PropertyGuru *Official * (NYSE: PGRU)

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PropertyGuru Q1 loss narrows to $6.3 million​

https://www.straitstimes.com/business/propertyguru-q1-loss-narrows-to-63-million

SINGAPORE - Online property portal PropertyGuru posted a narrower net loss of $6.3 million for the first quarter ended March, compared with a $10.2 million net loss in the same period in 2023.

The decrease comes after the New York Stock Exchange-listed real estate platform made positive earnings in the previous two sequential quarters.

Revenue for the quarter rose 11.9 per cent to $36.5 million, from $32.6 million a year ago, on the back of strong growth in the Singapore marketplace segment, based on PropertyGuru’s financials released on May 21.

Basic loss per share for the period stood at four cents, compared with six cents of loss per share in the year-ago period.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter rose to $4.5 million from $220,000 in the first quarter of 2023.

Fintech and data services revenue was 3 per cent down at $1 million in the first quarter, while marketplaces revenue increased 13 per cent on the year to $35 million as strong results in Singapore offset a slower recovery in Vietnam and Malaysia.

Singapore marketplaces revenue increased 25 per cent to $23.5 million, driven by growth in both the number of agents and the average revenue per agent.

Malaysia marketplaces revenue was $6.7 million, compared with $6.8 million in the first quarter of 2023, as property pricing remains elevated relative to consumer expectations, shifting the focus to rental listings in the near term, said PropertyGuru.

Mr Hari Krishnan, chief executive officer and managing director of PropertyGuru, noted that despite near-term challenges, the company expects a positive outlook for the Malaysian market on a reviving property-buying sentiment based on its consumer survey.

Vietnam marketplaces revenue was almost flat year over year at $3.3 million in the first quarter as a 13 per cent increase in the average revenue per listing was offset by a 13 per cent decrease in listings amid a sustained market weakness.

“In Vietnam, we are seeing a gradual improvement in the property market towards the end of the quarter, with listings on our platform hitting a 12-month high in March,” said Mr Krishnan.

The company’s chief financial officer Joe Dische highlighted “selective hiring and focused investment” for the remainder of 2024.

He added: “We plan to continue to invest in automation, leverage our existing technologies and generative AI to both provide superior customer experiences and manage our cost base as we drive continued revenue growth. Our full-year revenue outlook of $165 million to $180 million and full-year adjusted Ebitda outlook of $22 million to $26 million are unchanged.” THE BUSINESS TIMES

 

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KKR, TPG said to weigh options for PropertyGuru including buyout​

https://www.straitstimes.com/busine...igh-options-for-propertyguru-including-buyout

KUALA LUMPUR - KKR & Co and TPG are exploring options including a buyout of South-east Asian online real estate platform PropertyGuru Group, said people familiar with the matter.

The US private equity companies are working with a financial adviser to help gauge initial interest from other global investors in New York-listed PropertyGuru, the people said, asking not to be identified because the matter is private.

KKR and TPG, which own about 26.5 per cent and 29.6 per cent of PropertyGuru, respectively, could also opt to buy the remaining shares they do not already hold, the people said.

Considerations are preliminary and no final decisions have been made, according to the people.

A representative for KKR declined to comment on the subject. TPG and PropertyGuru did not immediately respond to requests seeking comment.

PropertyGuru’s shares have climbed 32 per cent in 2024, valuing it at US$723 million (S$976 million).

Singapore-based PropertyGuru went public in New York in 2022 after a merger with Bridgetown 2 Holdings, a special purpose acquisition company backed by billionaires Richard Li and Peter Thiel.

Australia’s REA Group also owns a significant minority stake in the business as part of a broader deal in 2021.

Established in 2007 and led by chief executive Hari V. Krishnan, PropertyGuru provides online property search services in markets including Singapore, Malaysia, Vietnam and Thailand. BLOOMBERG

 

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PropertyGuru to be acquired for US$1.1 billion and taken private​

https://www.channelnewsasia.com/singapore/propertyguru-acquisition-eqt-private-capital-asia-4550501