Strong First Half 2021 For PropertyGuru

PropertyGuru Pte Ltd, a leading property technology company in Southeast Asia, today says it delivered strong revenue growth and continued its leading Engagement Market Share positions.

Announcing the Group’s financial results for the six months ended June 30, 2021, it says total revenue increased by 17.9% compared to the six months ended June 30, 2020, to S$42.9 million, reflecting renewed demand for property.

“Our strong performance in the first half of 2021 demonstrates that our strategy to invest in our markets and teams and expand our products and services is working. Leveraging our integrated and differentiated technology platform, we are confident that we will emerge from the pandemic as the best solution to match property seekers and sellers across the region, which is estimated to become the world’s fourth-largest economy in the world by 2030.

“We are beginning to solidify this position as more home seekers and investors turn to real estate to mitigate short-term economic uncertainties. We believe this, combined with the long-term fundamentals of urbanization, digitalization and a rising middle class fueled by a vibrant pool of increasingly affluent and digital property seekers, will continue to drive the expansion of Southeast Asia’s property market. We are only beginning to scratch the surface of our S$10.9 billion4 addressable market,” says Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru.

In addition, in connection with the previously announced business combination between PropertyGuru and Bridgetown 2 Holdings Limited (NASDAQ: BTNB), a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC, PropertyGuru Group Limited today publicly filed with the U.S. Securities and Exchange Commission a registration statement on Form F-4. The Registration Statement is subject to SEC review.

The company says today’s filing also reflects the significant progress it made in the business combination with Bridgetown 2. “We look forward to completing that process in the first quarter of 2022 and accelerating our journey as a public company.”

Joe Dische, Chief Financial Officer, PropertyGuru, says the strong revenue growth in the first half of 2021 represents the company’s ability to effectively navigate an uneven path to recovery from the pandemic.

“Despite challenging market conditions in the third quarter this year, we are forecasting only a slight reduction in our full-year 2021 revenue and no change in our full-year Adjusted EBITDA against our previous projections. This is a result of our continued investments throughout the pandemic, including our strategic acquisitions to enhance our marketplace positions in Malaysia and Thailand and expand our data analytics capabilities.

“Our resilient business model and ability to leverage technology and data positions us well to capture the tremendous market opportunities that lie ahead. Our confidence is reflected in our long-term growth outlook beyond 2021, which remains strong.”

Matt Danzeisen, Chairman, Bridgetown 2, said, “Hari and his talented team have built a suite of digital property solutions that continues to stay ahead of the evolving needs of the region’s real estate market. Their innovative platform is reshaping the way millions of people across Southeast Asia think about property. We look forward to completing the transaction, which will provide PropertyGuru with greater financial resources to do what they do best.”

Financial Overview for the Six Months Ended June 30, 2021

Strong Group performance, despite adverse impact resulting from COVID-19 restrictions:

  • Total revenue increased by 17.9% compared to the six months ended June 30, 2020 to S$42.9 million, reflecting renewed demand for property.
    • Singapore: Revenue grew by 12.8% to S$25.4 million, with Average Revenue Per Agent (“ARPA”) of S$1,539 and a Singapore Agent subscription renewal rate of 83%, a 12% year-on-year increase.
    • Vietnam: Revenue increased by 29.5% to S$10.1 million, with revenue per listing increasing by 30% year-on-year to S$2.76.
    • Malaysia: Revenue increased 17.4% to S$4.2 million.
  • Adjusted EBITDA was a loss of S$4.8 million, reflecting increased investments in people and marketing as the Group seeks to emerge strongly from the pandemic period.
  • Net loss increased to S$150.6 million, primarily due to an accounting fair value loss of S$124.1 million on preference share conversion options, with the rise in valuation of the Group. The Group’s preference shares have since been converted to ordinary shares, therefore such fair value losses are not expected in future periods.

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