Prosus delivers e-commerce profitability, 19% revenue growth and $773m free cash flow improvement

*This content is brought to you by Prosus

It has been a standout year for the Group. Prosus simplified its Group structure, delivered improvements across all core performance metrics and achieved e-commerce profitability six months ahead of target. Operating businesses have performed well, accelerating profitable growth, while the open-ended buyback programme continues to deliver value for our shareholders every day. The rapid deployment of AI-led technologies across the  Prosus ecosystem is generating real results and will set the next frontier of value creation for the Group. Prosus has a strong balance sheet and is well positioned to generate improved returns through smart and disciplined capital allocation, driving value for all stakeholders. 


On 17 May 2024, the Board announced the appointment of Fabricio Bloisi, former iFood  CEO, as Prosus and Naspers Group CEO, effective from 1 July 2024. Ervin Tu, Interim  Group CEO, will become Group President and Chief Investment Officer (CIO).

  • Accelerated peer-leading topline growth of 19%, with e-commerce consolidated revenue of  US$5.5bn. 
  • Achieved consolidated e-commerce profitability ahead of target, with a US$451m1 improvement in trading profit to US$38m. 
  • Free cash flow increased US$773m to US$524m, a 3x improvement year-on-year. 
  • US$32bn of value created by the ongoing buyback programme since launch, delivering  8% NAV per share accretion.
  • Group structure simplified through the removal of the cross-holding agreement between  Prosus and Naspers.

Ervin Tu, Interim Group CEO, Prosus and Naspers, commented: “We have made substantial progress this year in delivering against our strategy. Our E-commerce portfolio is profitable for the first time ever, and our ongoing buyback has created significant shareholder value. We also reorganised the Group, bringing us closer to our businesses so that we can enhance their performance further. AI continues to be the highest priority,  and our in-house AI expertise, combined with our implementation of AI in practice across our entire portfolio, are distinct competitive advantages. AI is instrumental to our efforts  in building and investing behind the next wave of technology leaders.” 

Fabricio Bloisi, incoming Group CEO, said: “These results illustrate the amazing progress we’ve made, as well as our future potential. Prosus operates in some of the world’s most dynamic markets and through our technology ecosystem, we can make a real difference to the lives of our more than two billion customers. In June, I’ve learnt more about our business and I’m even more excited about the potential to further leverage our ecosystem and keep improving our results. I’m confident in our ability to innovate,  collaborate and lead within existing and new sectors, and to grow our businesses profitability. I begin on 1 July 2024 and am excited about the enormous potential to generate long-term value for all our stakeholders.”

Group performance 

Consolidated results for continuing operations 

FY2024 FY2023 
US$5.5bn US$4.9bn 
(US$13m) (US$480m) 
(US$118m) (US$586m) 
US$5.0bn US$2.7bn 

Group YoY change Revenues 19% Adjusted EBITDA n/a Trading profit / (loss) 79% Core headline earnings 84%1 E-commerce portfolio 

US$5.5bn US$4.9bn 
US$136m (US$314m) 
US$38m (US$413m) 

Revenues 19% Adjusted EBITDA n/a Trading profit / (loss) 109% Food Delivery 

US$1.2bn US$1.4bn 
US$77m (US$94m) 
US$67m (US$106m) 

Revenues 22% Adjusted EBITDA n/a Trading profit / (loss) 161% Classifieds 

US$707m US$519m 
US$187m US$73m 
US$172m US$56m 

Revenues 27% Adjusted EBITDA n/a Trading profit / (loss) 182% Payments & Fintech 

US$1.1bn US$903m 
(US$23m) (US$77m) 
(US$31m) (US$83m) 

Revenues 38% Adjusted EBITDA n/a Trading profit / (loss) 81% Edtech 

US$148m US$134m 
(US$91m) (US$122m) 
(US$98m) (US$131m) 

Revenues 9% Adjusted EBITDA n/a Trading profit / (loss) 25% Etail 

US$2.2bn US$1.9bn 
US$21m (US$9m) 

