Shore.Africa shows Naspers shares have gained 6.1 percent over the past five months, rising from R844.38 ($51.3) on March 3 to R895.92 ($54.4) at the time of writing. The increase has lifted the group’s market value to R688 billion ($42 billion), restoring its place as the continent’s largest listed company by market capitalization.

Gold Fields has moved in the opposite direction. Its shares have fallen 34.7 percent on the Johannesburg Stock Exchange (JSE), dropping from R830 ($50.4) on March 3 to R542.43 ($32.92). The decline has reduced the miner’s market capitalization to R488.2 billion, or less than $30 billion, pushing it down to fifth place among Africa’s most valuable listed companies, behind Naspers, FirstRand, Capitec Bank, and Standard Bank.

Shares climb on stronger earnings

Naspers’ return to the top comes as investors continue to reward the group’s improving earnings and disciplined investment strategy. The stock rose another 2.7 percent in midday trading on the JSE on Monday, Aug. 3, extending its recent gains.

Investors have responded positively to the company’s efforts to integrate artificial intelligence across its businesses, using the technology to automate routine operations and improve customer recommendations across its food delivery, fintech and online classifieds platforms.

The stronger share price has been supported by solid operating results. For the fiscal year ended March 2026, Naspers reported a 53 percent increase in ecosystem revenue to $9.7 billion, while adjusted EBITDA climbed 84 percent to $1.3 billion. Free cash flow reached a record $1.5 billion, reflecting higher profitability and stronger execution across its portfolio of businesses.

Diversified portfolio drives sustained growth

The company also delivered stronger returns for shareholders. Core headline earnings per share increased 24 percent, while Naspers returned $46 billion through its ongoing share buyback program, contributing to a 16-percentage-point increase in net asset value per share. The group generated another $2 billion by selling non-core assets, providing additional capital to reinvest in higher-growth businesses.

Growth was broad-based across Naspers’ international portfolio. In Latin America, food delivery platform iFood increased revenue by 40 percent, while its financial services business, iFood Pago, expanded revenue by 219 percent and reached profitability. In India, digital payments platform PayU reported positive EBITDA for the first time after processing $90 billion in payment volume, with revenue rising to $781 million.

In Europe, online classifieds business OLX posted a 28 percent increase in revenue, supported by higher demand across automotive, real estate and employment listings. Together, those results reinforced investor confidence in Naspers’ long-term earnings outlook and helped the company regain its standing as Africa’s most valuable listed company.