PropertyGuru Group, Southeast Asia's leading property technology company, has released up-to-date numbers for its 2022 performance, with significant revenue growth across each of its segments.
After a highly anticipated IPO in March 2022, the long and short of it is that PropertyGuru continues to be a loss-making business.
But the key takeaway is a significant revenue boost for the Group, up 35% to S$136M for the full year—while net losses slimmed down from S$7.4M to S$5M.
Singapore is the key revenue driver, contributing S$18M of the Group's S$40M Q4 revenue. Singapore also contributed over S$69M of the Group's total marketplace revenue for the year, which rose to S$136M (from S$100M in 2021).
PropertyGuru's Fintech and data services constituted just S$1.7M of the Group's Q4 revenue, and operated at a slight net loss of S$2M.
Hari V Krishnan, CEO and managing director at PropertyGuru Group, said:
“We are pleased with our results, as PropertyGuru performed well in the face of several transitory challenges that continue to impact our core markets.
“Last year was a historic year for PropertyGuru, as we took the next step in our company’s evolution by listing on the NYSE. Going forward, we see great opportunity in 2023 and beyond as we continue to offer our customers differentiated solutions while looking to opportunistically deploy capital to accelerate the Company’s ongoing expansion.”
The Group shared updated figures for its market leadership across Asia. Notably, the Group continues to hold a dominant 81% market share in Singapore and majority interests in Malaysia (93%), Vietnam (75%) and Thailand (58%).
The Group anticipates full year revenues for 2023 between S$160M-170M, while EBITDA will reach between S$11M-15M for the year.
The acquisition of Sendhelper, which the Group initially stated would not materially impact 2022's performance, is now expected to negatively impact profitability by between S$3M-4M in 2023.
In March 2022, the Group floats on the NYSE with an estimated $440M cash injection.
In August 2022, the Group announced a partnership with CTOS—Malaysia’s leading Credit Reporting Agency—which the company says will accelerate its investment in proptech innovation.
In October 2022, the Group updates its brand positioning for B2B expansions.
Also in October, Sendhelper acquisition means PropertyGuru will now offer at-home services including repair services and cleaning from around 2,000 verified vendors and freelancers in Singapore.
December 2022, completes acquisition of iProperty Malaysia, meaning the Group now owns all the shares in REA Group Ltd’s entities in Malaysia and Thailand.
And most recently, the Group appointed Disha Goenka Das as the Group's new CMO in January, after being tempted away from Twitter.