PropertyGuru Records 44% Increase In Revenue To S$33 Million For 2Q22

PropertyGuru today announced financial results for the quarter that ended June 30, 2022. Net income and Adjusted EBITDA were S$3.8 million and S$3.0 million, respectively, which compares to a net loss of S$139.8 million and Adjusted EBITDA loss of S$2.0 million in the prior year period. Revenue of S$33.0 million in the second quarter 2022 increased 44% year over year.

Financial Highlights – Second Quarter 2022

  • Total revenue of S$33.0 million increased 44% year over year and was balanced with growth across all markets and business segments.
  • Marketplaces revenues increased by 43% year over year to S$32.0 million.  Investments made over the last two years are gaining traction now as real estate markets emerge from the pandemic-induced slowdown. 
  • Singapore Marketplaces revenue increased 31% to S$17.3 million. Quarterly Average Revenue Per Agent (“ARPA”) of S$1,008 rose 29% year over year through improved yield derived from previous price rises and increased activity on our platform. We had a total of 15,023 agents with a renewal rate of 82%, reflecting a strong local property market. 
  • Malaysia Marketplaces revenue increased 170% to S$5.9 million from S$2.2 million in the prior year period as a result of the acquisition of the iProperty business in August 2021.
  • Vietnam Marketplaces revenue increased by 19% to S$6.9 million from S$5.8 million in the prior year period. This was driven by both a 17% increase in the number of listings to 2.38 million and a 7% increase in average revenue per listing (“ARPL”) to S$2.83. 
  • At quarter-end, cash and cash equivalents was $368.8 million.

Strong Category Leadership Drives Long-Term Growth Opportunities 

As of June 30, 2022, PropertyGuru continued its Engagement Market Share leadership in Singapore, Vietnam, Malaysia and Thailand. 

  • Singapore: 76% – 3.7x the closest peer 
  • Vietnam: 75% – 3.0x the closest peer
  • Malaysia: 96% – 25.2x the closest peer
  • Thailand: 59% – 2.8x the closest peer
  • Indonesia: 21% – 0.3x the closest peer

Full Year 2022 Outlook 

The Company reiterates its full-year 2022 outlook of approximately 44% revenue growth, driven by the strong start to 2022 and growth across all core markets. The Company expects to return to full-year positive Adjusted EBITDA, as it realizes the full benefits of its pandemic-period investments in people, technology, and marketing.  The Company cautions that this outlook could be impacted by uncertainty around rising inflation and interest rates, government policy and fiscal intervention, political instability, and other macro factors.

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