Malaysia-based and Australian-listed marketplace operator Frontier Digital Ventures (FDV) has released its half-year results for 2024.
Highlights include:
- Record sales in the first half of the year of 35.5 million Australian dollars, an increase of 14% over the previous year
- Net losses of approximately A$1.5 million
- EBITDA of AUD 1.7 million represents an increase of 92% year-on-year (AUD 0.9 million in 2023) with a margin of 5%.
- 360 LATAM: Revenue up 16%, EBITDA up 60% year-on-year
- All three regional companies will achieve positive cash flow in the first half of 2024
FDV is a conglomerate of market-leading classified advertising companies under three umbrella companies on three continents, making it one of the most international and diverse real estate marketplace operators in the world.
360 LATAM includes Infocasa, Fincaraiz and Encuentra24, all market-leading real estate portals in their respective countries.
The same goes for names like Avito in Russia, Zameen in Pakistan and LankaPropertyWeb in Sri Lanka, which belong to the MENA Marketplaces Group (MMG) and FDV Asia segments respectively.
In Latin America, revenues increased a remarkable 16% compared to the first half of 2023, driven by higher transactions and stronger demand for the Iris product – an MLS-like product that connects agents, brokers and developers in multiple markets on a commission basis – and the B2B real estate materials marketplace Centrify.
InfoCasas was the largest contributor to revenue for the Group: AUD 11.7 million, an increase of 25% over the previous year.
Fincaraiz increased its revenue by 45% to A$6.6 million during the period, the largest increase in the 360 LATAM segment and the largest EBITDA increase across the company.
In Russia, Avito’s performance remained unchanged, with revenue up 4% year-on-year.
The Asia segment includes the real estate marketplaces Zameen (in which FDV holds a 30% stake), iMyanmarHouse (53%) and LankaPropertyWeb (53%).
Asia reported total revenue growth of A$3.3 million in the first half of 2024, up 22% from 2023, with FDV attributing the majority of the growth to iMyanmarHouse and LankaPropertyWeb.
In particular, iMyanmarHouse almost doubled its revenue year-on-year, reaching AUD 1.6 million. The 85% increase represented the best single performance of all business units.
Zameen’s revenue shrank 16% as the Pakistani market recovered from turbulent market conditions.
FDV also reported a solid EBITDA of 5%, representing a strong expansion of 92% year-on-year. The group attributes the figures to organic growth and strategic acquisitions.
360 LATAM, by far the largest contributor, increased its EBITDA by 60%, while FDV Asia and MMG both reported slight declines.
However, operating costs increased slightly to A$33.7 million (from A$30.3 million in 2023).
In other news, FDV recently lost its COO Jason Thoe. As far as Online Marketplaces knows, the search for a new COO is ongoing.
