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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.

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