Cian PLC, a leading real estate portal in Russia, saw revenue soar 39% year on year (y-o-y) in Q1 2023, according to the company’s latest financial reporting.

Revenue for the three months ended March 31, 2023, amounted to RUB2.402 billion ($31.2 million U.S.), with this increase mainly driven by growth in the Core Business segment.

Core Business revenue reached RUB2.298 billion ($29.8 million) in Q1 2023, up 42% y-o-y, driven by strong performances across all key revenue streams — listings, lead generation and display advertising.

Mortgage Marketplace revenue amounted to RUB86 million in Q1, up 25% y-o-y.

Profit for the three months ended March 31, 2023, was RUB211 million ($2.7m), up from RUB44 million in the year-earlier period.

Adjusted EBITDA reached RUB353 million in Q1 2023, up 530% from RUB56 million in Q1 2022, as revenue growth significantly outpacing growth in operating expenses.

Adjusted EBITDA Margin increased by 11.5 percentage points between Q1 2022 and Q1 2023, to 14.7% y-o-y.

Cian CEO Dmitriy Grigoriev said: “Our business continues to show steady revenue growth backed by positive signals of gradual demand recovery. Among other things, it sets the backdrop to allow our business to continue growing at a good pace. We believe it is crucial to leverage part of this growth to support our market positions in our key regions.”

Update on Cian’s NYSE delisting notification

On March 15, 2023, the company received a written notice from New York Stock Exchange Regulation — which is responsible for monitoring activities on the NYSE’s equities, options, and bonds markets — that it had determined to delist the Company’s American depositary shares (ADSs) from the NYSE. The Company appealed the determination. The appeal process is ongoing.

Cian said that neither the notice of delisting nor the appeal had had any effect upon the suspension of the ADSs from trading on the NYSE, which has been in effect since February 28, 2022. The trading of the Company’s ADSs on the Moscow Exchange is unaffected and continues as usual.

Cian is a leading player in the large, underpenetrated and growing Russian real estate classifieds market, with a strong presence nationwide and leading positions in the country’s key metropolitan areas. The company ranks among the eleven-most-popular online real estate classifieds globally in terms of traffic (based on SimilarWeb traffic data for March 2023).

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