NYSE-listed PropertyGuru posted revenues and EBITDA margin growth in the second quarter of 2022 led by improvements in its Singapore and Malaysia units.
The Southeast Asian property listing platform reported that Q2 revenue rose 43.6% year-on-year to S$33 million, led by Malaysian marketplace revenues that jumped 170% to S$5.9 million as a result of the acquisition of iProperty in August 2021. Singapore marketplace revenues also grew 31% to S$17.3 million over the same period from improved yields and increased platform activity.
PropertyGuru’s EBITDA also saw improvements. According to a statement, PropertyGuru’s EBITDA turned positive, recording S$3.01 million in Q2, compared with a S$1.95-million loss the same time last year. Its EBITDA margins also turned positive over the same period — 9.1% in Q2 2022 versus -8.5% in Q2 2021. The Singapore-headquartered firm recorded a total of $368.8 million in cash and cash equivalents at the end of the quarter.
“Second-quarter revenues were up 44% year on 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,” said PropertyGuru Chief Financial Officer Joe Dische.
PropertyGuru reiterated its full-year outlook for 2022, targeting a revenue growth of 44% driven by growth across its core markets of Singapore, Malaysia, Vietnam, Thailand and Indonesia, as well as its business units such as financial services.
“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,” said PropertyGuru CEO and Managing Director Hari V Krishnan.
“Going forward, we expect to capitalise 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,” added Krishnan.
PropertyGuru is one of Southeast Asia’s largest online property listing platforms, boasting a total of over 3.5 million listings on its site. Since its inception, the proptech firm has also expanded into mortgage finance and developed B2B services targeting property developers and agents. The firm listed on the NYSE through a SPAC merger with Bridgetown 2 Holdings in March this year.
PropertyGuru’s stock rose 2.56% on the news to close at $4.80 on Thursday.