Propertyguru’s Q1 FY2022 revenue rises as losses grow on business combination costs

THE revenue for regional property marketplace PropertyGuru for Q1 FY2022 ending Mar 31 jumped 42 per cent to S$28.2 million from S$19.9 million, driven by momentum in its marketplaces, it said in a bourse filing on Thursday (May 26).

However, its losses for the quarter ballooned to S$120.3 million — from S$10.8 million — driven mainly by costs incurred from the business combination with special-purpose acquisition company Bridgetown 2 Holdings.

Revenue from the Malaysia marketplace surged 192.3 per cent to S$5.4 million from S$1.9 million, driven by the successful integration of the iProperty business. Over in Vietnam, revenue rose 18.6 per cent to S$5.1 million, driven by a 14.6 per cent increase in the number of listings to 1.65 million, and a 2.4 per cent growth in average revenue per listing to S$2.98.

Revenue for the Singapore marketplace grew 23.8 per cent to S$15 million from S$12.1 million. The quarterly average revenue per agent rose 25.2 per cent year on year to S$947, on the back of increased premium-product adoption and an increase in subscription price in Q4 2021. There are now 14,719 agents, with a renewal rate of 79 per cent.

The fintech and data-services segment also rose 50.7 per cent to S$1 million from S$676,000, driven by growth in the property mortgage marketplace.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for Q1 FY2022 turned positive to S$884,000, from negative S$2.8 million a year ago. Adjusted Ebitda is the net loss net of share grant and option expenses, business acquisitions and integration costs, legal and professional expenses incurred for the listing and ongoing costs of a listed entity.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Hari Krishnan, the company’s chief executive officer and managing director, said: “This performance demonstrates that our investments in talent and technology over the last 2 years have been delivering positive results as our markets emerge from the slowdown induced by Covid-19. We are pleased to see increased participation from our agent partners in our core marketplaces as property markets start to recover.”

The company confirms that it is on track to achieve its full-year guidance for FY2022. It expects to deliver a 44 per cent year-on-year revenue growth and return to a full-year positive adjusted Ebitda.

“We also continue to actively pursue strategic growth opportunities to expand our world-class solutions for customers,” said Krishnan.

Shares of PropertyGuru closed down 2 per cent or US$0.13 to US$6.54 on the New York Stock Exchange on Wednesday (May 26).