Real estate marketplace Zameen.com has become one of Pakistan’s highest earning digital companies, just after top revenue spinning IT house Systems Limited, according to publicly available results.
Zameen.com recorded revenue of AUD 27.4 million ($19.9 million U.S.) during the first half of 2021, according to Malaysia-based marketplaces operator Frontier Digital Ventures, which holds 30% of its shares in the property vertical. Revenue was up 52% year-on-year.
Considering even the same revenue for the current half year, the estimated annual figure is to come to easily surpass the country’s top IT companies listed on the Pakistan Stock Exchange.
According to latest full-year financials, Systems Limited is on top with revenue of PKR 7.5 billion ($45 million U.S.), followed by NetSol Technologies Limited with PKR 4.7 billion ($28.2 million U.S.), Avanceon Limited’s PKR 1.5 billion and TRG Pakistan Limited‘s PKR 237 million.
FDV’s document showed Zameen.com is the highest earning marketplace among its portfolio of 14 marketplaces. For the first time in the business’ history, the property vertical recorded over AUD 5 million of monthly revenue, it says.
Founded in 2006, Zameen.com operates in 32 cities and has more than 3,500 employees on payroll. It is owned by UAE-based Emerging Markets Property Group, which has joined forces with Prosus in the region.
Besides property listing, Zameen.com offers a wide range of value-added services, with real estate marketing and development business being top-earners.
Pakistan’s auto marketplace PakWheels.com, in which FDV also holds 37% of shares, saw revenue grow 107% to AUD 1.2 million.