Ann: Quarterly Activity Report and Appendix 4C, page-13

I agree that the full-year numbers mask some important developments, but because of the seasonality that would be inherent in the various businesses, comparing successive quarters - as you've done - risks being misleading.

For example, for Zameen, March quarters demonstrate the strongest seasonal growth, with Dec. quarters usually the softest strongest

One really needs to assess growth dynamics against previous corresponding periods.

In that case, you'll find that Zameen's Revenue fell by just 4% on pcp.

And that's in A$ terms, remember.

With the Australian Dollar to Pakistan Rupee exchange rate having fallen to around 145 in DQ22, from around 125 in DQ21 (so around 15%), it meant that Zameen grew by more than 10% in constant currency terms (which is, after all, the thing that matters when it comes to assessing real underlying business performance).

Given the dire economic circumstances that prevailed in Pakistan in the second-half of 2022, for any business operating there to still have grown organically by double-digits is, I think, rather remarkable.

So I think this is actually not at all a negative update.

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