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    NPN   ZAE000015889

NASPERS LIMITED

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Naspers offshoot Prosus reports strong growth in e-commerce business

06/21/2021 | 02:42am EDT
A logo of Prosus is diplayed at Amsterdam's stock exchange building as Prosus begins trading on the Euronext stock exchange in Amsterdam

* E-commerce business shrinks losses by almost a half

* E-commerce portfolio 17% of the total company size

* Profits still dominated by Chinese company Tencent

* Prosus reports net profit of $7.45, driven by Tencent (Recasts with e-commerce business)

AMSTERDAM/JOHANNESBURG, June 21 (Reuters) - Prosus NV said its e-commerce business grew revenues and shrank trading losses for the year that ended March 31, even as its overall profit continued to be dominated by its investment in Chinese tech giant Tencent Holdings.

Prosus and its parent Naspers of South Africa have repeatedly battled questions from shareholders and analysts on the effect of Tencent, owner of China's biggest messaging service WeChat, with some saying the company's other businesses were too small to make any substantial difference.

On Monday the company said revenue at the e-commerce portfolio - which excludes Tencent - grew 46% to $6.2 billion for the year, and its trading loss narrowed to $429 million.

"We see... a massive acceleration, and we think it will continue to grow significantly," said Bob van Dijk, Group CEO, Prosus and Naspers.

The e-commerce segment encompasses businesses across the globe in food delivery, online marketplaces, payments, and educational software.

"It is positive to see the strong revenue growth in the Prosus e-commerce portfolio, which should help these businesses to reach scale over time," said Renier de Bruyn, Senior Equity Research Analyst at Sanlam Private Wealth, though he noted they remain loss-making.

The company's Group Chief financial officer Basil Sgourdos said that the value of the e-commerce business was at $39 billion, or 17% of the total value of the company.

Prosus as a whole reported a better than expected net profit of $7.45 billion for 2021 on Monday, driven by strong returns from Tencent, which grew profit by 33%.

Analysts had seen Prosus net profit at $4.63 billion for the 12 months ended March 31, up from $3.66 billion in the same period a year earlier, according to Refinitiv data. Prosus owns 28.9% of Tencent and is itself controlled by Naspers, Africa's biggest company by market capitalisation.

The companies are seeking shareholder support to move to a cross-holding structure that would shift the bulk of their assets to Amsterdam while leaving Naspers in control.

Prosus shares were up 0.75% on the Euronext and Naspers shares 0.22% higher against the broader local index which was which was down 0.42% at 0945 GMT.

(Reporting by Toby Sterling and Promit Mukherjee, editing by Louise Heavens)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NASPERS LIMITED -1.31% 2822 End-of-day quote.-6.54%
PROSUS N.V. 1.35% 75.86 Real-time Quote.-15.29%
TENCENT HOLDINGS LIMITED -0.84% 475 End-of-day quote.-15.78%
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Financials (USD)
Sales 2022 8 356 M - -
Net income 2022 4 397 M - -
Net Debt 2022 3 139 M - -
P/E ratio 2022 22,6x
Yield 2022 0,23%
Capitalization 79 758 M 80 716 M -
EV / Sales 2022 9,92x
EV / Sales 2023 8,50x
Nbr of Employees -
Free-Float 94,7%
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Number of Analysts 12
Last Close Price 193,69 $
Average target price 338,55 $
Spread / Average Target 74,8%
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Managers and Directors
Robert van Dijk Chief Executive Officer & Executive Director
Vasileios Sgourdos Financial Director & Executive Director
Jacobus Petrus Bekker Non-Executive Chairman
Patrick Luke Kolek Group Chief Operating Officer
Debra Meyer Independent Non-Executive Director
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