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.
(20min delay)