PropertyGuru Reports Second Quarter 2024 Results

Rhea-AI Summary

PropertyGuru Group (NYSE: PGRU) reported Q2 2024 financial results with revenue growing 10% year-over-year to S$41 million. The company's Adjusted EBITDA increased 48% to S$7 million, with an improved margin of 17%. Key highlights include:

- Singapore Marketplaces revenue up 16% to S$25 million
- Malaysia Marketplaces revenue increased 12% to S$7 million
- Vietnam Marketplaces revenue grew 4% to S$5 million
- Fintech & Data services revenue up 3% to S$1.6 million

The company maintained a strong cash position with S$309 million in cash and cash equivalents at quarter-end. Despite growth, PropertyGuru reported a net loss of S$16 million, compared to a S$6 million loss in Q2 2023.

Positive

• Revenue increased 10% year-over-year to S$41 million
• Adjusted EBITDA grew 48% to S$7 million
• Adjusted EBITDA margin improved from 13% to 17%
• Singapore Marketplaces revenue up 16% to S$25 million
• Malaysia Marketplaces revenue increased 12% to S$7 million
• Vietnam Marketplaces revenue grew 4% to S$5 million
• Strong cash position with S$309 million in cash and cash equivalents

Negative

• Net loss increased to S$16 million from S$6 million in Q2 2023
• Vietnam's average revenue per listing (ARPL) decreased 10% to S$3.46

Insights

Financial Analyst

PropertyGuru's Q2 2024 results show positive momentum. Revenue grew 10% year-over-year to S$41 million, driven by strong performance in Singapore and Malaysia. Adjusted EBITDA increased 48% to S$7 million, with margins improving from 13% to 17%.

The Singapore market remains a key growth driver, with revenue up 16% and ARPA increasing 17% to S$1,464. The agent base expanded by nearly 500, reaching 16,577. Malaysia and Vietnam also contributed to growth, albeit at a slower pace.

While the company still posted a net loss of S$16 million, the improved Adjusted EBITDA suggests better operational efficiency. The strong cash position of S$309 million provides a solid foundation for future growth initiatives.

Real Estate Market Analyst

PropertyGuru's results reflect a recovering Southeast Asian real estate market. The 17% increase in Vietnam listings indicates growing property supply, though the 10% decrease in ARPL suggests pricing pressures. Singapore's robust performance, with both agent numbers and ARPA rising, points to a buoyant market despite cooling measures.

The 81% agent renewal rate in Singapore is noteworthy, suggesting high satisfaction and market stability. However, the 31.6% revenue decline in 'Other Asia' markets warrants attention and may indicate challenges in less mature markets.

The company's diverse regional presence and strong market share position it well to capitalize on the region's long-term urbanization and digitalization trends. The focus on PropTech solutions beyond traditional listings could be a key differentiator in an increasingly competitive landscape.

Revenue of S$41 Million and Adjusted EBITDA of S$7 Million

• Total revenue grew 10% to S$41 million in the second quarter of 2024, with growth from Vietnam as market conditions continue to improve
• Adjusted EBITDA grew to S$7 million in the second quarter of 2024, up 48% from S$5 million in the second quarter of 2023
• Adjusted EBITDA margin of 17% in the second quarter of 2024, up from 13% in the second quarter of 2023

SINGAPORE--(BUSINESS WIRE)-- PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading¹, property technology (“PropTech”) company, today announced financial results for the quarter ended June 30, 2024. Revenue of S$41 million in the second quarter of 2024 increased 10% year over year. Net loss was S$16 million in the second quarter and Adjusted EBITDA² was positive S$7 million. This compares to net loss of S$6 million and Adjusted EBITDA² of positive S$5 million in the second quarter of 2023.

