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.



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



· Sustained topline growth of 16%, more than double the rate of peers, with Ecommerce consolidated revenue of US$2.6bn.



· Meaningful improvement in profitability, enabling the Group to bring forward its Ecommerce profitability target by six months to 2H 2024.

o Consolidated Ecommerce trading loss of only US$36m, representing a 10% margin improvement year-on-year.

o iFood is now profitable overall, not just in its core.

· Core headline earnings more than doubled, increasing 118%, on improved Ecommerce and Tencent profitability



· Free cash inflow increased to US$725m, a 6x improvement year-on-year.



· US$25bn of value created by the ongoing buyback programme since launch, delivering 7% NAV per share accretion.



· Strong balance sheet with central cash of US$15.1bn.



· Removal of cross-holding agreement between Prosus and Naspers completed in September 2023, to simplify the Group’s structure.



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
see & read more on
https://www.prosus.com/news-insights/group-updates/2023/hy2024-media-release