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- \nTotal revenues grew 16% to S$33 million in the first quarter 2023, with over 25% year over year growth in every segment except Vietnam<\/p>\n<\/li>\n
- \nThe Company reaffirms its full year 2023 outlook for revenue of S$160 million to S$170 million and Adjusted EBITDA of S$11 million to S$15 million<\/p>\n<\/li>\n<\/ul>\n
SINGAPORE–(BUSINESS WIRE<\/a>)–
\nPropertyGuru Group Limited (NYSE: PGRU) (\u201cPropertyGuru\u201d or the \u201cCompany\u201d), Southeast Asia\u2019s leading1<\/sup>, property technology (\u201cPropTech\u201d) company, today announced financial results for the quarter ended March 31, 2023. Revenue of S$33 million in the first quarter 2023 increased 16% year over year. Net loss was S$10 million in the first quarter and Adjusted EBITDA2<\/sup> was a positive S$0.2 million. This compares to a net loss of S$120 million3<\/sup> and a positive Adjusted EBITDA of S$0.5 million in the first quarter of 2022.<\/p>\nManagement Commentary<\/b><\/p>\n
Hari V. Krishnan, Chief Executive Officer and Managing Director<\/b>, said \u201cOur 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. In all of our markets, we are often reminded that the value of PropertyGuru solutions for our customers can be more visible when the property cycle transitions and macro-economic pressures intensify.<\/p>\n
\nAs 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. In the following quarters, we will be focused on helping consumers find, finance, and own their homes. We continue to be excited about the fundamental opportunities available in the markets we operate in.\u201d<\/p>\n
Joe Dische, Chief Financial Officer<\/b>, added \u201cWe are pleased with the 16% year over year revenue growth in the first quarter of 2023. 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. Our Adjusted EBITDA this quarter was in-line with the first quarter of 2022 despite the inclusion of a full quarter of costs associated with being a listed entity. 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. Lastly, we are encouraged by the types of strategic M&A opportunities we are seeing in the marketplace as we continue to explore and evaluate adjacent opportunities to deploy available capital.\u201d<\/p>\n
Financial Highlights \u2013 First Quarter 2023<\/b><\/p>\n
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- \nTotal revenues increased 16% year over year to S$33 million in the first quarter.<\/p>\n<\/li>\n
- \nMarketplaces revenues increased 15% year over year to S$31 million in the first quarter, as continued strength in Singapore and Malaysia offset challenges in the Vietnam market due to governmental restrictions on credit.<\/p>\n<\/li>\n
- \nRevenue by segments:<\/p>\n
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- \nSingapore Marketplaces revenue increased 26% year over year to S$19 million, as the number of overall agents and the Average Revenue Per Agent (\u201cARPA\u201d) grew in the quarter. Quarterly ARPA was up 19% in the first quarter to S$1,124 as compared to the prior year quarter and the number of overall agents in Singapore was up over 200 from year-end 2022 to 15,765 agents. The renewal rate was 79% in the quarter.<\/p>\n<\/li>\n
- \nMalaysia Marketplaces revenue increased 26% year over year to S$7 million, as the Company continues to leverage our two market leading brands (iProperty and PropertyGuru).<\/p>\n<\/li>\n
- \nVietnam Marketplaces revenue decreased 34% year over year to S$3 million, as governmental actions to tighten credit continue to impact the overall number of listings in the market. The number of listings was down 32% to 1.1 million in the first quarter as compared to the prior year quarter. The average revenue per listing (\u201cARPL\u201d) was S$2.95, in-line with the first quarter of 2022.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nAt quarter-end, cash and cash equivalents were S$294 million.<\/p>\n<\/li>\n<\/ul>\n
\nInformation regarding our operating segments is presented below. It is noted that in 2023 the Company is no longer removing the ongoing cost of being a listed entity when calculating Adjusted EBITDA. As such, the 2022 comparative has been restated.<\/p>\n
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