The first six months of the financial year have been successful for the Group. Prosus accelerates growth with operations delivering topline growth of 26%. Consolidated e-commerce revenue reached US$3.0 billion during this period. Additionally, adjusted EBIT for e-commerce increased fivefold to US$181 million.
Recently, Prosus celebrated the listing of Swiggy, valued at US$11.3 billion. The company also sold over US$2 billion in assets, including part of its Swiggy stake and its Trip.com position. Notably, the buyback program has created US$36 billion in value since its launch. This program delivered a 10% NAV per share accretion and remains the largest globally among tech companies as a percentage of market capitalization.
Moreover, Prosus is actively exploring the vast potential of artificial intelligence (AI). With a customer base of over 2 billion, the company is leveraging AI to drive growth and profitability. Importantly, Prosus is confident in the transformative impact and value AI will deliver.
Innovation and reinvention are in our DNA and essential to our success. We are embracing the massive opportunity we see in deploying AI to deliver exceptional products and services to our 2 billion customers. Our future growth will be driven by our AI-first mindset and disciplined investment into building world-class marketplaces, combined with greater collaboration across the ecosystem and our ability to build a winning culture. We are already showing signs of success, with peer-leading growth and rising profitability across our e-commerce portfolio. AI is transforming the way we work and how we serve our customers. We have data from billions of transactions across our portfolio that allow us to train AI models to personalise the customer experience and better predict their needs. This is a competitive advantage for our technology ecosystem. I am excited about the huge potential for Prosus – our journey to the next US$100 billion of value is well under way.
– Fabricio Bloisi, Group CEO
In the past six months, we’ve made substantial progress delivering on our strategy. Our Group is profitable after corporate costs, and our ongoing share buyback programme continues to create meaningful shareholder value. With Swiggy’s recent IPO, and by actively managing our portfolio through equity stake sales, we’ve highlighted significant pools of value and we’re confident there’s even more ahead. With our strong and liquid balance sheet, we plan to grow and leverage our ecosystem, with an eye on the next wave of opportunity. We believe the combination of stronger-performing operating businesses, value creating M&A, and our open-ended share-repurchase programme will continue to drive shareholder Returns.
– Ervin Tu, President and CIO, Prosus and Naspers
Directorate change
After 29 years of exemplary leadership, Basil Sgourdos will retire as Group Chief Financial Officer on 30 November 2024. Nico Marais will take over as Interim Chief Financial Officer of Naspers and Prosus. Meanwhile, the process to appoint a permanent Group CFO has commenced. The market will be updated on this decision in due course.
Additionally, the board of directors has nominated Mrs. Phuthi Mahanyele-Dabengwa for appointment as an executive director of Prosus. This nomination will be presented at the next annual general meeting for approval. Currently, Mrs. Mahanyele-Dabengwa serves as the CEO of Naspers South Africa. She also holds roles as an independent nonexecutive director at Vodacom and Discovery Insure.
Furthermore, she is a member of the United Nations Global Compact SA board. She also contributes to the BRICS council as part of her extensive leadership responsibilities. Effective 1 April 2025, Mrs. Mahanyele-Dabengwa is expected to become an executive director of Naspers Limited.
Group performance
Peer-leading growth and accelerating profitability across e-commerce portfolio
Food Delivery: iFood reaches 100 million order milestone, achieves record profit and drives innovation and ecosystem expansion, and Swiggy’s IPO delivers gain of US$2 billion:
- iFood delivered strong top line growth, with Gross Merchandise Value (GMV) up32%, orders up 29% and revenue increasing 30%.
- iFood’s core restaurant business grew aEBIT by 85% to US$148 million, improving aEBIT margin to 26%.
- Extensions grew revenue by 30%, driven by strong performance in groceries marketplace and credit businesses.
- Overall, iFood achieved a record profit, with aEBIT of US$98 million, up 387%.
- Delivery Hero grew GMV by 6% for the six months ended 30 June 2024, with revenue up 19%, boosting profitability to an adjusted EBITDA of €241 million (up from €9 million in 1H23).
- Swiggy grew Gross Order Value (GOV) by 24%, while adjusted EBITDA losses reduced to US$85 million.
- Swiggy listed on Indian exchanges in November, with a valuation of US$11.3 billion, and a Prosus gain of US$2 billion on total investment.
Classifieds – OLX Group: Strong performance, with continued growth and expanding margins:
- Classifieds consolidated revenue grew 20%, with standout performances by motors and real estate verticals.
- Motors and real estate verticals grew revenue 26% and 27% respectively, reflecting new pricing strategies, improved monetisation and higher adoption of value-added services.
- aEBIT increased by 42% to US$133 million, with aEBIT margin up 6pp, to 33%.
Payments & Fintech – PayU: Strong overall performance, with significant revenue growth and improving margins
- Consolidated revenue grew 45% to US$636 million, with significant contributions from Iyzico, GPO and Indian credit.
- Indian payments Total Payment Volume (TPV) increased by 27%, and revenues by 14%, while aEBIT loss of US$12 million reflected lower take rates.
- Indian credit grew its loan book by 63%, revenues by 93% and improved its aEBIT margin by 12pp, delivering an aEBIT loss of US$12 million.
- Iyzico grew revenues 151% to US$120 million, while aEBIT of US$7 million was impacted by lower gross margins and higher costs.
- GPO revenues up 32% to US$175 million, with aEBIT of US$12 million; sale of GPO ongoing,with completion due in FY25.
- Overall, aEBIT losses improved by 95% to US$11 million, reflecting continued investment in PayU India.
Etail: Improving sales trajectory, with eMAG on track for overall profitability for FY25
- Strong growth with GMV up 16%, and revenue up 19% to US$1.1 billion.
- aEBIT improved by US$15 million to a loss of US$7 million; includes US$10 million restructuring costs in Hungary.
- Improved performance due to cost optimisations, better marketing execution
Edtech: Improving performance, with a focus on profitability
- Consolidated revenue grew 20% to US$85 million, while trading losses reduced byUS$53 million to a loss of US$13 million.
- Stack Overflow revenues up 21% to $57 million and aEBIT loss narrowed to US$7 million,driven by new API offer.
- GoodHabitz grew revenue by 17%, with an aEBIT loss of US$2 million.
Interim Results Announcement
