PropertyGuru Group Limited, Southeast Asia’s leading property technology company, today announced the Company’s financial results for the first quarter ended March 31, 2022.
Its Total revenue increased by 42% to S$28.2 million in the typically slower first quarter, reflecting the Company’s strong execution coupled with increasing confidence in Southeast Asia’s economies.
Net loss increased to S$120.3 million, primarily due to accounting adjustments in relation to the business combination with Bridgetown 2 Holdings Limited.
The Company confirmed that it is on track to achieve its full-year guidance for 2022. It expects to deliver year-on-year revenue growth of approximately 44%, driven by the strong start to 2022 and continued growth across all core markets as the region emerges from the impact of COVID-19.
The Company also confirmed that it expects to return to full-year positive Adjusted EBITDA, as it realizes the full benefits of its increased investments in people, technology, and marketing through the pandemic.
The Company recorded strong operational and financial performance in the quarter driven by the growing momentum in our markets.
Hari V. Krishnan, Chief Executive Officer and Managing Director,PropertyGuru, said “We are happy to report strong results in our first quarter as a public company. This performance demonstrates that our investments in talent and technology over the last two years are delivering positive results as our markets emerge out of the slowdown induced by COVID-19.
We are pleased to see increased participation from our agent partners in our core marketplaces as property markets start to recover. We also continue to actively pursue strategic growth opportunities to expand our world-class solutions for customers.”
