Prosus reports earnings boost from Tencent stake

Prosus NV , the international investment arm of South Africa’s Naspers, reported a better than expected net profit of $7.45 billion for 2021 on Monday, driven by strong returns from its big stake in Chinese software giant Tencent.

However, the company reported an operating loss of $1.04 billion at the companies it owns around the globe in online marketplaces, food delivery and educational software.

Analysts had seen net profit at $4.63 billion for the 12 months ended March 31, up from $3.66 billion in the same period a year earlier, according to Refinitiv data. Prosus owns 28.9% of Tencent and is itself controlled by Naspers, Africa’s biggest company by market capitalisation.