· Total revenue grew by 11% to SGD 150 million (approximately THB 4 billion based on the exchange rate as of March 1, 2024) in 2023.
· Cash profit (Adjusted EBITDA) increased from SGD 3 million (approximately THB 80 million) in 2022 to SGD 19 million in 2023 (approximately THB 507 million).
· Active cost management since the beginning resulted in an increase in the Adjusted EBITDA margin from 2% in 2022 to 13% in 2023.
· The company expects full-year results for 2024 to be between SGD 165-180 million (approximately THB 4.4-4.8 billion), with cash profit (Adjusted EBITDA) expected to be between SGD 22-26 million (approximately THB 587-694 million).

PropertyGuru Group Limited (traded on the New York Stock Exchange as NYSE: PGRU) (hereinafter referred to as "PropertyGuru" or "the Company") is a leading real estate technology company in Southeast Asia[1], (“PropTech”) and the parent company of two leading real estate platforms in Thailand, including DDproperty, the number one real estate marketplace website in Thailand, and thinkofliving.com, a leading real estate project review website in Thailand. Recently, it announced its Q4 results ending December 31, 2023, with revenue for Q4 2023 at SGD 42 million (approximately THB 1.1 billion), an increase of about 4% from the same period last year, while net profit in Q4 was SGD 1 million (approximately THB 27 million) and cash profit[2] (Adjusted EBITDA) was SGD 9 million (approximately THB 240 million), compared to a net loss of SGD 5 million (approximately THB 133 million) in the same quarter of 2022 and Adjusted EBITDA of SGD 0.5 million (approximately THB 13 million).

Mr. Harry V. Krishnan, CEO and Managing Director, stated: “Our 2023 annual results demonstrate our potential to face various challenges amid a volatile macroeconomic environment and our commitment to generating profits for our business. We have achieved double-digit revenue growth for the year, as well as an increase in Adjusted EBITDA margin. These figures clearly showcase our ability to create value for our customers and help those seeking homes achieve their goal of homeownership.”

“Despite the challenging market conditions in Vietnam and Malaysia last year, we were still able to achieve these results due to focused investments in optimizing expenses, automating internal processes, enhancing code quality, and productivity in technology. We continue to invest in adopting Generative AI and automation systems to position ourselves as a leading real estate technology company and to continuously improve productivity in the future.”

“We are proactively driving change to create sustainability and a secure future for our business, adhering to our investment principles focused on the markets we operate in. We have strategically restructured to ensure our investments are appropriately aligned with available opportunities, with the efficiency needed to foster profitable growth in the future.”

“We recognize that this transformation is not easy for all of us, and I would like to express my heartfelt gratitude on behalf of the company to all the Guru team members affected by the recent organizational restructuring, and I wish every employee success in their next career steps.”

“Moving forward, while we anticipate that macroeconomic challenges will continue, our plans for success remain clear, innovative, and forward-thinking, supported by a talented management team and employees, and the appropriate use of technology. In 2023, we welcomed a new executive to our team, and since the beginning of 2024, we have welcomed Mr. Ray Ferguson to the board as the new Chairman of PropertyGuru. Mr. Ray brings extensive experience in building reputable businesses, leading organizational teams, and penetrating various potential markets.”

“We remain confident in the long-term sustainable growth opportunities in Southeast Asia, and our vision will continue to drive communities towards living, working, and developing into future cities.”

Mr. Joe Dich, Chief Financial Officer, added: “I am very pleased with the 2023 results. We achieved an 11% revenue growth compared to the previous year, and the Adjusted EBITDA margin increased to 13% from the previous year, despite facing significant challenges in our two main markets, Vietnam and Malaysia.”

“As we enter 2024 and approach a significant positive turning point in both Vietnam and Malaysia, we find that our ongoing efforts within the organization, such as controlling expenses, effective cost management, and automating processes, have been very successful in 2023. We spent last year balancing the innovation of new products with careful investments through effective cost management and reaping the benefits from these activities throughout the year, especially in Q4 when our Adjusted EBITDA margin jumped from 1% in the same period last year to 22% in Q4 2023.”

Net profit in Q4 2023 was SGD 1 million (approximately THB 27 million), marking a significant growth from a loss of SGD 5 million (approximately THB 133 million) in Q4 2022, and it was the second consecutive quarter in 2023 with positive net revenue.

For the full-year results of 2023, the marketplace business unit reported positive Adjusted EBITDA, with notable growth in Singapore, Malaysia, and other Asian markets. It is noteworthy that organizational expenses as a percentage of total revenue decreased from 39% in 2022 to 37% in 2023.

For 2024, we will continue to focus on developing operational processes across the organization to increase productivity and profitability, with full-year revenue expected to be around SGD 165-180 million (approximately THB 4.4-4.8 billion), while Adjusted EBITDA for the year is expected to be around SGD 22-26 million (approximately THB 587-694 million).”

Highlights of the results – Q4 and full-year 2023

· Total revenue increased to SGD 42 million (+4%) in Q4 compared to the same period last year, and for the full year, it increased to SGD 150 million (+11%) compared to 2022.

· Revenue from the marketplace business unit increased to SGD 40 million (+4%) in Q4 compared to the same period last year, and increased to SGD 144 million (+10%) compared to 2022, driven by strong performance in the Singapore market compensating for challenges faced in the Vietnam market.

· Revenue by segment:

· Revenue from the marketplace business unit in Singapore increased to SGD 23 million (+23%) in Q4 compared to the same period last year, and increased to SGD 86 million (+24%) in 2023 compared to 2022, driven by the growth in the number of agents and average revenue per agent (ARPA) in Q4 and throughout 2023, with Q4 ARPA in Singapore at SGD 1,312 and SGD 4,977 for the full year, representing a growth of about 22% compared to the previous year, while the number of agents in Singapore increased by 100 from Q3 2023, bringing the total number of agents for the year to 16,424, with a package renewal rate of 75% in Q4 and an average annual rate of 81% for 2023.

· Revenue from the marketplace business unit in Malaysia remained relatively stable in Q4 at SGD 8 million (-0.3%) compared to the same period last year, and increased from 2022 (+9%) to SGD 28 million in 2023. Revenue in SGD was somewhat affected by the weakening Malaysian Ringgit; however, in local currency, Q4 revenue increased by about 5% and full-year revenue increased by 16%.

· Revenue from the marketplace business unit in Vietnam decreased to SGD 5 million (-22%) in Q4 compared to the same period last year, and decreased by SGD 17 million (-29%) comparing 2023 to 2022 due to a reduction in the number of listings. However, some revenue was offset by an increase in average revenue per listing (ARPL). The number of listings in Q4 was 1.2 million, down 26% from Q4 2022, while ARPL increased by 3% to SGD 3.34 in Q4 and increased by 14% to SGD 3.39 for the full year 2023.

· Revenue from the fintech and data services unit decreased to SGD 2 million (-10%) in Q4 compared to the same period last year, while full-year revenue increased to SGD 6 million (+20%) compared to 2022.

· As of the end of the quarter, cash and cash equivalents stood at SGD 306 million (approximately THB 8.2 billion).

Information regarding our operating segments is presented below. It is noted that in 2023 the Company no longer removed the ongoing cost of being a listed entity when calculating Adjusted EBITDA. As such, the 2022 comparatives have been retrospectively adjusted accordingly..