Prosus posts first ever profit under new CEO

Technology investor Prosus swung into profit for the first time, as it switches strategy under Chief Executive Officer Fabricio Bloisi. 

The company reported a trading profit – adjusted earnings before interest and taxes – of $179 million, compared with a loss of $118 million previously. 

“Our operations are improving through innovation and AI, and we’re building stronger connections,” the company said in an emailed statement.

“We expect our regional ecosystem businesses to continue to grow more quickly than peers and become increasingly profitable.”

Amsterdam-based Prosus, a subsidiary of South Africa’s Naspers, is adjusting its strategy from being an investment firm to a company focused on building out large, lifestyle-type platforms.

Bloisi, who took over as CEO in July 2024, is set on doubling the group’s aggregate market value by mid-2028. 

Free cash flow excluding the contribution from Prosus’ stake in Tencent was positive for the first time, the company said. It proposed a dividend of 20 euro cents ($0.23).

The company’s shares have jumped by a fifth this year.