Singapore-based property portal PropertyGuru saw revenue growth of 16% year on year (y-o-y) to S$33 million ($24.5 million U.S.) in the first three months of 2023, with more than 25% annual growth in every market except Vietnam, according to its latest financial reporting.

The company declared a net loss of S$10 million ($7.4 million U.S.) in the first quarter and adjusted EBITDA of S$0.2 million ($0.2 million). This compares to a net loss of S$120 million ($89 million U.S.) and an adjusted EBITDA of S$0.5 million ($370,000 U.S) in Q1 2022.

PropertyGuru CEO and managing director Hari V. Krishnan said: “Our first quarter results are a successful start to 2023. As expected, performance in Singapore and Malaysia helped offset the challenging market conditions in Vietnam.”

“In Singapore, our solutions performed well, effectively monetizing the strong sales market, as well as taking advantage of rising rental rates.”

“Malaysia continues to benefit from newly launched products and further execution of our dual brand strategy.”

“Vietnam remains the primary challenge in the near-term, as governmental monetary policy has significantly impacted real estate transaction activity. We believe that these pressures will begin to abate in the latter part of 2023 and into 2024.”

“We continue to proactively manage our operations to maximize performance while laying the groundwork to take advantage when the Vietnam real estate market recovers.

“As we move into the middle of 2023, we remain positive in both our ability to deliver essential, differentiated property solutions to our agent and enterprise customers, as well as the long-term health and opportunity that is characteristic of our Southeast Asian property markets.”

Joe Dische, the company’s CFO, added: “The year has started off strongly despite the anticipated challenges in Vietnam due to monetary policy actions by the government in a targeted effort to cool real estate market activity.”

“Given macro uncertainty, we continue to keep a close eye on costs, especially with respect to discretionary spending. We remain confident in the underlying strength of our offerings and the opportunities in the Southeast Asian property markets. As a result, we are reaffirming our 2023 full year financial outlook for both revenue and adjusted EBITDA.

Marketplaces revenue increased by 15% y-o-y to S$31 million ($23 million U.S.) in the first quarter, with Singapore marketplaces revenue increasing 26% y-o-y to S$19 million ($14 million U.S.).

Malaysia marketplaces revenue increased 26% y-o-y to S$7 million ($5.2 million U.S.), while Vietnam marketplaces revenue decreased 34% to S$3 million ($2.2 million U.S.). The number of listings in Vietnam fell by 32% y-o-y to 1.1 million in Q1.

The company reaffirmed its full year 2023 outlook of revenue between S$160 million and S$170 million and adjusted EBITDA between S$11 million and S$15 million.


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