Revenues 8% Adjusted EBITDA n/a Trading profit / (loss) (US$35m) (US$61m) 44% Economic interest results from continuing operations Group 

US$31.7bn US$31.4bn 
US$7.0bn US$5.0bn 

Revenues 12% Adjusted EBITDA n/a Trading profit / (loss) US$5.8bn US$3.6bn 82%

Basil Sgourdos, Group CFO, Prosus and Naspers, commented: “Following a year of strong execution, our E-commerce portfolio is profitable for the first time, well ahead of target. What’s more, our peer-leading growth accelerated, and profitable growth is set to continue. Core headline earnings have almost doubled, and our strong Ecommerce results and performance at Tencent have driven a threefold increase in free cash flow. Our strong  and flexible balance sheet, active portfolio management and disciplined capital allocation  put us in strong position to deliver against our long-term strategy.” 

Peer-leading growth and increasing profitability across e-commerce portfolio Food Delivery: iFood grew well and significantly improved profitability 

  • iFood delivered industry-leading top line growth, with Gross Merchandise Value  (GMV) up 20%, orders up 18% and revenue increasing 22%. 
  • iFood’s core restaurant business almost tripled trading profit to US$260m, with a  24% trading margin. 
  • Overall, iFood trading profit increased significantly to US$96m, up 249%,  supported by optimised marketing spend and increased cost control.
  • Delivery Hero grew group GMV by 6% for the year ended 31 December 2023, with  revenue up 16%, boosting profitability to an adjusted EBITDA of €254m.
  • Swiggy grew Gross Order Value (GOV) by 26%, as operating metrics improved,  and adjusted EBITDA improved to a loss of US$261m.

Classifieds – OLX Group: Strong performance, with accelerated growth and expanding  margins 

  • Classifieds consolidated revenue grew 27%, driven by a strong performance in OLX  Europe, notably in the motors category, and a recovery in OLX Ukraine.
  • Trading profit more than tripled to US$172m, with trading profit margin increasing  13 percentage points, to 24%. 
  • Performance driven by streamlining of operations, more effective marketing spend and strategic optimisation of technology hubs. 
  • Exited OLX Autos businesses (excluding the US). 

Payments & Fintech – PayU: Strong growth within core Payments Service Provider (PSP) business and improved overall profitability 

  • Consolidated revenue grew 38% to US$1.1bn, driven by growth in core PSP  operations in India and at GPO. 
  • Core PSP grew revenue by 41%, Total Payment Volume (TPV) increased by 25% and delivered a trading profit of US$19m. 
  • Standout performance at Iyzico, PayU’s Turkish PSP business, with revenues up 119% in nominal terms and a trading profit of US$17m. 
  • Overall, consolidated trading loss improved by 81% to US$31m, with a 6- percentage point improvement in trading profit margin. 
  • Received in-principle authorisation from the Reserve Bank of India to operate as a payment aggregator, enabling PayU India to restart onboarding new merchants. Sale of GPO business to Rapyd (excluding PayU Turkey and Red Dot Payment) with closing expected in calendar 2024. 
  • Strong performance at Remitly for the year-ended 31 December 2023, with revenue increasing 44% and EBITDA margin expanding to 5%. 

Edtech: Strategic focus on AI investments as trading losses reduce 

  • Consolidated revenue grew 9% to US$148m, while trading losses reduced by 25%  to US$98m. 
  • Stack Overflow turnaround is underway, with losses reduced by 70% in H2 from  $44m to $13m.  
  • Stack Overflow introduced OverflowAPI, enabling AI and LLM providers to leverage Stack’s public dataset within their own AI capabilities. API partnerships recently signed with Google and OpenAI. 
  • Stack Overflow recently launched OverflowAI product for general availability.
  • GoodHabitz grew revenue by 20%, while trading losses halved to US$8m. 

On a nominal basis. 

For full details of the Group’s results, please visit www.prosus.com.

Read also: