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BUSINESS MAVERICK: Prosus delivers sterling results, but concerns remain around capital allocation and management incentives

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‘Leave us alone and we will prove ourselves worthy.’ This has been the strategy of Prosus and Naspers management for the longest time. But it has worn thin as issues such as executive remuneration, the share price discount and the latest share swap scheme rose up. But nothing sweetens prospects for investors as much as good results, and the latest results are superb. Will this be a balm for investors?

Internet company Prosus reported group revenues of $28.8-billion, up 33% thanks to particularly strong growth in food delivery and e-tai, a trading profit of $5.6-billion, up 44%, and core headline earnings of $4.9-billion, up 39% for its financial year to the end of March.

Using the platform created by iFood, Swiggy and Delivery Hero, among others, the firms plan to build a broader on-demand delivery ecosystem that will go beyond restaurant delivery to grocery and convenience delivery and increased logistics capabilities. The Payments & Fintech segment reported strong financial results for the year with total payment value increasing by 51% to $55-billion, supported by a 38% increase in the number of transactions. The core business, PayU, was profitable for the third year running.

 

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