New York-listed PropertyGuru posted a 47% year-on-year jump in revenue in Q3 of this year to S$34.6 million ($25 million), and cut its net loss to S$7.4 million in the quarter from S$9.6 million a year ago, its latest earnings report showed.
The Southeast Asian property listing platform said its overall revenue rose on the back of strong marketplaces revenues, especially in Singapore and Malaysia. The firm’s marketplaces revenues increased by 48% year-over-year to S$33.3 million.
In Singapore, ProperyGuru scored a 28% rise in revenue to S$18.1 million while Malaysian revenue increased 49% to $6.5 million from S$4.4 million in the prior year period, buoyed by the mid-quarter acquisition of the iProperty business.
Vietnam scored the fastest revenue growth in the quarter at 161% to S$6.2 million from S$2.4 million in the prior year period. PropertyGuru said it benefitted from Vietnam’s expansion following COVID-related lockdowns.
PropertyGuru’s EBITDA also saw improvements. According to a statement, the firm’s EBITDA turned positive, recording S$5.7 million in Q3, compared to adjusted EBITDA loss of S$1.5 million in the prior year period.
For the first nine months of 2022, PropertyGuru posted revenues of S$95.8 million, up 44.4% from S$66.4 million in the year-ago period.
Its adjusted Ebitda in Jan-Sept 2022 was S$9.6 million, compared with an adjusted Ebitda loss of S$6.2 million.
In October 2022, the company acquired Sendhelper, a Singapore home services technology company. The acquisition was in line with PropertyGuru’s growth strategy of expanding into adjacencies of fintech and data.
“Our Q3 results illustrate that PropertyGuru has been able to produce strong business performance even as some of our core markets have begun to face headwinds from the challenging economic conditions being experienced around the globe,” said CEO and managing director Hari V. Krishnan.
Chief financial officer Joe Dische said PropertyGuru “remains encouraged” by its market penetration as it enters the final quarter of the year, but added that it will closely monitor the near-term market headwinds resulting from global inflationary pressures
“While we are confident of the long-term fundamentals of our business and the growth potential that it offers, we understand that the current environment requires us to be especially diligent in the way we currently operate our business on a day-to-day basis,” Dische said.
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 was listed on the NYSE through a SPAC merger with Bridgetown 2 Holdings in March this year.