Momentum builds at Naspers

Fabricio Bloisi's leadership and e-commerce growth are breathing new life into the company. By Kara le Roux

- By Kara le Roux

It's been 11 months since Fabricio Bloisi stepped into the corner office at Naspers and Prosus, the tech investment arm of the company. If their latest financial results are anything to go by, he picked a good time to join the party.

In the company's latest financial results, a surge in e-commerce adjusted gross profits to $443-million (R8-billion) was reported. This translated into a 100% dividend hike, a $1-billion (R18-billion) swing into free cash flow territory and yet another leg in the marathon buy-back programme.

Two years ago, Naspers had negative cash flow and was haemorrhaging billions across its portfolio. Today, its free cash flow is positive and for the first time its e-commerce businesses are contributing more to the bottom line than the Tencent dividends that prop up the group's financials.