Singapore – August 25, 2022 – PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading, property technology (“PropTech”) company, today announced financial results for the quarter 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.
Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru, says “Second quarter results built on the strong start to the year. The strategy of increasing our customer value proposition is proving effective, as we see the return on investments made over the past few years.
“The second quarter saw us deliver more tools and features that further enhance the customer experience as the pace of our internal innovation accelerates. Going forward, we expect to capitalize on both organic and inorganic opportunities to further expand our world-class solutions to customers.
“Even with our growing business strength, we remain vigilant around potential market challenges from rising inflation and interest rates and other global macro headwinds.”
Joe Dische, Chief Financial Officer, PropertyGuru, says the second quarter revenues were up 44% year over year, building on the first quarter’s solid performance and setting us up for a strong back half of 2022. Growth was balanced across all business segments and the further leveraging of our cost structure helped drive positive Adjusted EBITDA.
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.