PropertyGuru Group released its year-end finances yesterday, posting revenue of S$88.4 million ($62.3 million U.S.), an increase of 24% year-on-year. The group, which operates property portals across Southeast Asia, exceeded its projections by S$2.8 million ($1.9 million U.S.).
PropertyGuru continued to keep its grip on property sites in Southeast Asia, holding 59% of the region’s market share. In Singapore, the company’s primary market, PropertyGuru held 75% of the market last year.
This was the fourth year of positive performance for the company. Group EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to S$8.6 million, up 64% year-on-year from S$5.2 million in FY2018.
“As anticipated, we have seen strong top line growth across all our key markets and delivered further improved EBITDA and operating cashflow,” said Hari Krishnan, CEO and managing director of PropertyGuru Group. “Our unit economics look solid, execution was robust, and our strategy for the future is ambitious.”
The company has also been expanding its presence in the region. As part of its move into home financing in Singapore, PropertyGuru launched a mortgage marketplace in March. The group also refreshed its Vietnamese site, Batdongsan.com.vn, and expanded FastKey, its suite of sales tools for property developers.
While the company said in a news release that it was “positioned for strong sustained growth” after lockdown restrictions are lifted, Krishnan told Bloomberg Television that PropertyGuru will have a hard time maintaining the kind of growth it has seen over the past few years. That uncertainty was marked by the absence of 2020 revenue projections.