Prosus NV, alongside its parent company Naspers Ltd., has announced its first-ever profit in e-commerce, marking a significant milestone in their internet investment journey. For the fiscal year ended March 31, the e-commerce division reported a trading profit of $38 million, a substantial improvement from the previous year’s $413 million loss. This division includes notable companies like iFood in Brazil and PayU in India. Efficiency gains, strategic closures of non-performing units, and cost-cutting measures contributed to this turnaround. As Fabricio Bloisi steps in as the new CEO in July, he inherits a complex yet promising business landscape. His predecessor, Bob van Dijk, faced challenges navigating a complicated business structure, which was later simplified. Naspers, headquartered in Cape Town, holds a significant stake in China’s Tencent, which has grown substantially in value. The company‚Äôs focus on classified advertising, food delivery, payments, and fintech units were instrumental in achieving profitability. Outgoing interim head Ervin Tu will now serve as chief investment officer and president.

E-Commerce, Technology Investment, Artificial Intelligence, Food Delivery, Fintech,South Africa, Netherlands, China, Brazil, India

https://mergersacquisitions.einnews.com/article/722374135/DgiW6T4Li7AdSmvR?ref=rss&ecode=Q1vNcweEggLWKz7L