In a confident address to shareholders, Fabricio Bloisi, the CEO of global consumer internet group Prosus and its parent company Naspers, declared the company is “building something truly special,” fueled by a standout first-quarter performance and a soaring share price.
The statement, published in a letter covering the Prosus Annual General Meeting (AGM), comes as the company trades at all-time highs in July and August.
Bloisi highlighted a dramatic financial improvement, noting the discount to Net Asset Value (NAV) has narrowed by 7 percentage points in the last year, unlocking a staggering $13 billion in value for shareholders.
“This progress is being recognised by the market,” Bloisi stated, emphasising the renewed investor confidence.
The letter detailed robust Q1 2024 results that underscore this optimism:
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Ecommerce revenue reached $1.7 billion, meeting internal targets with a strong 15% year-on-year growth.
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Even more impressively, Ecommerce trading profit (aEBITDA) surged to $237 million, soaring 14% ahead of target with a remarkable 54% increase compared to the previous year.
Bloisi also emphasized a disciplined approach to capital allocation. Prosus has already completed $780 million in asset sales over the past four months, with plans to execute a further $2 billion in the near term, streamlining its portfolio for future growth.
The recent approval of the JET (Jet Food) deal by the European Commission was also cited as a key milestone, reinforcing the company’s strategic positioning.
With strong operational performance, strategic asset management, and a significantly narrowed NAV discount, Bloisi’s message is one of unwavering confidence. “I am very excited about what lies ahead,” he concluded, signaling that Prosus’s current success is merely the foundation for its next chapter.
Read the letter: AGM Update and a Strong Start!
