Revitalizing Momentum for Naspers and Prosus
It wouldn’t be just to attribute all the positive transformations of the past year solely to the new CEO, especially considering the contributions of previous management teams and the roughly 20,000 employees working for the Prosus/Naspers group. Nonetheless, the progress observed since Fabricio Bloisi’s appointment as CEO is indeed invigorating.
Investors have positively responded to Bloisi’s initiatives since he took office in May 2024. His communication style with the market has been refreshingly distinct, earning praise from analysts for his clarity in expressing the group’s objectives and challenges.
Read:
Naspers NAV has surged in 20 years [Dec 2024]
Naspers reaches record high [Feb 2025]
Prosus records first profit under CEO Bloisi’s strategy [Jun 2025]
Following what appears to be an ongoing struggle for many years, Prosus has declared that its managed operations are now beginning to produce robust profits.
Headline earnings per share surged to $2.52 for the financial year ending March 2025, up from $1.25 the year before.
Naspers and Prosus also announced intentions to double their dividends.
These changes have caught the attention of investors, resulting in a rise in share prices despite persistent challenges from Chinese regulations affecting Tencent, trade tariffs, and an unstable global economic landscape.
Following the results announcement, Prosus shares rose to R978 on the JSE, a significant increase from a low of below R670 in January.
Naspers bounced back from a low of under R3,600 in January, closing at R5,380 on Monday.
Refreshing
Bloisi remarked that while the group had a commendable year, it pales in comparison to what is on the horizon, as he elaborated on the results in a brief video.
He has kept shareholders updated since becoming CEO; investors are likely to find the video quite refreshing.
He casually greets: “Hello, partners. How are you?”
“I’m Fabricio, the CEO of Prosus. I’ve been here for nearly a year, and I’m thrilled to reconnect with you today to share some insights about our results from last year.
“Honestly, I’m genuinely excited to discuss our future.”
He reflects on Prosus’s fruitful year and its advancements in fostering a tech-driven culture, innovating rapidly, and shaping the future.
“We are currently in the process of building the leading lifestyle e-commerce company in Latin America, India, and Europe,” he states.
“By concentrating on select ecosystems and regions, we anticipate significant synergies that will enhance value through cross-selling and best practices.”
“You’ll see initial outcomes in today’s figures, but anticipate even more significant developments in the future. Our path forward hinges on innovation and the creation of next-generation e-commerce products,” he asserts.
Listen: Naspers and Prosus are providing substantial value.
Prosus is also prioritizing artificial intelligence, working on a large AI-driven e-commerce model that aims to understand the behaviors of its two billion customers, thus creating a competitive advantage for its enterprises.
“Last year, I wrote several letters promising specific outcomes, and I’m pleased to share that we are fulfilling those commitments.”
“We are experiencing growth while sustaining consistent profitability,” he continues.
“Our aim is to deliver growth, profits, dividends, and value for our shareholders. We have sold $2.6 billion worth of our previous investments and will continue to do so as part of our strategy.”
“At times we invest, and at other times we sell, recognizing the impact of each action. Furthermore, we have invested with considerable discipline, channeling $7.8 billion.”
He notes revenue growth at $6.2 billion, expressing confidence that this momentum will continue. “Our profitability is also expanding at an accelerated rate.”
“I had promised to deliver over $400 million in e-commerce profit, and I’m delighted to announce that we have surpassed that goal.”
“To be transparent, that’s still relatively modest. I’m now telling you that next year we aim to achieve at least $800 million. Following that, expect to see us reach a billion or even more,” Bloisi adds.
“As I mentioned upon joining a year or six months ago, I made many promises. Ultimately, the results speak for themselves.”
“We are not only achieving profitability but also significant growth in adjusted earnings before interest and tax.”
“I can make you another promise: this is merely the beginning. We will soon reach the billion milestone, and we have a few acquisitions planned that should yield high returns on investment.”
Before becoming group CEO in 2024, Bloisi led iFood, which he acquired in 2013 when it was a small start-up with just 20 employees.
It subsequently transformed into Brazil’s top food delivery service, employing over 5,000 individuals, partnering with 350,000 restaurants, involving over 300,000 delivery drivers, and processing over 96 million monthly orders.
Share Buybacks
Prosus and Naspers confirmed their ongoing share buyback program, continuing as long as their entities trade at substantial discounts to their net asset value.
“This is the largest buyback among tech companies, with 29% of our shares repurchased, providing substantial growth for our shareholders,” Bloisi states.
Since the buyback program commenced in June 2022, over $35 billion has been returned to shareholders, and the combined holding company discount of Naspers and Prosus has diminished by 16 percentage points.
During this period, Prosus has repurchased more than 804 million shares, amounting to a total value of $25.5 billion, leading to an 11% increase in net asset value per share.
Naspers finances its share repurchase program through regular sales of Prosus shares.
By year-end, Naspers had sold over 312 million Prosus shares while buying back nearly 55 million Naspers shares totaling $9.8 billion.
View the results summary here.
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