Revenue Up 20% at Alma Media as Finnish Housing Market Sees Upward Trend

The Finnish media company Alma Media which operates leading Finnish real estate marketplaces Etuovi and Vuokraovi has released its results for the first six months of the 2022 financial year. Highlights of the company's operations from January to June 2022 include:

• Overall company revenue was up 20% to €155 million
• Adjusted operating profit was up 40% at €38.9 million
• Revenue from housing marketplaces was up 6% at €9 million

Alma Media is one of Finland's biggest media businesses with many titles and assets both online and offline. The company's Consumer segment which houses Alma's classifieds assets actually saw revenue from marketplace activities drop in Q2 as autos marketplaces Nettiauto, Autotalli.com and Nettimoto suffered from decreased activity.

Alma's housing marketing activities saw revenue grow 13% in Q2 despite a 4.8% drop in active listings volumes and a 10% reduction in search volume over the period.

The number of searches over the six-month period however was 18% higher than in 2020 and 54% higher than in 2019 with the supply
of rental housing on Vuokraovi.com on a par with 2021 and higher than 2020 and 2019.

Despite the geopolitical tensions in the region, Alma Media is expecting continued growth throughout the rest of the financial year. As for the housing market, the expectation is that the upward trend in transaction volumes seen since February will continue.

As for the company's stock, Alma Media's share price has remained relatively steady compared to other tech and media businesses, dropping only around 5% in value over the last six months.

Credit: Google Finance