Prosus says quarterly profit rises 54%, plans $2 billion in asset sales
JOHANNESBURG (Reuters) -Dutch technology investor Prosus plans to raise $2 billion through asset sales in the near term, the company's CEO said on Wednesday as he announced a 54% increase in quarterly earnings.
Amsterdam-headquartered Prosus, which is majority-owned by South Africa's Naspers and focused on food and lifestyle-ecommerce within its key markets of Latin America, India and Europe, has already raised $780 million from asset sales in the last four months to July.
In a shareholder letter covering the annual general meeting and sent to media, Chief Executive Fabricio Bloisi said asset sales to date showed "our commitment to disciplined capital allocation" and set $2 billion as a near-term target.
Bloisi also said the company's ecommerce adjusted earnings before interest, taxes, depreciation and amortization (aEBITDA) rose 54% to $237 million in the quarter ending June 30, at the top end of the group's guidance.
Revenue rose 15% year-on-year to $1.7 billion, he said.
(Reporting by Nqobile Dludla;Editing by Helen Popper)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
39 minutes ago
- The Star
Temasek weighs overhaul to improve returns
Improving efficiency: The move will restructure the 51-year-old investment giant amid rising pressure to deliver higher returns and streamline its operations. — Reuters SINGAPORE: Temasek Holdings Pte is mulling one of its biggest overhauls in years, potentially reorganising the firm into three investment vehicles in a bid to boost returns and efficiencies, according to sources. Under the proposal, still being discussed at senior levels, the state-owned investor could divide its business into three arms. One would focus on Temasek's biggest domestic holdings such as Singapore Airlines Ltd, and another would oversee largely foreign investments. A third unit would include all of Temasek's fund investments. The move, which remains fluid and subject to change, would fundamentally restructure the 51-year-old investment giant amid rising pressure to deliver higher returns and streamline its operations. While Temasek's net portfolio value hit a record high of S$434bil (US$338bil) as of March 31, its 10-year total shareholder return of 5% – a compounded and annualised measure that includes dividends – just matched that of its larger but more conservative Singaporean peer GIC Pte. It underperformed the MSCI World Index, which returned an annualised 10% in the decade through March 2025. Temasek is run in a conventional manner, with different executives responsible for investing across various assets and geographies, such as real estate or China. If the reorganisation proceeds, it would enable key executives to better focus their attention on improving the firm's performance and efficiency, the sources said. Temasek didn't immediately respond to a request for comment. A shift could be announced in coming months, though the plan could be deployed sooner, the sources said. Temasek's new chairman, Teo Chee Hean, is set to start on Oct 9, after joining as deputy chairman in July. Singapore's Formula One Grand Prix in early October, where Temasek typically sponsors a corporate suite, is seen as a good opportunity to explain the changes to partners and stakeholders, a source said. Under some of the iterations being discussed, Temasek's investments with external managers such as Avanda Investment Management would be reorganised and potentially placed under Seviora Group – a wholly-owned asset manager that Temasek established in 2020. Seviora currently acts as the holding company for investment units including Fullerton Fund Management, Azalea Investment Management and SeaTown Holdings International. Starting next month, Seviora will be led by Gabriel Lim, a longtime public servant and a former permanent secretary of Singapore's Trade and Industry Ministry. Lim joined Temasek in October as its joint head of corporate strategy. Temasek, led by chief executive officer Dilhan Pillay, already divides its net portfolio value in a similar manner. Singapore-based Temasek Portfolio Companies, which include most of the local firms, made up 41% of the portfolio as of March. Global Direct Investments accounted for 36% and 'Partnerships, Funds, and Asset Management Companies' stood at 23%, according to comments made during the firm's 2025 review. The move would also elevate several key executives to senior roles overseeing each new unit. Aside from Seviora's Lim, other executives mooted to run the new divisions include chief financial officer Png Chin Yee, and Nagi Hamiyeh, the head of Europe, Middle East and Africa, who has moved to the Paris office. — Bloomberg
