PropertyGuru Group registers improved results for Q4'23

PETALING JAYA: PropertyGuru Group Limited, Southeast Asia’s leading property technology (proptech) company, posted revenue of S$42 million (RM147.8 million) in the fourth quarter ended Dec 31, 2023 which was an increase of 4% year over year.

Net profit was S$1 million in the fourth quarter and adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) was S$9 million.

This compares to a net loss of S$5 million and adjusted Ebitda of S$0.5 million in the fourth quarter of 2022.

CEO and managing director Hari V. Krishnan said “Our 2023 results demonstrate our ability to navigate challenging macro-economic conditions and our commitment to profitability. We delivered double-digit revenue growth and a double-digit adjusted Ebitda margin for the full year. This is a clear testament to our ability to create value for our customers and help property-seekers achieve their home-ownership goals.”

Despite less than favourable market conditions in Vietnam and Malaysia, they were able to achieve these results by being laser-focused on optimising costs, adopting internal process automation, improving code quality and productivity, he added.

On the technology front, Hari said they continue to invest in the transformational use of generative AI and automation to place them at the forefront of property technology and set them up for consistent improvement in productivity for years to come.

“We continue to make proactive changes to build a sustainable, future-proofed business. Following our principle to make focused investments in our identified priorities, we have undertaken a strategic step towards rearchitecting our organisation. This will ensure we have set our investment levels commensurate to the opportunity presented, with the right efficiencies to deliver scalable profitable growth for years to come.”

Going forward, Hari said that while they anticipate ongoing macro challenges, their blueprint for success remains clear – innovate and advance through talent and technology.

Chief financial officer Joe Dische said they delivered 11% revenue growth and a 13% adjusted Ebitda margin despite significant macro challenges in two core markets, Vietnam and Malaysia.

“As we enter 2024 and get closer to positive inflection points in Vietnam and Malaysia, we are encouraged by how successful our internal cost-control, efficiency, and automation efforts were in 2023. We spent the year balancing product innovation and investment with careful cost management and reaped the benefit of these activities throughout the year, particularly in the fourth quarter when our adjusted Ebitda margin jumped to 22% from 1% in the prior year quarter,” he added.

He said net income in the fourth quarter of 2023 was S$1 million, a distinct improvement over a loss of S$5 million in the fourth quarter of 2022, and the second sequential quarter in a row of positive net income.

For the full year 2023, he added, all their marketplaces were adjusted Ebitda positive with significant adjusted Ebitda margin growth in Singapore, Malaysia, and Other Asia.