The Southeast Asia’s leading, property technology (PropTech) company, has announced financial results for the quarter ended September 30, 2022.
The company posted revenue of S$34.6 million in the third quarter 2022 increased 47% year over year. Net loss was S$7.4 million in the quarter and Adjusted EBITDA 3 was a positive S$5.7 million. This compares to a net loss of S$9.6 million and Adjusted EBITDA loss of S$1.5 million in the prior year period.
“Our third quarter results illustrate that PropertyGuru has been able to produce strong business performance even as some of our core markets have begun to face headwinds from the challenging economic conditions being experienced around the globe,” Hari V. Krishnan, Chief Executive Officer and Managing Director said.
“In the third quarter, we deployed more products into our core markets. Importantly, in October we welcomed our first post-listing acquisition, Singapore-based home services technology company Sendhelper, into the PropertyGuru family,” Mr. Krishnan continued.
“This continued commitment to our mission and expansion of our value proposition will allow us to create even more value for our customers as they adapt to the changing environment. We recognize that our ongoing investment in
innovation will help our customers successfully navigate the near-term uncertainty, knowing that good companies and good products show their true value when times are challenging.”
“In the third quarter, PropertyGuru delivered another strong quarter of results, with revenues continuing their growth trajectory, up 47% year-over-year, while expense-related diligence helped deliver improved Adjusted EBITDA,” Joe Dische, Chief Financial Officer remarked.
“We remain encouraged by our market penetration as we enter the final quarter of 2022, although we understand that near-term market headwinds resulting from global inflationary pressures and subsequent governmental counteractions will need to be closely monitored,” Dische added.
“While we are confident in the long-term fundamentals of our business and the growth potential that it offers, we understand that the current environment requires us to be especially diligent in the way we currently operate our business on a day-to-day basis,” Dische said.
As of September 30, 2022, PropertyGuru continued its Engagement Market Share leadership in Singapore, Vietnam, Malaysia, and Thailand.
The Company anticipates full year 2022 revenues of between S$134.0 million 7 and S$138.0 million 6 as a result of greater fiscal policy uncertainty stemming from rising global inflationary pressures, near-term actions by the Vietnamese government to limit access to credit, and the recent Malaysian election.
The Singapore property market remains strong. The Company also expects Adjusted EBITDA to be between S$8.0 million 6 and S$12.0 million, as management operates to balance the current environment with longer-term business model goals.
