PropertyGuru Turns Profitable in Q4 as Singapore Market Recovers
PropertyGuru, Southeast Asia’s largest online property marketplace, reported a net profit of S$1.1 million in Q423 after it recovered from a $5m net loss in 4Q22.
The company’s revenue for the fourth quarter rose 3.5% year-on-year to US$30.9 million, mainly due to a strong recovery in its core market of Singapore.
The growth that the company experienced in the Singapore market was driven by higher demand for its agent services, project marketing, and mortgage marketplace products.
The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter surged to US$6.6 million from US$374,000 in the same quarter a year ago, reflecting its improved operational efficiency and cost management.
For the full year of 2023, PropertyGuru’s revenue increased 10.5% year-on-year to US$111.6 million, while its net loss narrowed 88.2% year-on-year to US$11.4 million. Its adjusted EBITDA for the entire year rose 8% year-on-year to US$18.7 million.
PropertyGuru’s CEO and managing director, Hari Krishnan, explained that despite the company’s less favorable conditions in Vietnam and Malaysia, they got positive results in Singapore by focusing on optimizing costs, adopting internal process automation, and improving code quality and productivity.
The financial reporting from the company in the Singapore market highlights the positive work behind its strategy and operations in the country.
PropertyGuru operates online property platforms in Singapore, Malaysia, Indonesia, Thailand, and Vietnam. It also offers digital media, events, and awards services. The company claims to have over 37 million monthly property seekers and 2.8 million monthly active agents on its platforms.
PropertyGuru was founded in 2007 and is backed by investors such as TPG Capital, KKR, and REA Group. The company had planned to list on the Australian Securities Exchange in 2019 but withdrew its initial public offering due to market conditions.
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