Financial Highlights – Second Quarter 2024

• Total revenue increased 10% year over year to S$41 million in the second quarter.
• Marketplaces revenues increased 11% year over year to S$39 million in the second quarter driven by improving conditions in Malaysia and Vietnam combined with ongoing strength in Singapore.
• Revenue by segment:
  • Singapore Marketplaces revenue increased 16% year over year to S$25 million, as the number of agents and the Average Revenue Per Agent (“ARPA”) grew in the quarter. Quarterly ARPA was up 17% in the second quarter to S$1,464 as compared to the prior year quarter and the number of agents in Singapore was up almost 500 to 16,577 from the second quarter of 2023. The renewal rate was 81% in the second quarter of 2024.
  • Malaysia Marketplaces revenue increased 12% year over year to S$7 million, as the Company continues to benefit from iProperty and PropertyGuru Malaysia’s combined market strength.
  • Vietnam Marketplaces 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 prior year quarter. ARPL was S$3.46, down 10% from the second quarter of 2023.
  • Fintech & Data services revenue increased 3% year over year to S$1.6 million.
• At quarter-end, cash and cash equivalents were S$309 million.

Information regarding our operating segments is presented below.

		For the Three Months Ended June 30,
		2024				2023				YoY Growth
		(S$ in thousands except percentages)
Revenue			40,678				36,880				10.3	%
Marketplaces			39,125				35,368				10.6	%
Singapore			24,970				21,534				16.0	%
Vietnam			5,257				5,074				3.6	%
Malaysia			7,421				6,602				12.4	%
Other Asia			1,477				2,158				-31.6	%
Fintech and data services			1,553				1,512				2.7	%
Adjusted EBITDA			6,817				4,611
Marketplaces			25,335				20,775
Singapore			19,801				16,560
Vietnam			756				848
Malaysia			5,062				3,966
Other Asia			(284	)			(599	)
Fintech and data services			(2,881	)			(2,657	)
Corporate*			(15,637	)			(13,507	)
Adjusted EBITDA Margin (%)			16.8	%			12.5	%
Marketplaces			64.8	%			58.7	%
Singapore			79.3	%			76.9	%
Vietnam			14.4	%			16.7	%
Malaysia			68.2	%			60.1	%
Other Asia			-19.2	%			-27.8	%
Fintech and data services			-185.5	%			-175.7	%

		For the Six Months Ended June 30,
		2024				2023				YoY Growth
		(S$ in thousands except percentages)
Revenue			77,193				69,508				11.1	%
Marketplaces			74,252				66,568				11.5	%
Singapore			48,470				40,381				20.0	%
Vietnam			8,580				8,402				2.1	%
Malaysia			14,142				13,420				5.4	%
Other Asia			3,060				4,365				(29.9	)%
Fintech and data services			2,941				2,940				0.0	%
Adjusted EBITDA			11,277				4,831
Marketplaces			47,329				37,070
Singapore			38,469				30,567
Vietnam			639				(73	)
Malaysia			8,582				7,468
Other Asia			(361	)			(892	)
Fintech and data services			(5,640	)			(4,862	)
Corporate*			(30,412	)			(27,377	)
Adjusted EBITDA Margin (%)			14.6	%			7.0	%
Marketplaces			63.7	%			55.7	%
Singapore			79.4	%			75.7	%
Vietnam			7.4	%			-0.9	%
Malaysia			60.7	%			55.6	%
Other Asia			-11.8	%			-20.4	%
Fintech and data services			-191.8	%			-165.4	%
*Corporate consists of headquarters costs, which are not allocated to the segments. Headquarters costs are costs of PropertyGuru’s personnel that are based predominantly in its Singapore headquarters and certain key personnel in Malaysia and Thailand, and that service PropertyGuru’s group as a whole, consisting of its executive officers and its group marketing, technology, product, human resources, finance and operations teams, as well as platform IT costs (hosting, licensing, domain fees), workplace facilities costs, corporate public relations retainer costs and professional fees such as audit, legal and consultant fees. A portion of the cost of being a listed entity is also included.

About PropertyGuru Group

PropertyGuru is Southeast Asia’s leading¹ PropTech company, and the preferred destination for over 31 million property seekers³ to connect with over 50,000 agents⁴ monthly to find their dream home. PropertyGuru empowers property seekers with more than 2.1 million real estate listings⁵, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand and Vietnam.

PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 17 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform, Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business, including DataSense, ValueNet, Awards, events and publications across Asia.

For more information, please visit: PropertyGuruGroup.com; PropertyGuru Group on LinkedIn.

