Please note: Group results are shown on a consolidated basis from continuing operations, which reflect all majority owned and managed businesses. All OLX Autos business units are classified as discontinued operations, in line with IFRS disclosures. All growth percentages shown here are in local currency terms, excluding the impact of acquisitions and disposals (M&A), unless otherwise stated.
AMSTERDAM–(BUSINESS WIRE)–Prosus N.V. (Prosus) (AEX and JSE: PRX): Prosus is successfully delivering on its commitments. The fundamentals of its operating businesses are improving, driving proftable growth. The ongoing open-ended buyback continues to compound value over time and the removal of the cross-holding agreement has greatly simplified the Group’s structure. Lastly, with its strong balance sheet and through active portfolio management, the Group is well positioned to generate improved returns through smart and disciplined capital allocation, benefitting all its stakeholders.
Headlines
Ervin Tu, Interim Group CEO, Prosus and Naspers, commented: “We are making substantial progress against our commitment to drive profitable growth. Through active management of our portfolio, we have delivered improved results as our Ecommerce portfolio is now close to breakeven and growing at scale. We’ve simplified our Group structure, and the open-ended buyback programme is driving daily NAV per share growth – magnifying returns over the long term. With deep institutional knowledge across a number of technology domains, including AI, we are well positioned to support exceptional technology companies around the world. We remain ambitious in our plans and disciplined in our approach to drive real returns for all of our stakeholders.”
Group performance
Consolidated results for continuing operations, excluding OLX Autos | |||
Group | HY2024 | HY2023 | YoY change |
Revenues | US$2.6bn | US$2.3bn | 16% |
Trading profit / (loss) | (US$110m) | (US$338m) | 67% |
Ecommerce portfolio | |||
Revenues | US$2.6bn | US$2.3bn | 16% |
Trading profit / (loss) | (US$36m) | (US$256m) | 86% |
Food Delivery | |||
Revenues | US$679m | US$663m | 17% |
Trading profit / (loss) | US$5m | (US$70m) | 108% |
Classifieds | |||
Revenues | US$342m | US$247m | 32% |
Trading profit / (loss) | US$94m | US$38m | 134% |
Payments & Fintech | |||
Revenues | US$497m | US$412m | 32% |
Trading profit / (loss) | (US$22m) | (US$80m) | 78% |
Edtech | |||
Revenues | US$71m | US$63m | 11% |
Trading profit / (loss) | (US$66m) | (US$68m) | 4% |
Etail | |||
Revenues | US$930m | US$843m | 4% |
Trading profit / (loss) | (US$24m) | (US$37m) | 38% |
Economic interest results, excluding OLX Autos | |||
Group | |||
Revenues | US$15.6bn | US$15.6bn | 13% |
Trading profit / (loss) | US$2.6bn | US$1.6bn | 85% |
Core headline earnings | US$2.0bn | US$1.1bn | 118% |
Basil Sgourdos, Group CFO, Prosus and Naspers, commented: “The Group has delivered a strong financial performance, beating industry levels of growth, while significantly accelerating profitability. Driven by continued strong execution across our Ecommerce portfolio, I expect this trajectory to continue at pace. Our Classifieds and Food Delivery segments are both profitable, and PayU is making strong progress towards profitability. Core headline earnings have doubled and the impact of the strong improvements in Ecommerce and Tencent are also evident in our free cashflow, which has increased six times. Our strong and flexible balance sheet, active portfolio management and disciplined capital allocation will underpin our success.”
Industry-leading growth and accelerating profitability across core Ecommerce portfolio
Food Delivery: Sustained revenue growth with significant profitability improvement
Classifieds – OLX Group: Strong performance, with peer-leading growth and expanding margins
Payments & Fintech – PayU: Strong overall performance, with core Payments Service Provider (PSP) business profitable and sustained growth in Indian businesses
Edtech: Continued growth in majority-owned platforms, with investment to leverage the significant opportunity of generative AI
South African businesses [Naspers release only]
For full details of the Group’s results, please visit www.prosus.com.
About Prosus:
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The Group is focused on building meaningful businesses in the online classifieds, food delivery, payments & fintech, and education technology sectors. Through the Prosus Ventures team, the Group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and Ecommerce platforms, agriculture and more.
The Group actively backs exceptional entrepreneurs using technology to improve people’s everyday lives. Each month, over two billion customers across the globe use the products and services of companies that Prosus has invested in, acquired, or built.
Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.
For more information, please visit www.prosus.com.
Contacts
For more information, please contact:
Eoin Ryan
Head of Investor Relations
Tel: +1 347 210 4305
Email: eoin.ryan@prosus.com
Charlie Pemberton
Communications Director
Mobile: +31 615 494 359
Email: charlie.pemberton@prosus.com
Vietnam is increasingly popular among Indian tourists, consistently topping reports and surveys as a favoured…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 December 2024 - For Octa, a…
ACCRA, GHANA - Media OutReach Newswire - 24 December 2024 - 1win, in partnership with…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 December 2024 - Shopee Malaysia recently…
MOSCOW, RUSSIA - Media OutReach Newswire - 24 December 2024 - Wildberries, a leading e-commerce…
HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 24 December 2024 - JustMarkets…