PropertyGuru Reports Second Quarter 2024 Results
Revenue of S$41 Million and Adjusted EBITDA of S$7 Million
-- Total revenue grew 10% to S$41 million in the second quarter of 2024,
with growth from Vietnam as market conditions continue to improve
-- Adjusted EBITDA grew to S$7 million in the second quarter of 2024, up
48% from S$5 million in the second quarter of 2023
-- Adjusted EBITDA margin of 17% in the second quarter of 2024, up from
13% in the second quarter of 2023
SINGAPORE--(BUSINESS WIRE)--September 03, 2024--
PropertyGuru Group Limited (NYSE: PGRU) ("PropertyGuru" or the "Company"), Southeast Asia's leading(1) , property technology ("PropTech") company, today announced financial results for the quarter ended June 30, 2024. Revenue of S$41 million in the second quarter of 2024 increased 10% year over year. Net loss was S$16 million in the second quarter and Adjusted EBITDA(2) was positive S$7 million. This compares to net loss of S$6 million and Adjusted EBITDA(2) of positive S$5 million in the second quarter of 2023.
Financial Highlights -- Second Quarter 2024
-- Total revenue increased 10% year over year to S$41 million in the
second quarter.
-- Marketplaces revenues increased 11% year over year to S$39 million in
the second quarter driven by improving conditions in Malaysia and Vietnam
combined with ongoing strength in Singapore.
-- Revenue by segment:
-- Singapore Marketplaces revenue increased 16% year over year to
S$25 million, as the number of agents and the Average Revenue Per
Agent ("ARPA") grew in the quarter. Quarterly ARPA was up 17% in
the second quarter to S$1,464 as compared to the prior year
quarter and the number of agents in Singapore was up almost 500 to
16,577 from the second quarter of 2023. The renewal rate was 81%
in the second quarter of 2024.
-- Malaysia Marketplaces revenue increased 12% year over year to
S$7 million, as the Company continues to benefit from iProperty
and PropertyGuru Malaysia's combined market strength.
-- Vietnam Marketplaces revenue increased 4% year over year to S$5
million, as an increase in the number of listings was partially
offset by a decrease in average revenue per listing ("ARPL"). The
number of listings was up 17% to 1.5 million in the second quarter
compared to the prior year quarter. ARPL was S$3.46, down 10% from
the second quarter of 2023.
-- Fintech & Data services revenue increased 3% year over year to
S$1.6 million.
-- At quarter-end, cash and cash equivalents were S$309 million.
Information regarding our operating segments is presented below.
For the Three Months Ended June 30,
---------------------------------------------
2024 2023 YoY Growth
---------- ---------- ----------
(S$ in thousands except percentages)
Revenue 40,678 36,880 10.3%
========= ========== ==========
Marketplaces 39,125 35,368 10.6%
Singapore 24,970 21,534 16.0%
Vietnam 5,257 5,074 3.6%
Malaysia 7,421 6,602 12.4%
Other Asia 1,477 2,158 -31.6%
Fintech and data
services 1,553 1,512 2.7%
Adjusted EBITDA 6,817 4,611
========= ==========
Marketplaces 25,335 20,775
Singapore 19,801 16,560
Vietnam 756 848
Malaysia 5,062 3,966
Other Asia (284) (599)
Fintech and data
services (2,881) (2,657)
Corporate* (15,637) (13,507)
Adjusted EBITDA
Margin (%) 16.8% 12.5%
========= ==========
Marketplaces 64.8% 58.7%
Singapore 79.3% 76.9%
Vietnam 14.4% 16.7%
Malaysia 68.2% 60.1%
Other Asia -19.2% -27.8%
Fintech and data
services -185.5% -175.7%
For the Six Months Ended June 30,
--------------------------------------------
2024 2023 YoY Growth
---------- --------- ----------
(S$ in thousands except percentages)
Revenue 77,193 69,508 11.1%
========= ========= ==========
Marketplaces 74,252 66,568 11.5%
Singapore 48,470 40,381 20.0%
Vietnam 8,580 8,402 2.1%
Malaysia 14,142 13,420 5.4%
Other Asia 3,060 4,365 (29.9)%
Fintech and data
services 2,941 2,940 0.0%
Adjusted EBITDA 11,277 4,831
========= =========
Marketplaces 47,329 37,070
Singapore 38,469 30,567
Vietnam 639 (73)
Malaysia 8,582 7,468
Other Asia (361) (892)
Fintech and data
services (5,640) (4,862)
Corporate* (30,412) (27,377)
Adjusted EBITDA
Margin (%) 14.6% 7.0%
========= =========
Marketplaces 63.7% 55.7%
Singapore 79.4% 75.7%
Vietnam 7.4% -0.9%
Malaysia 60.7% 55.6%
Other Asia -11.8% -20.4%
Fintech and data
services -191.8% -165.4%
*Corporate consists of headquarters costs, which are not allocated
to the segments. Headquarters costs are costs of PropertyGuru's
personnel that are based predominantly in its Singapore
headquarters and certain key personnel in Malaysia and Thailand,
and that service PropertyGuru's group as a whole, consisting of
its executive officers and its group marketing, technology,
product, human resources, finance and operations teams, as well as
platform IT costs (hosting, licensing, domain fees), workplace
facilities costs, corporate public relations retainer costs and
professional fees such as audit, legal and consultant fees. A
portion of the cost of being a listed entity is also included.
About PropertyGuru Group
PropertyGuru is Southeast Asia's leading(1) PropTech company, and the preferred destination for over 31 million property seekers(3) to connect with over 50,000 agents(4) monthly to find their dream home. PropertyGuru empowers property seekers with more than 2.1 million real estate listings(5) , in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand and Vietnam.
PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 17 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform, Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business, including DataSense, ValueNet, Awards, events and publications across Asia.
For more information, please visit: PropertyGuruGroup.com; PropertyGuru Group on LinkedIn.
______________________________ (1) Based on SimilarWeb data between January 2024 and June 2024. (2) Please refer to non-IFRS reconciliation of net income/(loss) to Adjusted EBITDA section for more details. (3) Based on Google Analytics data between January 2024 and June 2024. (4) Based on data between April 2024 and June 2024. (5) Based on data between January 2024 and June 2024.
Key Performance Metrics and Non-IFRS Financial Measures
Our core markets comprise Singapore, Vietnam, Malaysia and Thailand.
Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the total amount of time spent on that website for the same period, in each case based on data from SimilarWeb. Engagement Market Share is based on the prevailing SimilarWeb algorithm on the date the Company first filed or furnished such information to the U.S. Securities and Exchange Commission ("SEC").
Number of agents in all core markets except Vietnam is calculated for a period as the sum of the number of agents with a valid 12-month subscription package at the end of each month in a period divided by the number of months in such period. In Vietnam, number of agents is calculated as the average monthly number of agents who credit money into their account within the relevant period. When counting in aggregate across the PropertyGuru group, in markets where PropertyGuru operates more than one property portal, an agent with subscriptions to more than one portal is only counted once.
Number of real estate listings is calculated as the average number of listings created monthly during the period for Vietnam and the average number of monthly listings available in the period for other markets.
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