The Star
2 hours ago
- The Star
FanDuel teams up with CME for event contracts push
CME and FanDuel said they will launch new products later this year, allowing customers to express their views multiple times a day for as little as US$1. — Reuters New York: Sports betting firm FanDuel has tied up with derivatives exchange CME Group to set its foot into the rapidly growing event contracts market, the companies say. Event contracts allow investors to bet on the likelihood of specific events, ranging from sports and entertainment to politics and the economy. The nascent asset class has exploded in popularity in the United States since last year's presidential election. CME and FanDuel announced on Wednesday they will launch new products later this year, allowing customers to express their views multiple times a day for as little as US$1. The products will include benchmarks such as the S&P 500, oil and gas, and gold prices, as well as key economic indicators. As part of the partnership, CME and FanDuel will form a new joint venture and operate as a non-clearing futures commission merchant. 'Individual investors are increasingly sophisticated and continually pursuing new financial opportunities,' said Terry Duffy, chief executive of CME. Sports betting heavy hitters have been actively assessing event contracts opportunities while closely monitoring US regulatory developments. FanDuel-owner Flutter also has over two decades of experience operating Betfair, the world's largest betting exchange, which shares similar characteristics with event contracts. While the event contracts landscape continues to evolve at a rapid pace, its push to the mainstream has been riddled with challenges on the regulatory front. Prediction marketplace KalshiEX and the US Commodity Futures Trading Commission (CFTC) had tussled over a proposal to list contracts that Americans could use to bet on election outcomes. Robinhood also halted the rollout of its Super Bowl event contracts in February, just a day after the launch, following a request from the CFTC. Exchange operator MIAX chief executive Thomas Gallagher last week told Reuters that the event contracts space is going to see 'some explosive growth' but cautioned there needs to be more clarity on the regulatory front. — Reuters
The Star
7 hours ago
- The Star
Cuban pensioners say significant pension increase is not enough
A pensioner walks in downtown Havana, Cuba August 18, 2025. REUTERS/Norlys Perez HAVANA (Reuters) -Cuban pensioners on Thursday began receiving a new monthly pension payment nearly double the previous one, but many said the extra would be swallowed by high inflation and a scarcity of basic goods in the midst of a prolonged crisis. Cuban President and leader of the Communist Party Miguel Diaz-Canel told the National Assembly in December that the country must "start improving the situation of retirees, who have given their lives to the Revolution." Pensioners, like all workers paid in pesos, have seen their purchasing power decline by as much as 90% over the last four years, according to many Cuban economists. Their plight has disturbed Cubans at home and abroad with government critics saying that they have been left to suffer. Residents who have received their social security payment for September, now increased by up to 1,528 pesos to a ceiling of 4,000 pesos, say it still is not enough. Retired state worker Panfilo Valdivia, 77, welcomed the increase but said there were few goods for sale at the official exchange rate of 24 pesos to the dollar with most prices based on the record 400 peso informal rate. Valdivia's pension has nearly doubled to 3156 pesos or $131.5 at the official rate, but is worth just $7.89 on the street. The average state wage is 6000 pesos, according to the government. 'It's a little more money that comes in now, but almost everything on sale is very expensive,' Valdivia said. This week eggs were selling in Havana at 2800 pesos for a carton of 30, chicken quarters at 350 pesos a pound and for up to 400 pesos a pound, residents told Reuters. The import-dependent country's government mainly blames U.S. sanctions targeting foreign exchange earnings for the crisis that has led to an 11% contraction of the economy since 2019 and a dramatic devaluation of the peso. Critics blame sluggish economic reform. 'The increase is welcome ... but isn't even enough to buy a pack of chicken,' said retired educator Aida Diego. (Additional reporting by Marc Frank; Editing by Christian Plumb, Kirsten Donovan)
