PropertyGuru has released its financial results for the quarter ending June 30, reporting a strong recovery from an EBITDA loss of S$2million in the same period last year.
The Company reiterated its full year 2022 outlook of approximately 44% revenue growth, driven by the strong start to 2022 and growth across all core markets.
Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru, said:
"Second quarter results built on the strong start to the year. The strategy of increasing our customer value proposition is proving effective, as we see the return on investments made over the past few years. The second quarter saw us deliver more tools and features that further enhance the customer experience as the pace of our internal innovation accelerates.
"Going forward, we expect to capitalize on both organic and inorganic opportunities to further expand our world-class solutions to customers. Even with our growing business strength, we remain vigilant around potential market challenges from rising inflation and interest rates and other global macro headwinds."
Joe Dische, Chief Financial Officer, PropertyGuru, added:
"Second quarter revenues were up 44% year over year, building on the first quarter’s solid performance and setting us up for a strong back half of 2022. Growth was balanced across all business segments and the further leveraging of our cost structure helped drive positive Adjusted EBITDA."
PropertyGuru pointed to its extensive presence in the majority of south Asia, including near-monopolies in the Singaporean (76% market share), Vietnamese (75%) and Malaysian (96%) portal markets. The company also has a majority share of the Thai market (59%) and a minority share in Indonesia (21%).