______________________________

1 Based on SimilarWeb data between January 2024 and June 2024.

2 Please refer to non-IFRS reconciliation of net income/(loss) to Adjusted EBITDA section for more details.

3 Based on Google Analytics data between January 2024 and June 2024.

4 Based on data between April 2024 and June 2024.

5 Based on data between January 2024 and June 2024.

Key Performance Metrics and Non-IFRS Financial Measures

Our core markets comprise Singapore, Vietnam, Malaysia and Thailand.

Engagement Market Share is the average monthly engagement for websites owned by PropertyGuru as compared to average monthly engagement for a basket of peers calculated over the relevant period. Engagement is calculated as the number of visits to a website during a period multiplied by the total amount of time spent on that website for the same period, in each case based on data from SimilarWeb. Engagement Market Share is based on the prevailing SimilarWeb algorithm on the date the Company first filed or furnished such information to the U.S. Securities and Exchange Commission (“SEC”).

Number of agents in all core markets except Vietnam is calculated for a period as the sum of the number of agents with a valid 12-month subscription package at the end of each month in a period divided by the number of months in such period. In Vietnam, number of agents is calculated as the average monthly number of agents who credit money into their account within the relevant period. When counting in aggregate across the PropertyGuru group, in markets where PropertyGuru operates more than one property portal, an agent with subscriptions to more than one portal is only counted once.

Number of real estate listings is calculated as the average number of listings created monthly during the period for Vietnam and the average number of monthly listings available in the period for other markets.

Average revenue per agent (“ARPA”) is calculated as agent revenue for a period divided by the average number of agents in that period, which is calculated as the sum of the number of total agents at the end of each month in a period divided by the number of months in such period.

Number of listings in Vietnam is calculated as the sum of all listings created in each month over the relevant period (other than listings from promotional accounts). Number of listings is used to calculate average revenue per listing, which is described below.

Average revenue per listing ("ARPL”) is calculated as revenue for a period divided by the number of listings in such period.

Renewal rate is calculated as the number of agents that successfully renew their annual package during a period divided by the number of agents whose packages are up for renewal (at the end of their twelve-month subscription) during that period.

This press release also includes references to non-IFRS financial measures, namely Adjusted EBITDA, Adjusted EBITDA Margin and incremental Adjusted EBITDA over incremental revenue. PropertyGuru uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. PropertyGuru believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS or GAAP results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as net loss and loss before income tax.

Adjusted EBITDA is a non-IFRS financial measure defined as net profit/loss for year/period adjusted for changes in fair value of preferred shares, warrant liability and embedded derivatives, finance costs, depreciation and amortization, tax expenses or credits, impairments when the impairment is the result of an isolated, non-recurring event, share grant and option expenses, loss on disposal of plant and equipment and intangible assets, currency translation profit or loss, fair value profit or loss on lease modifications and contingent consideration, business acquisition transaction and integration cost (including contingent consideration), and the cost of listing or IPO activities.

Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.

Incremental Adjusted EBITDA over incremental revenue is calculated as the increase in Adjusted EBITDA over the period divided by the increase in revenue over the same period.

A reconciliation of net loss to Adjusted EBITDA is provided as follows.

		For the Three Months Ended June 30,
		2024				2023*
		(S$ in thousands)
Net loss			(16,125	)			(6,476	)
Adjustments:
Changes in fair value of preferred shares, warrant liability and embedded derivatives			10,287				(2,246	)
Finance income - net			(2,356	)			(1,897	)
Depreciation and amortization expense			6,898				5,800
Impairment			—				5,719
Share grant and option expenses			1,555				802
Other losses/(gains) - net			338				(18	)
Business acquisition transaction and integration cost			213				597
Strategic review cost			4,997				—
Restructuring cost**			62				2,066
Tax expense			948				264
Adjusted EBITDA			6,817				4,611
		For the Six Months Ended June 30,
		2024				2023*
		(S$ in thousands)
Net loss			(22,417	)			(16,710	)
Adjustments:
Changes in fair value of preferred shares, warrant liability and embedded derivatives			10,593				(110	)
Finance income - net			(4,333	)			(3,317	)
Depreciation and amortization expense			13,354				11,680
Impairment			—				5,719
Share grant and option expenses			2,576				3,060
Other losses - net			307				54
Business acquisition transaction and integration cost			239				2,040
Strategic review cost			5,468				—
Restructuring cost**			4,233				2,066
Tax expense			1,257				349
Adjusted EBITDA			11,277				4,831
* Certain amounts in the prior period have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022.
** The restructuring cost relates to the strategic re-organisation of the Group.

