SINGAPORE: PropertyGuru’s total revenues grew by 12 per cent to S$37 million in the first quarter of the year, the company announced on Tuesday morning (May 21). Singapore’s revenues grew by 25 per cent.
Meanwhile, its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to S$4.5 million for the quarter.
In the same period last year, PropertyGuru’s EBITDA was S$220,000. Its adjusted EBITDA margin for the first quarter of this year is 12 per cent, up from 0.7 per cent in the first quarter of 2023.
PropertyGuru’s marketplace revenue also increased 13 per cent year over year, reaching S$35 million in the first quarter. Strong results in Singapore have offset a slower recovery in Vietnam and Malaysia.
However, the company’s net loss for the quarter was S$6 million, which is lower than its net loss of S$10 million at the same time last year.
Chief Executive Officer and Managing Director Mr Hari V. Krishnan noted that governments across Southeast Asia have launched robust policies and budgets to spur growth, which has caused an uplifted property sentiment.
He noted that PropertyGuru has seen double-digit revenue growth for the year’s first quarter, pointing out that its Singapore operations have shown particular strength.
“In Vietnam, we are seeing a gradual improvement in the property market towards the end of the quarter, with listings on our platform hitting a 12-month high in March.
Despite near-term challenges, we see a positive outlook for the Malaysian market, with our latest consumer sentiment survey indicating that 1 in 3 Malaysians intend to buy a property in the next two years,” he added.
Mr Krishnan noted that the company has been encouraged to see its Singapore agents using its AI-supported product features more and more:
“Our new AI video feature, introduced in January, has close to 60 per cent of agents using it after their first trial.”
The company’s Chief Financial Officer, Mr Joe Dische, said that PropertyGuru is off to a solid start in 2024 with its double-digit revenue growth and flat costs year over year, leading to double-digit Adjusted EBITDA margin even as its business in Malaysia and Vietnam are recovering.
“We remain cautiously optimistic for the year ahead. The Singapore business continues to perform, and we are seeing positive signals coming from Vietnam and Malaysia.
While awaiting further improvement in secular trends, we are laser-focused on managing costs and improving profitability.” /TISG
Read also: PropertyGuru reports S$1 million net income for Q4 “despite less than favourable market conditions”