PropertyGuru trims losses by 81% in Q4 2022

Photo credit: PropertyGuru

PropertyGuru has trimmed its losses by almost 81% to S$5.2 million (US$3.9 million) in the fourth quarter of 2022.

Marketplace revenue increased 15% to US$28.2 million in the same quarter. The proptech firm said its Singapore and Malaysia markets were able to offset challenges in Vietnam, where there were credit restrictions in the latter part of 2022.

While the company saw 14.8% and 27.9% year-over-year uplifts in revenue for Singapore and Malaysia, respectively, Vietnam saw a 6.9% decrease. For its other markets, which the company labels as “Other Asia” in its financial report, revenue grew 30% compared to the same quarter last year.

PropertyGuru CEO Hari Krishnan shared in a statement that the company had fared well amid challenges such as rising interest rates and government credit intervention.

For 2023, the company said it aims to hit revenue of between US$118.9 million to US$126.3 million and adjusted EBITDA of  US$8.2 million to US$11.2 million. These represent increases of up to 25% and about 4%, respectively, from its numbers last year.

The firm also noted that the integration and scaling of home services startup Sendhelper, which the company acquired last October, is expected to impact its profitability next year.

Founded in 2007, PropertyGuru said it serves 41 million property seekers across Southeast Asia to connect them to more than 63,000 agents monthly.

See also: PropertyGuru’s financial health in 5 charts

Currency converted from SG dollar to US dollar: US$1 = S$1.35.