JOHANNESBURG, (Reuters) – South African tech investor Naspers Ltd reported Monday that its first half profit climbed to 11%. This was largely due to a significant contribution by Chinese internet giant Tencent. Tencent indirectly owns a 29% share.

Core headline earnings per share (which excludes gains and losses from non-operational items) were 416 U.S. Cents, as opposed to the 376 cents per shared a year ago.

Africa’s largest company, Naspers (OTC:), NV has parked its entire international portfolio, including the Tencent stake.

Through Prosus Naspers has made investments in a variety of online businesses, including food delivery and classified ads. They also have education programs in several European countries, such as Brazil, India, China, as well as many other parts of Europe.

But, they are not likely to generate significant revenue and will be outweighed by the Tencent profits.

Since last year, Tencent’s portfolio of e-commerce products has shown signs of growth.

Bob van Dijk, chief executive, stated that “our progress can be seen in the increasing value attributed to our ecommerce platform and we have stepped up investments in our core segments to capitalize on the substantial opportunity ahead.”

Naspers also holds Media24 in South Africa and takealot.com in South Africa. Half-year revenues of $17.2 Billion were posted by the company. This is 29% more than a year ago.

Although e-commerce revenue grew by 52% to $4.6 Billion, it was slower than Tencent’s revenue growth, the entire e-commerce portfolio posted a $374 M loss.