Malaysia-based classifieds and marketplaces operator Frontier Digital Ventures (FDV) posted revenue of A$19.2 million ($12.4 million U.S.) in Q1 2024, according to its latest trading update.

Revenue from consolidated entities (excluding Zameen.com and PakWheels associates) rose by 10.0% year-on-year (y-o-y) to A$16.3 million ($10.6 million).

EBITDA amounted to A$1.5 million in Q1 2024, while EBITDA from consolidated entities grew 7% y-o-y to A$1.2 million ($778,000 U.S.).

In terms of total revenue, 360 LatAm — InfoCasas, Fincaraiz, Yapo.cl and Encuentra24.com — contributed A$12.6 million, up 12% y-o-y.

However, revenue at MENA Marketplaces Group — Avito.ma, Moteur.ma, Tayara and PropertyPro.ng — declined 6% to A$2.0 million.

Revenue at FDV Asia (consolidated entities) rose by 22% to A$1.6 million, while revenue at FDV Asia (associates) was stable at A$3.0 million. The latter segment comprises Zameen.com, LankaPropertyWeb, PakWheels.com, AutoDeal, IMyanmarHouse.com and Hoppler.

“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,” said FDV founder and CEO Shaun Di Gregorio.

“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 owns and operates online classifieds and marketplaces in emerging regions. The company is traded on the Australian Stock Exchange.

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