Prosus Says Annual Revenue Increased 24%; Sets Prosus And Naspers Share Repurchase

Prosus N.V. (PROSY) on Monday said its Group revenue for the full year increased 24% year on year to $35.6 billion on more than 50% growth in Ecommerce revenue.

Prosus is a consumer internet group and technology investor.

On a consolidated basis, total revenue increased 34% to $6.866 billion, from $5.116 billion in the prior year with strong contributions from all the segments.

Group trading profit for the year, however, was down at $5 billion compared with $5.6 billion last year.

Core headline earnings declined to 3.7 billion from 4.9 million in the previous year, impacted by sale of 2% interest in Tencent.

Separately, Prosus and Naspers, majority owner Prosus, announced a long-term share buyback programme of Naspers and Prosus shares.

The share repurchase will run as long as elevated levels of the trading discount to the Group's underlying net asset value persist, the companies said.

Prosus and Naspers plans to fund the buyback by selling shares of Chinese internet and technology company Tencent Holdings Ltd., held by the Group.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ride-hailing company Lyft announced its foray into the media and advertisement business with the launch of Lyft Media as part of its vision to build the world's largest transportation media network. Lyft Media has built a suite of new products to allow advertisers to engage with Lyft's growing audience throughout their transportation journeys. Sysco Corp. (SYY) Tuesday reported a more than a three-times surge in fourth-quarter earnings, supported by 17.5 percent growth in sales. The company projects fiscal 2023 adjusted earnings to grow. Earnings for the quarter spiked to $509.99 million from $151.09 million last year. On a per share basis,... Longmont Colorado -based Royal Crest Dairy is recalling 2% Chocolate Milk citing the potential to be contaminated with undeclared egg, a known allergen, the U.S. Food and Drug Administration said. The recall involves Farmer's 2% Reduced Fat Chocolate Milk Pints with the code date of AUG-22.
Follow RTT