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Prosus N.V. Achieves Milestone Growth: Interim Results Showcase Strong Performance and Strategic Success

Tinashe Mupasiri



Amsterdam, NetheProsus N.V. (Prosus or the Group) announces stellar interim results for the six months ending September 30, 2023, underscoring significant achievements in revenue growth, earnings, and the realization of key strategic commitments.

Breaking Down the Numbers:

  • Revenue Surges: Prosus reports a robust 13% (16% in local currency) growth in consolidated revenue from continuing operations, reaching US$2.6 billion, affirming the Group’s position as a global consumer internet leader.
  • Earnings Soar: Earnings per ordinary share reach an impressive 137 US cents, marking a substantial increase from the previous year’s 91 US cents.
  • Headline Earnings Triumph: Headline earnings per ordinary share skyrocket to 54 US cents, showcasing a remarkable leap from the 7 US cents reported in the same period last year.
  • Core Headline Earnings Excellency: Core headline earnings per ordinary share see a surge to 76 US cents, a commendable increase from 39 US cents in the comparative period.

Strategic Milestones Achieved:

Prosus reflects on its commitment to stakeholders and key promises made in the previous year:

  1. Profitability Realized: The Group successfully achieves its commitment to deliver consolidated Ecommerce profitability during the first half of FY25 (1H25), evident in the 13% growth in consolidated revenue.
  2. Shareholder Value: Prosus continues to deliver value to shareholders through an open-ended share repurchase program, emphasizing its dedication to creating shareholder wealth.
  3. Operational Efficiency: Structural simplification efforts, including the removal of crossholdings, contribute to enhanced operational efficiency.
  4. Portfolio Strength: Prosus emphasizes and extracts value from its diverse portfolio of assets, with notable contributions from Classifieds, Food Delivery, and Payments and Fintech segments.

Financial Triumphs:

  • Ecommerce Efficiency: Ecommerce consolidated trading losses from continuing operations decrease by US$220 million to US$36 million in 1H24, showcasing the Group’s commitment to achieving breakeven.
  • Cash Flow Strong: Prosus reports a robust free cash inflow of US$645 million during the period, reinforcing the financial strength of the company.
  • Core Earnings Surge: Core headline earnings reach an impressive US$2.0 billion, representing an 85% increase, attributed to improved profitability in ecommerce consolidated businesses and strategic investments.

Outlook and Caution:

As Prosus navigates the second half of FY24, the Group remains optimistic about sustaining positive momentum. However, it acknowledges the dynamic nature of the business environment and encourages investors to exercise caution, given the uncertainties that may impact future performance.

The full condensed consolidated interim report

can be viewed on the JSE link can be viewed on the following link, https://senspdf.jse.co.za/documents/2023/JSE/ISSE/PRXE/Interims.pdf

Prosus N.V. is listed on Euronext Amsterdam and JSE under the share code PRX, with ISIN NL 0013654783.

For more information, visit Prosus N.V..

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