PropertyGuru grows FY2021 revenue by 22.7% to S$100.7m
SINGAPORE-based real estate firm PropertyGuru Group posted a 22.7 per cent increase in its total revenue to S$100.7 million for FY2021, up from S$82.1 million in the year-ago period.
In a press release on Monday (Feb 28), the group said the reported revenue exceeded its FY2021forecast of S$97.5 million by 3.3 per cent and believes it reflects the rising confidence in the property market.
This comes as PropertyGuru prepares to go public through a merger with Bridgetown 2 Holdings, a special purpose acquisition company (SPAC) backed by billionaire Peter Thiel and Hong Kong tycoon Richard Li.
PropertyGuru also announced that Bridgetown 2's extraordinary general meeting for its shareholders to approve this business combination will be held at 10 am on Mar 15, 2022.
This deal includes plans to create a combined entity with an enterprise value of around US$1.35 billion and an equity value of about US$1.78 billion.
The group, which provides real estate services to countries in South-east Asia, saw growth in Singapore, Vietnam and Malaysia over FY2021 as well. PropertyGuru said its engagement market share in Singapore and Malaysia grew, while Vietnam saw a rise in new property listings.
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PropertyGuru's chief executive officer and managing director Hari Krishan noted that even as Covid-19 recovery was uneven across South-east Asia, the group managed to deliver strong financial results.
"Southeast Asia's growth is being propelled by the long-term fundamentals of urbanisation, digitalisation and a rising middle class, and we exited 2021 with good momentum in the real estate sector in our key markets, as Covid restrictions eased," he added.
PropertyGuru is expecting revenue in FY2022 to grow 44 per cent year on year to S$145.1 million.
Its higher revenue estimates come on the back of the group's strong business momentum in the year to date as well as its projected growth of South-east Asian markets as they emerge from the impact of Covid-19.
As such, the group believes it is on track for a return to positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) - a measure that takes earnings and adds back interest expenses, taxes, depreciation charges and other adjustments to the metric.
PropertyGuru's adjusted EBITDA excludes share-based payments; costs of its recent acquisition and integration of REA Group in Malaysia; one-off and ongoing costs of listing; as well as the impact from listing proceeds investments.
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