• Total revenue grew 12% to S$37 million in the first quarter of 2024; Singapore revenue grew 25%
  • Adjusted EBITDA of S$4 million in the first quarter 2024, up from S$0.2 million in the first quarter 2023
  • Adjusted EBITDA margin in the first quarter 2024 was 12.2%, up from 0.7% in the first quarter 2023

Singapore – May 21, 2024 – PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading property technology (“PropTech”) company, today announced financial results for the quarter ended March 31, 2024. Revenue of S$37 million in the first quarter 2024 increased 12% year over year. The net loss was S$6 million in the first quarter, and Adjusted EBITDA was S$4 million. This compares to a net loss of S$10 million and Adjusted EBITDA of S$0.2 million in the first quarter of 2023.

Management Commentary

Hari V. Krishnan, Chief Executive Officer and Managing Director, said “Across Southeast Asia, we have seen governments introduce robust policies and budgets to accelerate growth, resulting in improved property sentiment. In the first quarter of 2024, we achieved double-digit revenue growth, with the Singapore business showing particular strength.”

In Vietnam, we are observing a gradual improvement in the property market towards the end of the quarter, with listings on our platform reaching a 12-month high in March. Despite near-term challenges, we have a positive outlook for the Malaysian market, as our latest consumer sentiment survey indicates that 1 in 3 Malaysians plan to buy a property in the next two years.

We are encouraged to see agents in Singapore continuing to adopt our AI-supported product features to enhance the quality of their listings and engagements. Our new AI video feature, introduced in January, has been utilized by nearly 60% of agents after their first trial. As part of our efforts to support an industry embracing increased professionalism, we launched our Professional Agent Verification process in Vietnam, which verified over 500 agents in the first week.

I am also proud to announce that we have released our first sustainability report. This is supported by the recently launched ‘Gurus For Good’ program, our sustainability initiative.

This year, our solutions will play a larger role in empowering our customers as we enable communities to live, work, and thrive in tomorrow’s cities.”

Joe Dische, Chief Financial Officer, added “PropertyGuru had a strong start to 2024 with double-digit revenue growth and stable costs year over year, leading to a double-digit Adjusted EBITDA margin, while navigating a phased recovery in Vietnam and Malaysia, as well as typical seasonality in Southeast Asia during the first quarter, which includes the Lunar New Year holiday.”

We remain cautiously optimistic for the year ahead. The Singapore business continues to perform well, and we are seeing positive signals from Vietnam and Malaysia. While we await further improvements in long-term trends, we are focused on managing costs and enhancing profitability.

Illustrating this commitment, our Adjusted EBITDA margin increased from 0.7% in the first quarter of 2023 to 12.2% this quarter. All of our Marketplaces businesses showed margin improvement year over year. Corporate expenses as a percentage of overall revenue decreased from 43% in the first quarter of 2023 to 40% this quarter, as we continue to demonstrate improved operating leverage.

For the remainder of 2024, selective hiring and focused investment will remain our guiding principles. We plan to continue investing in automation, leveraging our existing technologies and generative AI to provide superior customer experiences and manage our cost base as we drive continued revenue growth. Our full-year revenue outlook of S$165 million to S$180 million and full-year Adjusted EBITDA outlook of S$22 million to S$26 million remain unchanged.”

Financial Highlights – First Quarter 2024

  • Total revenue increased 12% year over year to S$37 million in the first quarter.
  • Marketplaces revenue increased 13% year over year to S$35 million in the first quarter, as strong results in Singapore helped offset a slower recovery in Vietnam and Malaysia.
  • Revenue by segment:
  • Singapore Marketplaces revenue increased 25% year over year to S$24 million in the first quarter, as both the number of agents and the Average Revenue Per Agent (“ARPA”) grew during the quarter. Quarterly ARPA was up 22% to S$1,368 compared to the same quarter last year, and the number of agents in Singapore grew slightly to finish the first quarter 2024 at 16,487. The renewal rate was 77% in the first quarter 2024.
  • Malaysia Marketplaces revenue remained flat year over year at S$7 million in the first quarter, as property pricing remains elevated relative to consumer expectations, shifting the focus to rental listings in the near term.
  • Vietnam Marketplaces revenue was flat year over year at S$3 million in the first quarter, as a 13% increase in the Average Revenue Per Listing (“ARPL”) was offset by a 13% decrease in listings due to ongoing market weakness. ARPL in the first quarter was S$3.32, and the number of listings in the quarter was 1.0 million.
  • Fintech & Data services revenue was marginally down 3% year over year to S$1.0 million in the first quarter.

At quarter-end, cash and cash equivalents were S$300 million.

[1] Based on SimilarWeb data between October 2023 and March 2024.

[2] Please refer to the non-GAAP reconciliation of net income/(loss) to Adjusted EBITDA section for more details.