PropertyGuru Group Limited (NYSE: PGRU) ("PropertyGuru" or the "Company"), Southeast Asia’s leading property technology ("PropTech") company, today announced its financial results for the quarter ending June 30, 2022. Net income and Adjusted EBITDA were S$3.8 million and S$3.0 million, respectively, compared to a net loss of S$139.8 million and an Adjusted EBITDA loss of S$2.0 million in the same period last year. Revenue for the second quarter of 2022 reached S$33.0 million, marking a 44% increase year over year.<\/span><\/span><\/p>

Management Commentary <\/span><\/strong><\/span><\/p>

Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru<\/span><\/strong>, <\/strong>stated, "The results from the second quarter build on the strong start to the year. Our strategy to enhance customer value is proving effective, as we see returns on investments made over the past few years. In the second quarter, we delivered more tools and features that further improve the customer experience as our internal innovation accelerates. Looking ahead, we aim to leverage both organic and inorganic opportunities to expand our world-class solutions for customers. Despite our growing business strength, we remain cautious about potential market challenges from rising inflation, interest rates, and other global macroeconomic headwinds."<\/span><\/span><\/p>

Joe Dische, Chief Financial Officer, PropertyGuru<\/span><\/strong>, added, "Second quarter revenues increased by 44% year over year, building on the solid performance of the first quarter and positioning us for a strong second half of 2022. Growth was balanced across all business segments, and further leveraging our cost structure contributed to positive Adjusted EBITDA."<\/span>”<\/span><\/span><\/p>

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Financial Highlights – Second Quarter 2022<\/span><\/strong><\/span><\/p>

  • Total revenue of S$33.0 million increased 44% year over year, with growth across all markets and business segments.<\/span><\/li>
  • Marketplaces revenues rose by 43% year over year to S$32.0 million. Investments made over the past two years are now gaining traction as real estate markets recover from the pandemic-induced slowdown.<\/span><\/li>
  • Singapore Marketplaces revenue increased 31% to S$17.3 million. The Quarterly Average Revenue Per Agent ("ARPA") of S$1,008 rose 29% year over year due to improved yield from previous price increases and heightened activity on our platform. We had a total of 15,023 agents with a renewal rate of 82%, reflecting a strong local property market.<\/span><\/li>
  • Malaysia Marketplaces revenue surged 170% to S$5.9 million from S$2.2 million in the prior year period, driven by the acquisition of the iProperty business in August 2021.<\/span><\/li>
  • Vietnam Marketplaces revenue increased by 19% to S$6.9 million from S$5.8 million in the prior year period, supported by a 17% rise in the number of listings to 2.38 million and a 7% increase in average revenue per listing ("ARPL") to S$2.83.<\/span><\/li>
  • At the end of the quarter, cash and cash equivalents totaled S$368.8 million.<\/span><\/li>

Details regarding our operating segments are presented below.<\/span><\/span><\/p>

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Strong Category Leadership Drives Long-Term Growth Opportunities<\/span><\/strong><\/span><\/p>

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As of June 30, 2022, PropertyGuru maintained its Engagement Market Share leadership in Singapore, Vietnam, Malaysia, and Thailand.<\/span><\/span><\/p>

  • Singapore<\/span><\/strong>: 76% – 3.7x the closest competitor<\/span><\/li>
  • Vietnam<\/span><\/strong>: 75% – 3.0x the closest competitor<\/span><\/li>
  • Malaysia<\/span><\/strong>: 96% – 25.2x the closest competitor<\/span><\/li>
  • Thailand<\/span><\/strong>: 59% – 2.8x the closest competitor<\/span><\/li>
  • Indonesia<\/span><\/strong>: 21% – 0.3x the closest competitor<\/span><\/li>

Full Year 2022 Outlook<\/strong><\/span><\/p>

The Company reaffirms its full year 2022 outlook of approximately 44% revenue growth, driven by a strong start to 2022 and growth across all core markets. The Company anticipates returning to full year positive Adjusted EBITDA, as it realizes the full benefits of its pandemic-period investments in people, technology, and marketing. The Company warns that this outlook may be affected by uncertainties surrounding rising inflation and interest rates, government policy and fiscal intervention, political instability, and other macroeconomic factors.<\/span><\/span><\/p>

Conference Call and Webcast Details<\/span><\/strong><\/span><\/p>

The Company will host a conference call and webcast on Thursday, August 25, 2022, at 8:00 a.m. Eastern Standard Time / 8:00 p.m. Singapore Standard Time to discuss the Company’s financial results and outlook.<\/span><\/p>

The PropertyGuru (NYSE: PGRU) Q2 2022 Earnings call can be accessed by registering at: <\/span><\/p>

https://propertyguru.zoom.us/webinar/register/WN_E0YIQzANThSqwAaVqFXUiA<\/strong><\/a><\/span><\/p>

An archived version will be available on the Company’s Investor Relations website after the call at https://investors.propertygurugroup.com/news-and-events/events-and-presentations/default.aspx<\/a><\/span><\/p>