Prosus N.V. Reports 11% Revenue Growth and $451M Profit Improvement in FY2024

  • Prosus N.V. achieved 11% revenue growth, totaling $5.5 billion for FY24.
  • Operating losses reduced significantly by $481 million, showcasing improved profitability.
  • Core headline earnings surged by 84% to $5.0 billion, reflecting strong financial performance.

Prosus N.V., a global consumer internet group, released its annual results for the year ended March 31, 2024. The results showcase significant growth and improvements across various financial metrics. Prosus is listed on Euronext Amsterdam and the Johannesburg Stock Exchange (JSE) under the share code PRX.

Revenue and Profitability

Prosus reported a consolidated revenue increase of 11% to $5.5 billion for FY24, compared to $4.9 billion in FY23.

Year Ended 31 March2024 (US$’m)2023 (US$’m)
Operating loss(546)(1,027)
Earnings per share265 cents357 cents
Headline earnings per share132 cents27 cents
Core headline earnings per share193 cents99 cents

Operating losses reduced to $546 million from $1.027 billion. This improvement is due to increased profitability and lower impairment losses.

Ecommerce Performance

The group achieved consolidated Ecommerce profitability in the second half of FY24, ahead of its FY25 target.

Ecommerce Profitability

MetricFY24 (US$’m)FY23 (US$’m)
Ecommerce consolidated trading profit38(413)
Trading losses reduced by468(586)

Core headline earnings rose by 84% to $5.0 billion. The group’s focus on profitable growth and cost reductions contributed to this significant increase.

Key Segments Performance


iFood, one of the world’s leading food delivery services, delivered strong performance.

  • Trading profit increased by $166 million YoY.
  • Management sees potential in lending, grocery, and meal vouchers.


The Classifieds segment saw marked profitability, especially in OLX Europe.

  • Concluded deals or closed most OLX Autos businesses.


PayU continued strong growth in its core payment service provider (PSP) business.

  • Strong revenue growth and improved profitability.
  • Effective cost control despite regulatory challenges in India.


The Edtech segment faced challenges due to macroeconomic conditions and generative AI adoption.

  • Stack Overflow leveraged AI capabilities for positive early results.
  • GoodHabitz benefited from product enhancements and a measured international rollout.

Financial Position

Prosus maintains a strong balance sheet with $16.0 billion in cash, including short-term investments.

Cash and Debt

MetricAmount (US$’bn)
Central cash and cash equivalents14.6
Central interest-bearing debt15.2
Available for new investment8.0

The group’s free cash inflow improved to $422 million from a $382 million outflow in the prior year.

Strategic Moves

Prosus simplified its structure by removing the cross-holding structure with overwhelming shareholder support.

  • The open-ended share-repurchase program has reduced the free-float share count by 21%.
  • Generated $30 billion of value for shareholders.

Management Changes

In September 2023, Bob van Dijk stepped down as CEO after nearly 10 years.

  • Ervin Tu, interim CEO, was succeeded by iFood CEO Fabricio Bloisi on May 17, 2024.
  • Bloisi is recognized for rapidly scaling iFood into Brazil’s leading food delivery company.

Investment and Divestment

Prosus limited external investment to $571 million, a significant drop from the $6.3 billion peak in 2022.

  • Steps have been taken to address underperformance in investments.
  • Actively engaging with major operating companies and investments.

Tencent Investment

Prosus trimmed its Tencent position by 2%, resulting in a gain of $5.1 billion during the year.

  • Recognized impairment losses on equity-accounted investments, including Delivery Hero and Skillsoft.


Prosus N.V. showcased strong financial performance for FY24. The group’s focus on profitable growth, strategic investments, and management changes position it well for future growth. The full consolidated annual report, audited by Deloitte, is available on the company’s website.

Notice: ob_end_flush(): Failed to send buffer of zlib output compression (0) in /home/dubeshephard/public_html/wp-includes/functions.php on line 5427