Frontier Digital Ventures Q1 2024: 360 Latam Drives Solid Revenue and EBITDA Growth

The Malaysia-based and Australian Stock Exchange-listed marketplace operator Frontier Digital Ventures (FDV) has released its Q1 financial results for 2024.

Highlights include:

• Revenues of A$19.2 million (USD 12.4 million), up 10% Year-on-Year
• EBITDA was A$1.5 million (USD 0.98 million), up 7% YoY
• EBITDA from consolidated entities grew 7% YoY to A$1.2 million (USD .78 million)
• Positive cash flow across all three segments
• A$13.9 million in consolidated cash reserves as of 31 March 2024

Shaun di Gregorio, founder and CEO at FDV, commented:

"The first quarter of trading is typically impacted by seasonality which sees lower levels of activity; however, 360 Latam and FDV Asia achieved revenue and EBITDA growth while also investing in their products.

"Mena Marketplaces Group was similarly impacted by seasonality, as well as reduced levels of advertising activity; however, improvements were seen across the quarter.

"In 2024, each of the operating regions are doubling down on their product roadmaps, investing in long-term product opportunities to enhance their revenue and earnings trajectories. These growth investments are focused on unlocking the value of the core classifieds model and capturing a greater share of ancillary revenues and transactions."

FDV is a conglomerate of market-leading classifieds businesses under three umbrella businesses across three continents.

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 and FDV Asia segments respectively.

360 LATAM contributed the bulk of revenues, achieving A$12.6 million, up 12% YoY. EBITDA was A$1 million, up 17% YoY, driven by excellent performance by Fincaraíz, which achieved an EBITDA increase of 131%

Fincaraíz was also the biggest grower YoY, with revenue increasing 45% to A$3 million.

InfoCasas achieved revenues of A$5.1 million, up 15% YoY.

Encuentra24 achieved revenue of A$2.8 million, up 10% YoY.

di Gregorio commented:

"Having just visited 360 LATAM, I'm excited by the significant opportunity in front of the business underpinned by its product roadmap."

One such product is 'Iris', an MLS-type product that connects agents, brokers and developers in several markets on a commission split basis.

Iris was responsible for half a million dollars of revenue in Q1 2024, up 82% YoY, with FDV commenting that the product has only been live in all key markets since Q3 2023

Another example is 'Centrify' a B2B property materials marketplace connecting suppliers with clients including builders, developers and professionals. Orders made on Centrify also generate commissions—worth A$1.7 million in revenue in Q1.

FDV Asia achieved 22% revenue growth YoY, driven by the real estate portal iMyanmarhouse and (52% YoY) solid performance by LankaPropertyWeb (16% YoY). Zameen's revenue remained stable relative to previous quarters despite the impact of the religious holiday period, coming in at A$2.5 million for the quarter.

Meanwhile, MENA suffered slightly from seasonality associated with religious holidays like Ramadan during the first three months of the year.