PropertyGuru Group Q1 2024: Revenues Up 12% YoY as Net Losses Shrink

Singapore-based marketplace operator PropertyGuru Group has released its Q1 figures for the year, with net losses shrinking year-on-year as the publicly listed company pursues profitability.

Highlights include:

• Total revenue increased 12% year over year to S$37 million
• Marketplace revenue increased 13% year over year to S$35 million
• Singapore marketplace revenue increased 25% to S$23.5 million
• Quarterly ARPA was up 22% to S$1,368
• Net losses shrunk 38% YoY, to S$6.3 million (was S$10.2 million last year)

Despite solid growth year-on-year, it was a slightly disappointing performance quarter-on-quarter for PropertyGuru, with Singapore the only segment growing over Q4 2023—each of the other four segments all recorded reduced revenues.

Hari V Krishnan, CEO at PropertyGuru Group, said:

"Across Southeast Asia, we have seen governments introduce robust policies and budgets to accelerate growth, resulting in uplifted property sentiment. In the first quarter of 2024, we delivered double-digit revenue growth, with the Singapore business showing particular strength.

"In Vietnam, we are seeing a gradual improvement in the property market towards the end of the quarter, with listings on our platform hitting a 12-month high in March. Despite near-term challenges, we see a positive outlook for the Malaysian market, with our latest consumer sentiment survey indicating that 1 in 3 Malaysians intend to buy a property in the next two years.

"We are encouraged to see agents in Singapore continue to adopt our AI supported product features to enhance the quality of their listings and engagements. Our new AI video feature, introduced in January, has close to 60% of agents using it after their first trial. As part of our efforts to assist an industry adopting increased professionalism, we rolled out our Professional Agent Verification process in Vietnam, which saw more than 500 agents verified in the first week.

"I am also proud to share that we have released our first sustainability report. This is supported by the recently launched ‘Gurus For Good’ program, our sustainability mandate. This year our solutions will play a bigger role in empowering our customers as we power communities to live, work, and thrive in tomorrow’s cities."

As expected, Singapore drove the majority of PropertyGuru's revenue in Q1, recording a healthy 24.7% growth for the quarter.

However, PropertyGuru's struggles in Vietnam continue, where difficult market conditions led to the company closing two unprofitable branches earlier this year as part of a 79-person layoff process in February.

Edmund Keith, editor at Online Marketplaces, wrote an excellent analysis piece on PropertyGuru earlier this year and it is well worth a read for anyone who wants to find out more about the "crazy" Singapore real estate market.