SINGAPORE (THE BUSINESS TIMES) - PropertyGuru is the first among Singapore-based start-ups to turn profitable following its listing in the United States.
For the first time since its listing in March, the property portal reported on Thursday (Aug 25) that its second-quarter net income for the financial year 2022 ended June 30 had turned positive, coming in at $3.8 million.
This is a reversal from a net loss of $139.8 million in the same quarter a year ago.
PropertyGuru's revenue increased 43.6 per cent year on year to $33 million from $23 million over the same period. For the first half of financial year 2022, revenue came in at $61.3 million.
The proptech company said in a statement that this was balanced with growth across all markets and business segments.
"Investments made over the last two years are gaining traction now, as real estate markets emerge from the pandemic-induced slowdown," it said.
Its Malaysia marketplace segment recorded the highest revenue growth, increasing from $2.2 million to $5.9 million, a jump of 169.7 per cent.
Revenue for its Singapore marketplace increased by 30.6 per cent to $17.3 million, from $13.2 million over the same period.
Its adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) was $3 million in the second quarter of financial year 2022, a reversal from a loss of $2 million a year ago.
Its earnings per share, attributable to shareholders of the New York-listed company, is also in the black at 2 cents per share, compared with a loss of U$2.48 per cent share over a year ago.
PropertyGuru maintains its full-year outlook of approximately 44 per cent revenue growth, driven by the strong start to 2022 and growth across all core markets.
It expects to return to full-year positive adjusted Ebitda, as it realises the full benefits of its pandemic-period investments.
However, it also cautioned that this outlook could be hit by uncertainty around rising inflation and interest rates, government policy and fiscal intervention, political instability and other macro factors.
Mr Hari Krishnan, the company's chief executive officer and managing director, said that its strategy of increasing its customer value proposition is proving effective, as returns on investments made over the past few years have begun to come in.
"Going forward, we expect to capitalise on both organic and inorganic opportunities to further expand our world-class solutions to customers. Even with our growing business strength, we remain vigilant around potential market challenges from rising inflation and interest rates and other global macro headwinds," he added.
PropertyGuru's shares closed up 2.6 per cent, or 12 US cents, at US$4.80 on Thursday in New York, after its earnings announcement.
Correction note: An earlier version of this article said PropertyGuru's revenue increased 44.3 per cent year on year to $33 million. It should be 43.6 per cent. We are sorry for the error.