Prosus, Naspers’s global internet arm, says revenue rose almost a third in its half-year to end-September, boosted by a strong performance from its e-commerce unit.
Group revenue, measured on an economic-interest basis, grew 31% to $16.6bn (R260.6bn), to end-September, with the group’s e-commerce segment revenue accelerating 60% to $4.2bn.
This segment comprises businesses engaged in food delivery, online payments, classifieds, and educational software, with Prosus saying on Monday the value of the portfolio is approaching $50bn, from $13bn five years ago.
Food Delivery’s performance remains strong as it expands into grocery deliveries, Prosus said, while classifieds emerged stronger from the pandemic.
“We are amplifying that with a larger role in transactions. For example, OLX Autos is merging online and offline car buying and finance to build the most trusted one-stop shop for transacting in cars,” the group said.
Prosus holds a prized, 29% stake in Chinese giant Tencent, with the group saying dividends from Tencent picked up almost a quarter to $571m, which offset increased capital investment into electronic retailing, as well as increased working capital requirements for parts of its business
Prosus ended the period with net cash of $3bn, saying it will continue to invest in its platforms and create ecosystems, particularly in car transactions, credit and digital banking, as well as food and grocery delivery.
In morning trade on Monday Prosus’s shares were 0.44% lower at R1,366,55, having fallen almost 15% so far in 2021, but having risen almost 30% since the start of 2020.
The group’s shares have risen about 4.1% since November 16, when it released a trading update.
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