PropertyGuru says business has logged double-digit per cent growth in a year
The shedding of non-core assets following its privatisation, and strong performance in key markets are driving gains in adjusted Ebitda, says its CEO
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[SINGAPORE] Lewis Ng, who took over as chief executive at PropertyGuru in March, has had a busy four months. But he is back on familiar ground, having first spent six years as chief business officer of the online real estate portal from 2014.
In his first media interview since taking up the CEO post in March, he told The Business Times that PropertyGuru’s revenue and adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) grew by double digits between June 2024 and June this year. The company’s last announced adjusted Ebitda was S$6.8 million for the quarter ended Jun 30, 2024.
Ng said: “We made decisions to exit parts of our business that were a bit further away from our core business, which actually was quite costly … And as a result, we restructured and removed some of those costs, (which) drove a significant impact to our profitability.”
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