Naspers Delivers US$836m Free Cash Flow Improvement, 18% Revenue Growth and Ecommerce Profitability
On
-
Accelerated peer-leading topline growth of 18%, with Ecommerce consolidated revenue of
US$6.3bn .
-
Achieved consolidated Ecommerce profitability ahead of target, with a
US$460m 1 improvement in trading profit toUS$24m .
-
Free cash flow increased
US$836m toUS$477m , a 2x improvement year-on-year.
-
US$35bn of value created by the ongoing buyback programme since launch, delivering 9% NAV per share accretion.
-
Group structure simplified through the removal of the cross-holding agreement between Prosus and
Naspers .
Group performance
Consolidated results for continuing operations |
|||
Group |
FY2024 |
FY2023 |
YoY change |
Revenues |
|
|
17% |
Adjusted EBITDA |
( |
( |
n/a |
Trading profit / (loss) |
( |
( |
74% |
Core headline earnings |
|
|
88%1 |
Ecommerce portfolio |
|||
Revenues |
|
|
18% |
Adjusted EBITDA |
|
( |
n/a |
Trading profit / (loss) |
|
( |
109% |
Food Delivery |
|||
Revenues |
|
|
22% |
Adjusted EBITDA |
( |
( |
n/a |
Trading profit / (loss) |
|
( |
161% |
Classifieds |
|||
Revenues |
|
|
27% |
Adjusted EBITDA |
|
|
n/a |
Trading profit / (loss) |
|
|
182% |
Payments & Fintech |
|||
Revenues |
|
|
38% |
Adjusted EBITDA |
( |
( |
n/a |
Trading profit / (loss) |
( |
( |
81% |
Edtech |
|||
Revenues |
|
|
9% |
Adjusted EBITDA |
( |
( |
n/a |
Trading profit / (loss) |
( |
( |
25% |
Etail |
|||
Revenues |
|
|
8% |
Adjusted EBITDA |
|
( |
n/a |
Trading profit / (loss) |
( |
( |
42% |
Economic interest results from continuing operations |
|||
Group |
|||
Revenues |
|
|
12% |
Adjusted EBITDA |
|
|
n/a |
Trading profit / (loss) |
|
|
84% |
Peer-leading growth and increasing profitability across Ecommerce portfolio
Food Delivery: iFood grew well and significantly improved profitability
- iFood delivered industry-leading top line growth, with Gross Merchandise Value (GMV) up 20%, orders up 18% and revenue increasing 22%.
-
iFood’s core restaurant business almost tripled trading profit to
US$260m , with a 24% trading margin. -
Overall, iFood trading profit increased significantly to
US$96m , up 249%, supported by optimised marketing spend and increased cost control. -
Delivery Hero grew group GMV by 6% for the year ended
31 December 2023 , with revenue up 16%, boosting profitability to an adjusted EBITDA of €254m. -
Swiggy grew Gross Order Value (GOV) by 26%, as operating metrics improved, and adjusted EBITDA improved to a loss of
US$261m .
Classifieds –
- Classifieds consolidated revenue grew 27%, driven by a strong performance in OLX Europe, notably in the motors category, and a recovery in OLX Ukraine.
-
Trading profit more than tripled to
US$172m , with trading profit margin increasing 13 percentage points, to 24%. - Performance driven by streamlining of operations, more effective marketing spend and strategic optimisation of technology hubs.
- Exited OLX Autos businesses (excluding the US).
Payments & Fintech – PayU: Strong growth within core Payments Service Provider (PSP) business and improved overall profitability
-
Consolidated revenue grew 38% to
US$1.1bn , driven by growth in core PSP operations inIndia and at GPO. -
Core PSP grew revenue by 41%, Total Payment Volume (TPV) increased by 25% and delivered a trading profit of
US$19m . -
Standout performance at Iyzico, PayU’s Turkish PSP business, with revenues up 119% in nominal terms and a trading profit of
US$17m . -
Overall, consolidated trading loss improved by 81% to
US$31m , with a 6-percentage point improvement in trading profit margin. -
Received in-principle authorisation from the
Reserve Bank of India to operate as a payment aggregator, enablingPayU India to restart onboarding new merchants. -
Sale of GPO business to Rapyd (excluding PayU Turkey and Red
Dot Payment ) with closing expected in calendar 2024. -
Strong performance at
Remitly for the year-ended31 December 2023 , with revenue increasing 44% and EBITDA margin expanding to 5%.
Edtech: Strategic focus on AI investments as trading losses reduce
-
Consolidated revenue grew 9% to
US$148m , while trading losses reduced by 25% toUS$98m . -
Stack Overflow turnaround is underway, with losses reduced by 70% in H2 from
$44m to$13m . -
Stack Overflow introduced OverflowAPI, enabling AI and LLM providers to leverage Stack’s public dataset within their own AI capabilities. API partnerships recently signed with
Google and OpenAI. - Stack Overflow recently launched OverflowAI product for general availability.
-
GoodHabitz grew revenue by 20%, while trading losses halved to
US$8m .
South African businesses
Phuthi Mahanyele-Dabengwa,
-
Takealot Group increased GMV by 13% and revenue by 8%, while cutting trading losses by 36%, overcoming tough market conditions. - Mr D and Superbalist saw GMV increases of 16% and 7% respectively, capitalising on expanded product ranges and customer engagement.
-
AutoTrader reported an 11% rise in user traffic, with platform growth of 97% since 2019, highlighting a surge in online vehicle shopping. - Property24 solidified its position as a market leader, while also acquiring a stake in Grace Nineteen, a Black-owned property technology providing innovative tenant solutions.
- Media24 plans to re-assess several of its major print titles, advancing its existing shift towards digital platforms.
Please note: Group results are shown on a consolidated basis from continuing operations, which reflect all majority owned and managed businesses. All OLX Autos business units are classified as discontinued operations, in line with IFRS disclosures. All growth percentages shown here are in local currency terms, excluding the impact of acquisitions and disposals (M&A), unless otherwise stated. Growth percentages shown here for all non-financial key performance indicators compare FY24 to FY23. |
1On a nominal basis.
For full details of the Group’s results, please visit www.naspers.com.
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For more information, please visit www.naspers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240623862612/en/
Head of Investor Relations
Tel: +1 347 210 4305
Email: eoin.ryan@naspers.com
Communications Director
Mobile: +31 615 494 359
Email: charlie.pemberton@naspers.com
Sibusiso (Sbu) Tshabalala
Head of Communications,
Tel: +27 81 431 4855
Email: sibusiso.tshabalala@naspers.com
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