South Africa-based technology conglomerate Naspers reported that its first-half profits had risen 11 per cent helped by the company’s major stakes in Chinese internet giant Tencent (in which Naspers indirectly owns a 29 per cent stake).

Naspers is Africa’s biggest company by market capitalisation but last year spun off its international businesses to an Amsterdam-based business, Prosus in which it holds a controlling 57 per cent stake.

“Our progress is reflected in the increasing value attributed to our e-commerce portfolio and, to capture the significant opportunity ahead, we stepped up investment in our core segments,” CEO Bob van Dijk said in a statement.

Group trading profit grew 8 per cent to $2.9 billion. Its E-commerce segment revenue accelerated 60 per cent to $4.6 billion.

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Tags: Naspers, south africa, tencent