Russian Portal Cian Grows Revenues 22% in Q2 and Integrates SmartDeal Acquisition

The Russian real estate vertical operator Cian PLC has released its results for Q2 of the 2024 financial year. Highlights of Cian's performance for the three months ended June 30th include:

• Revenue increased by 21% Y-o-Y to RUB 3,231 million ($37.7 million).
• Core Business revenue increased by 19% Y-o-Y to RUB 3,024 million ($35.3 million).
• Adjusted EBITDA increased by 42% Y-o-Y and reached RUB 839 million ($9.8 million) at a 26% margin.
• Profit for the period amounted to RUB 209 million ($2.4 million).

Dmitriy Grigoriev, Chief Executive Officer of Cian PLC, commented:

“Despite challenging market conditions, high CBR and mortgage rates, our business continued to grow at a double-digit pace during the first six months of this year: revenue increased by 26% and EBITDA almost doubled year-on-year. While normally periods of high mortgage rates lead to a slowdown in some of our core business streams, they also create deferred demand that, once rates reverse towards their normal levels, will help boost our future growth.”

The portal's core listing business saw a 21% revenue uplift in the quarter despite a 10% decline in listing volumes in the lucrative Moscow region over the first six months of the year.

While Cian operates across Russia, it is strongest in Moscow where it generated more than twice the amount of revenue than all other regions combined in the first half of 2024. While the average daily revenue per listing outside Moscow was just 3.8 Rubles (around four cents in USD) in the first half of the year, in Moscow the figure was 34 Rubles, a 36% increase from 2023.

This uptick in the revenue Cian was able to generate from its core listings business in its biggest market was not the only contributor to the company's growth in the period. Cian saw revenue from its display advertising business increase 36% year-on-year in Q2 while its Transactional Business segment—which includes mortgage, valuation and end-to-end offerings—grew revenues by 77% to 207 million Rubles ($2.4 million).

The increased transactional revenue was attributed to Cian's integration of SmartDeal, a leading e-registration of property deals. The company provides services to customers, including banks, real estate developers, and agents.