Heaptalk, Jakarta — Singapore’s prop-tech startup, PropertyGuru group, reported revenue of US$37 million in Q1 2024, up 12% Year over Year. Furthermore, the company’s net loss decreased to US$6 million, compared to US$10 million last year.
PropertyGuru’s Adjusted EBITDA also enhanced by 12%, approximately US$4 million in Q1 2024, compared to the former of US$0.2 million in Q1 last year. Corporate expenses as a percentage of overall revenue decreased from 43% in the first quarter of 2023 to 40% this quarter as the team continued to show improved operating leverage.
“PropertyGuru delivered a solid start to 2024 with double-digit revenue growth and flat costs YoY, leading to double-digit Adjusted EBITDA margin, while navigating a phased recovery in Vietnam and Malaysia as well as typical seasonality in SEA during Q1, which includes the Lunar New Year holiday,” PropertyGuru’s Chief Financial Officer, Joe Dische, affirmed.
In more detail, the company also recorded its revenue by market segments, including:
- Singapore marketplaces’ revenue increased to 25% YoY, attaining US$24 million in Q1, as the number of agents and the Average Revenue Per Agent (ARPA) grew in the quarter. The number of agents in Singapore rose marginally to finish this quarter 2024 at 16,487. The renewal rate was also around 77% in Q1 of this year.
- Malaysia Marketplaces revenue was flat year over year at S$7 million in the first quarter as property pricing remains elevated relative to consumer expectations, shifting the focus to rental listings in the near term.
- Vietnam Marketplaces’ revenue was flat year over year at S$3 million in the first quarter. A 13% increase in the Average Revenue Per Listing (“ARPL”) was offset by a 13% decrease in listings due to continuing market weakness. ARPL in the first quarter was S$3.32, and the number of listings in the quarter was 1.0 million.
In 2024, PropertyGuru aims to obtain revenue of around US$165 million—US$180 million. The company also targets boosting its Adjusted EBITDA between US$22 million and US$26 million. To reach this target, PropertyGuru will invest in automation, leverage its existing technologies, and use generative AI to provide superior customer experiences.