Cross-Holding Structure unwind – Naspers and Prosus have announced plans to unwind their cross-holding structure. The move aims to continue their repurchase program and reduce complexity. In terms of financial results, Prosus reported a worsened operating loss of -$1.3 billion and a decline in HEPS. The eCommerce platform is projected to achieve profitability by FY25, but the accumulated losses of $2.7 billion in the past two years raise concerns. The acquisition of iFood and improved revenue in the Food Delivery segment did not translate to profitability, as losses reduced but remained significant. Naspers’ annual report revealed that Takealot continues to operate at a loss, raising doubts about its future profitability in the face of potential competition from Amazon.
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