PropertyGuru Reports Second Quarter 2024 Results

PropertyGuru Reports Second Quarter 2024 Results Revenue of S$41 Million and Adjusted EBITDA of S$7 Million

• Total revenue grew 10% to S$41 million in the second quarter of 2024, with growth from Vietnam as market conditions continue to improve
• Adjusted EBITDA grew to S$7 million in the second quarter of 2024, up 48% from S$5 million in the second quarter of 2023
• Adjusted EBITDA margin of 17% in the second quarter of 2024, up from 13% in the second quarter of 2023

PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading¹, property technology (“PropTech”) company, today announced financial results for the quarter ended June 30, 2024. Revenue of S$41 million in the second quarter of 2024 increased 10% year over year. Net loss was S$16 million in the second quarter and Adjusted EBITDA² was positive S$7 million. This compares to net loss of S$6 million and Adjusted EBITDA² of positive S$5 million in the second quarter of 2023.
Financial Highlights – Second Quarter 2024

• Total revenue increased 10% year over year to S$41 million in the second quarter.
• Marketplaces revenues increased 11% year over year to S$39 million in the second quarter driven by improving conditions in Malaysia and Vietnam combined with ongoing strength in Singapore.
• Revenue by segment:
• Singapore Marketplaces revenue increased 16% year over year to S$25 million, as the number of agents and the Average Revenue Per Agent (“ARPA”) grew in the quarter. Quarterly ARPA was up 17% in the second quarter to S$1,464 as compared to the prior year quarter and the number of agents in Singapore was up almost 500 to 16,577 from the second quarter of 2023. The renewal rate was 81% in the second quarter of 2024.
• Malaysia Marketplaces revenue increased 12% year over year to S$7 million, as the Company continues to benefit from iProperty and PropertyGuru Malaysia’s combined market strength.
• Vietnam Marketplaces revenue increased 4% year over year to S$5 million, as an increase in the number of listings was partially offset by a decrease in average revenue per listing (“ARPL”). The number of listings was up 17% to 1.5 million in the second quarter compared to the prior year quarter. ARPL was S$3.46, down 10% from the second quarter of 2023.
• Fintech & Data services revenue increased 3% year over year to S$1.6 million.
• At quarter-end, cash and cash equivalents were S$309 million.