Zameen.com continued to be the top revenue earner in Frontier Digital Ventures (FDV)’s portfolio. The Pakistani real estate marketplace saw annual revenue attributable to FDV rise by 89% to A$12.6 million ($8.5 million U.S.).
In total, Zameen’s revenue grew to A$42.3 million ($28.3 million U.S.) from A$22.4 million the previous year, according to FDV’s preliminary results. FDV holds a 30% ownership stake in the real estate marketplace.
“This strong revenue growth coupled with the recording of positive EBITDA (earnings before interest, tax, depreciation and amortization) in FY19 highlights the quality of the company’s management and dominant market position,” FDV said in a news release.
Kuala Lumpur-based FDV operates 12 classifieds and marketplaces in 14 underdeveloped and emerging markets. The company is listed on the Australian Securities Exchange.
FDV’s founder and CEO Shaun Di Gregorio said the company plans to achieve portfolio-wide profitability this year.
At least six companies are already on track. Real estate marketplaces InfoCasas and IMyanmar and auto marketplace AutoDeal recorded positive EBITDA in FY19 and horizontal Encuentra24 and auto vertical Moteur registered positive EBITDA in Q4 2019.
Portfolio-wide profitability was consistent with previous ASX disclosures dating as far back as FY17 results conference call.
However, FDV saw its stake in Pakistani vehicle marketplace PakWheels.com decline in value by almost A$50,000 year-over-year. FDV’s stake amounted to A$703,894 in FY19, compared to A$749,578 in FY18. In total, PakWheels’ revenue fell 6% to A$1.9 million.