Marketplace specialist Prosus has posted strong growth for its classifieds business unit for the six months to September (H1 FY 2024), driven by European auto verticals and OLX horizontals.

Consolidated revenue for its classifieds business climbed 32% year on year (y-o-y) to $342 million U.S., according to its financial reporting.

Prosus attributed the double-digit growth in revenue to broad-based price increases, mainly in Poland, which offset challenges related to the war in Ukraine.

The number of pay-and-ship transactions increased by 19% to contribute $18 million to total revenue — up 65% y-o-y.

The consolidated trading profit of the Classifieds unit more than doubled, to $94 million in H1 2024 from $38 million in the year-earlier period.

Prosus, which is listed on Euronext Amsterdam, decided to shut down OLX Autos in March 2023.

The company, which is also exiting India, Indonesia, Chile and Turkey, racked up $181 million in aggregate proceeds from asset sales. However, it had to bear the cost of significant write-downs from exiting other markets — including Colombia, Mexico and Argentina — where no buyers for its assets were found.

A decline in ad revenue amid economic weakness impacted OLX Brazil — which Prosus owns in a 50-50 joint venture with Adevinta — with revenue up 2% y-o-y in local currency terms.

“The core classifieds business is profitable, cash flow positive and fast-growing. The segment is well positioned to continue its growth and margin-expansion path, enhancing its value,” said Prosus, a subsidiary of South Africa-based Naspers.

Prosus’ also has interests in food delivery, payments and fintech. During H1 FY2024, total revenue at the company increased by 16% to $2.6 billion, with its trading loss declining to $110 million from $338 million in H1 FY2023.

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