Forward-Looking Statements

Forward-looking statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of PropertyGuru, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; competitive pressures in and any disruption to the industry in which PropertyGuru and its subsidiaries (the “Group”) operates; the Group’s ability to sustain profitability despite a history of losses; the Group’s ability to implement its growth strategies and manage its growth; customers of the Group continuing to make valuable contributions to its platform; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to produce accurate forecasts of its operating and financial results; the Group’s ability to attract traffic to its websites; the Group’s ability to assess property values accurately; the Group’s internal controls; the impact of rising inflation and interest rates on the Group’s business, real estate markets and the economy in general; the impact of government and regulatory policies on real estate or credit markets in Vietnam and other countries in which the Group operates; fluctuations in foreign currency exchange rates, particularly in Malaysia; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) of the countries in which the Group operates; general economic conditions in the countries in which the Group operates; political instability in the jurisdictions in which the Group operates; political unrest, terrorist activities and other geopolitical risks, including the ongoing military actions between Russia and Ukraine and between Israel and Hamas; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic on the business of the Group; the Group’s ability to integrate newly acquired businesses or companies and the success of the Group’s strategic investments and acquisitions; changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; unanticipated losses, write-downs or write-offs; restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required subsequent to, or in connection with, the consummation of the Group’s completed business combination; technological advancements in the Group’s industry; and other risks discussed in our filings with the SEC.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by PropertyGuru or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.

Industry and Market Data

This press release contains information, estimates and other statistical data derived from third party sources and/or industry or general publications, including estimated insights from SimilarWeb and Google Analytics. Such information involves a number of assumptions and limitations, and you are cautioned not to place undue weight on such estimates. PropertyGuru has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information.

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023*				2024				2023*
		(S$ in thousands, except share and per share data)
Revenue			40,678				36,880				77,193				69,508
Other income			2,531				2,034				4,926				3,700
Other (losses) / gains - net			(10,625	)			2,264				(10,916	)			56
Expenses
Sales commission			(2,194	)			(2,061	)			(4,745	)			(4,302	)
Referral fees			(511	)			(678	)			(927	)			(1,150	)
Merchant fees			(1,047	)			(840	)			(1,842	)			(1,499	)
Awards and events costs			(383	)			(378	)			(764	)			(968	)
Advertising and platform fees			(396	)			(416	)			(847	)			(948	)
Salary and staff costs			(20,332	)			(20,377	)			(43,417	)			(40,121	)
Marketing expenses			(3,750	)			(2,968	)			(6,166	)			(6,218	)
Technology expenses			(3,658	)			(3,083	)			(6,906	)			(6,349	)
Legal and professional			(5,717	)			(2,060	)			(7,858	)			(3,138	)
Share grant and option expenses			(1,555	)			(802	)			(2,576	)			(3,060	)
Depreciation and amortization			(6,898	)			(5,800	)			(13,354	)			(11,680	)
Reversal of impairment /(Impairment) loss on financial assets			306				(716	)			178				(677	)
Impairment of intangible assets**			—				(5,469	)			—				(5,469	)
Impairment of plant, equipment and right-of-use assets			—				(250	)			—				(250	)
Finance cost			(116	)			(116	)			(238	)			(248	)
Other expenses			(1,510	)			(1,376	)			(2,901	)			(3,548	)
Total expenses			(47,761	)			(47,390	)			(92,363	)			(89,625	)
Loss before income tax			(15,177	)			(6,212	)			(21,160	)			(16,361	)
Tax expense			(948	)			(264	)			(1,257	)			(349	)
Net loss for the period			(16,125	)			(6,476	)			(22,417	)			(16,710	)
Other comprehensive loss:
Items that may be reclassified subsequently to profit or loss:
Currency translation differences arising from consolidation			1,200				(3,425	)			4,037				(9,068	)
Items that will not be reclassified subsequently to profit or loss:
Actuarial loss from post-employment benefits obligation			—				(4	)			—				(8	)
Other comprehensive income/(loss) for the period, net of tax			1,200				(3,429	)			4,037				(9,076	)
Total comprehensive loss for the period			(14,925	)			(9,905	)			(18,380	)			(25,786	)
Loss per share for loss attributable to equity holders of the Group
Basic loss per share for the period			(0.10	)			(0.04	)			(0.14	)			(0.10	)
Diluted loss per share for the period			(0.10	)			(0.04	)			(0.14	)			(0.10	)
* Certain amounts in the prior period have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022.
** The impairment of intangible assets as at 30 June 2023 consists of impairment in goodwill of S$4,185,000, and impairment in other intangible assets of S$1,284,000.

