Ann: Quarterly Activity Report and Appendix 4C, page-24

"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)."

...

Not sure how you calculate a "grew by more than 10% in constant currency terms" I calculate a 28% drop in Revenue offset by the 15% fall in the exchange rate, or a 13% drop overall.

On a pcp basis, 4Q is only a 4% drop from 4Q 2021 but this comes after the pcp outperformance of 1Q (60%) 2Q (63%) 3Q (38%).

So it is hard to argue the Zameen growth story hasn't taken a hit, and needs to recover in 2023.

Given the continued drop in Pakistan rupee (see previous post), it is unlikely we will see any recovery in AUD terms in 1Q 2023.