Naspers Leads: JSE NPN Share Price Climbs 60% to Fresh Highs on Market Dominance
Naspers Ltd. continues its dominant climb on the JSE, fueled by strong e-commerce growth, Tencent dividends, and technical resilience.
Quick overview
- Naspers Ltd. has seen its share price increase by 60% since January, reaching a record high of 5,660 ZAC.
- The company's strong performance in FY2025, driven by e-commerce growth and Tencent dividends, has significantly boosted investor confidence.
- Naspers reported a net profit of $12.3 billion, an 86% increase from the previous year, alongside a dramatic turnaround in earnings.
- Despite the positive momentum, some analysts express caution regarding the pace of earnings growth compared to revenue expansion.
Naspers Ltd. continues its dominant climb on the JSE, fueled by strong e-commerce growth, Tencent dividends, and technical resilience.
Naspers Climbs 60% in Ongoing Rally, Sets New Records
Naspers Ltd. (JSE: NPNJ) has extended its powerful long-term rally, with its share price soaring by 60% since January and setting a new all-time high of 5,660 ZAC this week. The stock has been on a consistent uptrend, rising from levels near 3,500 ZAC in mid-January and overcoming key technical obstacles along the way.
A temporary dip in early April to around 4,000 ZAC was absorbed by strong support at the 50-week simple moving average, which marked the beginning of a fresh leg higher. By mid-May, the price reached a then-record of 5,520 ZAC before blasting through that resistance in July.
NPNJ Chart Weekly – The 50 SMA Holding During Pullbacks
The chart strength has been matched by solid fundamentals. The company’s performance in FY2025, which ended March 31, has bolstered investor confidence, particularly after a major earnings turnaround. Naspers recorded a dramatic swing to profitability, helped by robust earnings from Tencent and its fast-growing e-commerce division.
E-Commerce Momentum and Tencent Dividends Drive FY2025 Turnaround
For the full year, group revenue jumped 20% year-on-year, rising from $6.4 billion (R116.5 billion) to $7.2 billion (R130.1 billion). The primary growth engine was its global e-commerce portfolio, which generated $7 billion (R126.5 billion) in consolidated revenue—up 21% in local currencies and 12% in U.S. dollar terms.
Core headline earnings surged 46%, reflecting better cost management, improved margins, and Tencent’s strong contribution to overall profit. Naspers posted net profit of $12.3 billion (R222.3 billion), a substantial 86% increase from $6.6 billion (R120.2 billion) a year earlier.
A significant improvement was also seen in the bottom line:
- FY2024’s operating loss of $562 million (R10.2 billion) flipped to a $124 million (R2.2 billion) operating profit in FY2025.
- Adjusted EBITDA in e-commerce nearly doubled from $350 million (R6.4 billion) to $697 million (R12.6 billion).
- Adjusted EBIT soared to $430 million (R7.8 billion), up from just $24 million (R437 million) in FY2024.
From Legacy Media to Tech Powerhouse
With a market valuation of $48.27 billion—more than twice the combined worth of the next five largest listed companies on the JSE—Naspers is indisputably the heavyweight champion of South Africa’s stock market. While it began as a media conglomerate, the company has undergone a radical transformation in the last two decades, investing heavily in global tech. Its early bet on Tencent, one of the most valuable tech firms globally, has paid massive dividends.
NPNJ Chart Monthly – The Upside Has Picked Up Pace
The company’s e-commerce investments, spanning food delivery, classifieds, fintech, and edtech across multiple continents, have added a new layer of growth and diversification to its portfolio.
Conclusion: Starting FY2026 With Momentum—but With Eyes on Efficiency
As Naspers begins FY2026, momentum is clearly in its favor—both technically and fundamentally. The share price’s resilience and breakout to new highs are aligned with a growing belief that Naspers has entered a new profitability phase. However, some analysts remain cautious, pointing to the modest pace of earnings growth relative to revenue expansion and the company’s high reinvestment rate.
Still, with investor confidence rising and operational performance improving dramatically, Naspers appears well-positioned to maintain its dominance on the JSE—and possibly deliver more upside in the months ahead.
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