PropertyGuru Group has released its Q2 financial results for 2024.
Highlights include:
PropertyGuru Group is the leading portal operator in Singapore with further presence in Thailand, Malaysia and Vietnam as well as running its own Fintech & Data segment.
The Group is a publicly listed company on the New York Stock Exchange, but this won't be the case for much longer; after months of rumours, news emerged last month that PropertyGuru is set to be taken private by private equity firm EQT for circa $1.1 billion - just two years after the company floated on the public market.
PropertyGuru typically relied on its native Singapore to deliver the majority of revenues for the quarter. The Group's strong position in the city-state has never been in doubt and it has become a clear market leader since being founded in 2007.
Singapore Marketplace revenue increased 16% YoY to S$25 million, as the number of agents and the Average Revenue Per Agent (“ARPA”) both grew for the quarter.
Singapore's Quarterly ARPA was up 17% to S$1,464 compared to Q2 2023, and the number of agents in Singapore was up almost 500 to 16,577 from Q2 2023. The renewal rate was 81% in Q2 2024.
Malaysia Marketplace revenue increased 12% YoY to S$7 million, as the Company continues to benefit from iProperty and PropertyGuru Malaysia’s combined market strength.
Vietnam Marketplace 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 previous year quarter.
Vietnam ARPL was S$3.46, down 10% from the second quarter of 2023 amid tough market conditions.
Fintech & Data services revenue increased 3% YoY to S$1.6 million at an EBITDA margin of -185%, widening from -176% in Q2 2023. The segment has, in reality, never quite taken off for PropertyGuru and this will likely be a priority for new owners EQT
Overall, PropertyGuru has recorded continued net losses quarter-on-quarter for quite some time, with rumours of a privatisation bid coming to a head in August. Given PropertyGuru's reliance on market expectations to maintain its share value, perhaps operating behind closed doors will allow the Group to refocus its strategy and reach profitability outside the public domain.
Interestingly, the Group spent S$5 million on a strategic review in Q2, partly explaining the heavier losses. Other drivers of widening net losses included changes in the fair value of preferred shares, warrant liability, and embedded derivatives, accounting for circa US$8 million of its net loss for the quarter.
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