Singapore-based proptech firm PropertyGuru reported a net profit of S$1.1 million ($820,000) for the quarter ended December 31, 2023, compared with a net loss of S$5.2 million in the year-ago period.
The Southeast Asian proptech firm’s revenue increased 3.5% year-on-year to S$41.5 million ($31 million) in Q4 2023 from S$40.1 million in the year-ago quarter, according to a company statement. The group’s adjusted EBITDA also increased to S$8.9 million in Q4 2023, from S$503,000 in Q4 2022.
PropertyGuru had reported a net profit of S$300,000 in Q3 2023.
For the full year 2023, the firm posted a net loss of S$15.3 million, down by 88% from S$129.2 million in 2022. Revenue for the twelve months stood at S$150.1 million, up 10.5% from S$135.9 million. The company’s adjusted EBITDA was S$18.9 million in 2023, up from S$3.3 million in 2022.
“We spent the year balancing product innovation and investment with careful cost management and reaped the benefit of these activities throughout the year, particularly in the fourth quarter when our Adjusted EBITDA margin jumped to 22% from 1% in the prior year quarter,” said Joe Dische, Chief Financial Officer of PropertyGuru.
For 2024, the firm is focusing on expanding its internal operating leverage and looks to improve profitability.
PropertyGuru’s Singapore marketplaces revenue stood at S$23.1 million, up by 23% in Q4 from the year-ago quarter, while the revenue from its Malaysian marketplaces was flat in the quarter at S$7.5 million.
The company’s revenue from Vietnam marketplaces decreased to S$4.6 million, going down by 21.9% in the fourth quarter as compared to the prior year period.
PropertyGuru is one of Southeast Asia’s largest online property listing platforms, with over 2.9 million listings on its site.
Since its inception, the proptech firm has 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 2022.