Singapore-based proptech major PropertyGuru reported a 44% year-on-year rise in revenue during the second quarter of 2022 to land at S$33 million (US$23.7 million).
Photo credit: PropertyGuru
The NYSE-listed company’s net income and adjusted EBITDA for the quarter stood at US$2.7 million and US$2.1 million, respectively. This is a bounce back from a net loss of US$100.4 million and adjusted EBITDA loss of US$1.4 million in Q2 2021.
“Investments made over the last two years are gaining traction now as real estate markets emerge from the pandemic-induced slowdown,” the firm noted.
PropertyGuru’s marketplaces revenue, which accounts for all of its proptech platforms across Asia, was up 43% year on year to US$23 million.
“Going forward, we expect to capitalize on both organic and inorganic opportunities to further expand our world-class solutions to customers,” said Hari Krishnan, CEO and managing director of PropertyGuru, in a statement.
Driven by growth across all of its core markets – which includes Singapore, Vietnam, Malaysia and Thailand – the company reaffirmed its outlook of 44% revenue growth for the whole year.
See also: PropertyGuru’s financial health in 5 charts
Currency converted from Singapore dollar to US dollar: US$1 = S$1.39.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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