It's never a dull quarter with these guys. Zameen did...

It's never a dull quarter with these guys.

Zameen did fantastically well, but with a couple of exceptions, the other businesses in the portfolio went backwards compared to December.

QUARTER ON QUARTER REVENUE GROWTH		Mar-17	Jun-17	Sep-17	Dec-17	Mar-18	Jun-18	Sep-18	Dec-18	Mar-19
		Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr
Autodeal			12%	0%	17%	-6%	0%	22%	2%	30%
CarsDB			1%	25%	305%	-8%	-67%	127%	194%	-10%
Encuentra24			18%	-1%	-13%	16%	3%	2%	2%	1%
Hoppler			49%	8%	-31%	53%	63%	8%	39%	-18%
iMyanmar			27%	-7%	2%	10%	42%	-28%	73%	-8%
LankaPropertyWeb			-9%	18%	13%	80%	-24%	-3%	-9%	41%
Meqasa			211%	-64%	126%	123%	-40%	34%	2%	15%
TechAfrica						1020%	37%	66%	-24%	3%
ToLet			-48%	38%	41%	-32%	29%	19%	49%	-49%
Zameen			7%	24%	25%	27%	-11%	38%	0%	61%
Pakwheels			36%	23%	65%	-39%	26%	-27%	39%	-16%
Infocasas			7%	11%	52%	0%	21%	30%	24%	-4%
Propzy			33%	52%	60%	-76%	62%	124%	101%	-18%
Moteur			98%	-45%	299%	-47%	60%	-30%	175%	-22%
TOTAL (PORTFOLIO BASIS)			14%	11%	20%	12%	-2%	20%	14%	25%

Next quarter, I would expect Zameen's revenue to be relatively static or perhaps even go backwards - especially so given that the number of listings in two key markets has flatlined since March:



Still, in the same period it seems to have held market share against Prop.pk and the positive EBITDA is something of a watershed.

If my portfolio didn't already contain as much FDV as I feel comfortable holding, I'd be adding a few more at 55 cents.