Dutch technology investor Prosus is not planning to list Indian digital payments and lending firm PayU this year, with the focus on improving the business over the next six to 12 months, its chief financial officer said on Monday.
While Prosus hoped to list PayU by 2025, "that is not going to be our focus in the next year. Our focus is actually going to be to improve that business," Nico Marais, Prosus's chief financial officer told Reuters.
Earnings
Prosus on Monday reported full-year core headline earnings of $7.4 billion, up 47% year-on-year and exceeding its financial targets, bolstered by its expansion in lifestyle e-commerce.
The company said e-commerce revenue grew 21% to $6.2 billion, fuelled by advances in artificial intelligence and innovation, as it continued to expand in Latin America, Europe, and India.
Prosus, owned by South African technology investor Naspers, is pivoting from an investment group to a lifestyle tech company, a strategic shift that BofA highlighted in a note prior to the earnings publication as a key enabler that could boost financial yields and shift its investment case.
"We are making good progress with the purchase of Just Eat Takeaway.com, which will create a new AI-powered tech champion in Europe," CEO Fabricio Bloisi said in a statement.
Prosus announced in late February an agreement to buy Just Eat Takeaway for 4.1 billion euros ($4.72 billion) to create a European tech champion.
For the first time in its history, Prosus' free cash flow, excluding the dividend it receives on its holding in Tencent 0700.HK, was positive, climbing to $36 million from negative $235 million in the last financial year.
"We expect this momentum to continue, and to add at least the same level of incremental adjusted EBIT in the full year of 2026", Chief Financial Officer Nico Marais said in a statement.
Naspers on Monday reported a 59.4% jump in its full-year core headline earnings.
