Singapore-based real estate marketplace PropertyGuru delivered 12.0% year on year growth in revenue and cutback in net loss in the first quarter of 2024.

Of total revenue of SGD37 million ($27.5 million U.S.) in Q1 2024, ‘Marketplaces’ segment was responsible for SGD35 million, which was up 13% y-o-y.

Although revenues from both Malaysia and Vietnam marketplaces remained flat year over year, Singapore unit posted 25% growth in revenue to SGD24 million.

The company attributed the strong results in Singapore to 22.0% increase in average revenue per agent to SGD1,368. The number of agents in the main market increased to 16,487 with the renewal rate of 77% in Q1 2024.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), in Q1, reached SGD4 million ($2.9 million), compared to SGD0.2 million in the year-ago quarter, implying adjusted EBITDA margin of 12.0%% versus 0.7%. Net loss narrowed to SGD6 million from SGD10 million.

The company expects full-year revenue between SGD165 million and SGD180 million and adjusted EBITDA between SGD22 million and SGD26 million.

“In the first quarter of 2024, we delivered double-digit revenue growth, with the Singapore business showing particular strength. In Vietnam, we are seeing a gradual improvement in the property market towards the end of the quarter, with listings on our platform hitting a 12-month high in March,” said the group’s CEO Hari V. Krishnan.

“Despite near-term challenges, we see a positive outlook for the Malaysian market, with our latest consumer sentiment survey indicating that 1 in 3 Malaysians intend to buy a property in the next two years.”

PropertyGuru, founded in 2007, lists more than 2.8 million property listings with more than 55,000 active real estate agents across Singapore, Malaysia, Vietnam and Thailand.​

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