Southeast Asian online property major PropertyGuru reported strong performance in the first three months of this year, with revenue growing 44% year-on-year to S$28.2 million ($20.6 million).
In a stock exchange filing, PropertyGuru Group said its revenue growth in Q1, which is a typically slower quarter, reflects the company’s strong execution coupled with increasing confidence in Southeast Asia’s economies.
The company’s net loss, however, increased to S$120.3 million but PropertyGuru said this was due to accounting adjustments in relation to the business combination with Bridgetown 2 Holdings Ltd.
Marketplaces revenues increased by 41.7% year-on-year, due to our investments during the last two years and as the real estate markets emerge from the pandemic-induced slowdown:
- Singapore Marketplaces revenue increased 23.8% to S$15.0 million. Quarterly Average Revenue Per Agent (“ARPA”) of S$947 rose 25.2% year-on-year through increased premium product adoption, and the flow-through effects of a subscription price increase in Q4 2021. There were a total of 14,719 Agents and a healthy renewal rate of 79%.
- Malaysia Marketplaces revenue increased significantly to S$5.4 million from S$1.9 million a year ago, primarily due to the successful integration of the iProperty business, which the Company acquired in August 2021.
- Vietnam Marketplaces revenue increased by 18.6% to S$5.1 million. This was driven by both the 14.6% increase in the number of listings to 1.65 million and the 2.4% growth in average revenue per listing (“ARPL”) to S$2.98.
“This performance demonstrates that our investments in talent and technology over the last two years are delivering positive results as our markets emerge out of the slowdown induced by COVID-19,” said Hari V. Krishnan, CEO and managing director of PropertyGuru.
Full Year 2022 Outlook
The company confirmed that it is on track to achieve its full year guidance for 2022. It expects to deliver year-on-year revenue growth of approximately 44%, driven by the strong start to 2022 and continued growth across all core markets as the region emerges from the impact of COVID-19.
The company also confirmed that it expects to return to full year positive Adjusted EBITDA, as it realizes the full benefits of its increased investments in people, technology and marketing through the pandemic. – BusinessNewsAsia.com