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Prosus (PRX) enjoys strong first-half growth

By Rob Griffin

10:57, 22 November 2021

Prosus logo shown on a smartphone and computer screen
The Amsterdam-based conglomerate has investments in companies such as Tencent – Photo: Shutterstock

Dutch technology investor Prosus has revealed a strong half-year performance with increased revenues and trading profit.

The Amsterdam-based conglomerate, which has investments in companies such as Tencent, reported group revenue of $16.6bn (£12.3bn) – up 29% year-on-year.

In a statement released on Monday, it said ecommerce revenues had risen 53% to $4.2bn, while $5.2bn had been invested since the start of April to further accelerate growth.

Good progress made

According to Bob van Dijk, group chief executive of Prosus and Naspers, good progress has been made on several fronts during the first six months of the year.

“Our ecommerce portfolio continues to grow at pace and we are focused on investing behind that growth to build momentum and capture the significant opportunity we see ahead,” he said.

He also pointed out that it continued to crystalise returns for shareholders during the period through a $5bn share-repurchase programme.

Ecommerce portfolio growing

The company’s statement attributed growing ecommerce revenues to 101% growth in classifieds, 86% growth in food delivery, 51% growth in edtech and 44% growth in payments and fintech.

“Analyst consensus estimates of the value of the ecommerce portfolio (excluding Tencent and VK/ are increasing and is now approaching $50bn,” it stated.

Within classifieds, OLX Group – a subsidiary of Naspers – has delivered a strong year-on-year performance with revenues more than doubling to $1.3bn and trading profit increasing significantly, growing 139% to $108m.


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Food delivery

The company said performance in its global food business remained strong with iFood, Swiggy and Delivery Hero operating at significant scale and was innovating beyond their core businesses.

“Our food businesses now cover more than 60 countries,” it stated.

Within payments and fintech, meanwhile, PayU delivered solid results with total payment volume growing 48% to $35.3bn.

Edtech expansion

Prosus said it has continued to rapidly expand the scale and reach of its global edtech business, with the portfolio currently serving more than 500 million users.

“The segment grew strongly during the period, delivering revenue growth of 51%, to $120m in the first half of the financial year,” it stated.

Trading losses came in at $48m versus $13m for the same period last year, reflecting continued investment.


Read more: Prosus to acquire Indian digital payment company BillDesk

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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