- PropertyGuru returned to profitability in Q4, second straight profitable quarter.
- Revenue grew 3.5% YoY, driven by Singapore marketplaces, aided by cost optimization.
- Pursuing M&A, AI innovation to continue growth, while struggling in Vietnam.
Singapore-based online property marketplace PropertyGuru posted a net income of $820,000 in Q4 2022, reversing from a $3.9 million net loss a year prior.
This marked the second straight quarter of profitability for the company. Revenue grew 3.5% year-over-year to $30.9 million, driven by the performance of its Singapore marketplaces, which helped offset challenges in Vietnam.
Annual revenue rose
For the full year 2022, PropertyGuru narrowed its net loss substantially to $11.4 million compared to 2021. Meanwhile, total annual revenue rose 10.5% to $111.6 million.
CEO Hari Krishnan attributed the improved financials to a laser focus on optimizing costs, process automation, code quality enhancements, and productivity gains.
Growth via M&A and AI
Moving forward, Krishnan stated that PropertyGuru will continue pursuing potential M&A opportunities, such as its recent purchase of home services provider Sendhelper.
The company also plans to make selective hires and invest in innovation plays like generative AI to drive long-term growth. It has introduced a 2024 revenue outlook of $122.7 million to $133.9 million.
Struggling in Vietnam
Vietnam remains a difficult market for PropertyGuru, given ongoing government efforts to restabilize the country’s property sector. However, through tight cost control measures, the company has been able to increase adjusted EBITDA margins to 13% in Vietnam despite dropping revenue.
PropertyGuru is closing 2 out of 9 branches there as part of a strategic review.
To read the original article in its entirety: https://www.techinasia.com/propertyguru-reports-net-profit-q4-higher-sg-revenue
