- PropertyGuru returned to profitability in Q3 with 5% revenue growth led by Singapore and Malaysia gains.
- Vietnam revenue dropped 33% on property struggles, so the company is focused on efficiency.
- Although Vietnam lags, overall PropertyGuru’s recovery remains intact amid mixed Southeast Asian conditions.
Singapore listings portal returns to net profitability with 5% revenue growth led by Malaysia and Singapore gains, though Vietnam still lags.
Back in the black
PropertyGuru has returned to net income profitability in its latest Q3 2022 results, supported by a 5% year-over-year lift in total revenue.
The property listings portal saw strong contributions from key markets like Singapore and Malaysia, which generated $16.8 million combined. However, due to property market struggles, Vietnam’s revenue dipped nearly 33%.
PropertyGuru posted $3.9 million in adjusted EBITDA, more than double year-ago levels.
Automation is the mantra
CEO Hari V. Krishnan said the company keeps boosting efficiency through automation and other technologies to improve margins.
Krishnan noted PropertyGuru will be “laser-focused” on company-wide investments as it awaits clarity on Vietnam’s real estate policies before reviving growth there.
Overall, the results signal that PropertyGuru’s recovery remains intact amid mixed Southeast Asian conditions.
While Policy uncertainty continues to weigh on Vietnam’s performance, profitable growth in Singapore and Malaysia underscores the company’s progress toward sustainable financial health.
