Frontier Digital Ventures HY2024: Revenues up 14% and Strong EBITDA Growth

The Malaysia-based and Australian Stock Exchange-listed marketplace operator Frontier Digital Ventures (FDV) has released its half-year results for 2024.

Highlights include:

• Record half-year revenues of A$35.5 million, up 14% YoY
• Net losses of circa A$1.5 million
• EBITDA of A$1.7m represents a 92% increase YoY (was A$0.9 million in 2023) at a margin of 5%
• 360 LATAM revenue up 16% with EBITDA growth of 60% YoY
• All three regional businesses operating cash flow positive in 1H 2024

FDV is a conglomerate of market-leading classifieds businesses under three umbrella businesses across three continents, making it one of the most international and diversified real estate marketplace operators in the world.

360 LATAM contains Infocasa, Fincaraiz, and Encuentra24, which are all market-leading real estate portals in their respective countries.

The same can be said for names like Avito in Russia, Zameen in Pakistan and LankaPropertyWeb in Sri Lanka, who fall under the MENA Marketplaces Group (MMG) and FDV Asia segments respectively.

In Latin America, revenues grew a respectable 16% compared to the first half of 2023, driven by higher transactions and increased traction for its 'Iris' product—an MLS-type product that connects agents, brokers and developers in several markets on a commission split basis—and the B2B property materials marketplace 'Centrify'.

InfoCasas was the biggest revenue contributor to the Group; A$11.7 million at a YoY increase of 25%.

Fincaraiz grew revenues by 45% to A$6.6 million for the period, the biggest jump in the 360 LATAM segment and the biggest EBITDA jump across the entire business.

In Morocco, Avito's performance was flat with a 4% increase in revenues YoY.

The Asia segment includes the real estate marketplaces Zameen (in which FDV holds a 30% stake), iMyanmarHouse (53%) and LankaPropertyWeb (53%).

Asia recorded overall revenue growth of A$3.3 million in H1 2024, up 22% from 2023, with FDV attributing the bulk of the growth to iMyanmarHouse and LankaPropertyWeb.

Notably, iMyanmarHouse almost doubled its revenues year-on-year to A$1.6 million; its 85% increase was the best individual performance across all business segments.

Zameen's revenues shrank by 16% as the Pakistani market recovered from turbulent market conditions.

FDV also recorded a solid EBITDA of 5% at a strong expansion of 92% YoY, with the Group attributing the figures to organic growth and strategic acquisitions.

360 LATAM, by far the biggest contributor, grew its EBITDA by 60%, while FDV Asia and MMG both recorded slight decreases.

However, operating expenses increased slightly to A$33.7 million, up from A$30.3 million in 2023.

In other news, FDV recently lost its COO Jason Thoe. As far as Online Marketplaces is aware, the search for a new COO continues.