I covered them this week in my Substack. (original here for...

I covered them this week in my Substack. (original here for those can want to see it).

The positive news is the delivery of their maiden quarter of positive operating cashflow ($609k in cash surplus).

This good news was largely overshadowed by revenue going in the wrong direction; down 10% across the business. Management promoted that revenue was “impacted by FX movements in FDV Asia and MENA.

However when excluding Zameen, revenue increased 6% on pcp (FDV % share basis)”It is true that the instability in Pakistan seems elevated and perhaps (hopefully) temporary, and this is what led to Zameen’s revenue decline by 21% (compared to 43% when reported in AUD).

An interesting note on Pakistan is that whilst house sales have been down by nearly 50%, car purchases have remained steady.From the outside, Zameen appears to remain focused and collected.

They’ve made several posts on Linkedin sharing their opinion on current events and real-estate’s position in a nation’s economic stability.

This quarter clearly highlighted the achilles heel of Frontier; operating in emerging countries comes with its ups and downs.

These events are not within Frontier’s direct control and history has proven they tend to pass, so with the sentiment diving into fearful territory, I’m becoming more interested in seeing what happens next with them.