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
		As of June 30, 2024				As of December 31, 2023
		(S$ in thousands)
ASSETS
Current assets
Cash and cash equivalents			309,370				306,398
Trade and other receivables			16,431				15,810
			325,801				322,208
Non-current assets
Trade and other receivables			2,397				2,677
Intangible assets			378,718				378,178
Plant and equipment			1,467				1,691
Right-of-use assets			6,814				8,414
			389,396				390,960
Total assets			715,197				713,168
LIABILITIES
Current liabilities
Trade and other payables			30,793				26,637
Lease liabilities			3,819				4,222
Deferred revenue			64,313				61,066
Provisions			147				148
Current income tax liabilities			4,097				4,019
			103,169				96,092
Non-current liabilities
Trade and other payables			597				518
Lease liabilities			3,972				5,352
Deferred income tax liabilities			5,588				4,981
Provisions			770				764
Warrant liabilities			11,306				649
			22,233				12,264
Total liabilities			125,402				108,356
Net assets			589,795				604,812
SHAREHOLDERS' EQUITY
Capital and reserves attributable to equity holders of the Group
Share capital			1,095,823				1,094,543
Share reserve			13,298				11,215
Capital reserve			785				785
Translation reserve			(33,876	)			(37,913	)
Accumulated losses			(486,235	)			(463,818	)
Total Shareholders' Equity			589,795				604,812

PROPERTYGURU GROUP LIMITED AND ITS SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
		For the Six Months Ended June 30,
		2024				2023
		(S$ in thousands)
Cash flows from operating activities
Loss for the period*			(22,417	)			(16,710	)
Adjustments for:
- Tax expense*			1,257				349
- Employee share grant and option expense			2,278				2,716
- Non-executive director share grant and option expense			298				428
- Depreciation and amortization*			13,354				11,680
- Impairment of intangible assets			—				5,469
- Impairment of plant, equipment and right-of-use assets			—				250
- Loss/(gain) on disposal of plant and equipment and intangible assets			8				(2	)
- Gain on lease modification			(1	)			—
- (Reversal of impairment)/Impairment loss on financial assets			(178	)			677
- Interest income			(4,571	)			(3,565	)
- Finance cost			238				248
- Unrealised currency translation loss/(gain)			329				(183	)
- Fair value loss/(gain) on warrant liabilities			10,593				(110	)
			1,188				1,247
Change in working capital, net of effects from acquisition
and disposal of subsidiaries:
- Trade and other receivables			(11	)			915
- Trade and other payables			4,233				(2,577	)
- Deferred revenue			3,248				3,502
Cash provided by operations			8,658				3,087
Interest received			4,419				3,221
Income tax paid			(483	)			(290	)
Net cash provided by operating activities			12,594				6,018
Cash flows from investing activities
Additions to plant and equipment			(423	)			(298	)
Additions of intangible assets			(13,219	)			(13,143	)
Proceeds from disposal of plant and equipment			19				2
Net cash used in investing activities			(13,623	)			(13,439	)
Cash flows from financing activities
Interest paid			(223	)			(228	)
Principal payment of lease liabilities			(2,320	)			(2,241	)
Proceeds from issuance of ordinary shares			372				192
Net cash used in financing activities			(2,171	)			(2,277	)
Net decrease in cash and cash equivalents			(3,200	)			(9,698	)
Cash and cash equivalents
Beginning of the six months ended 30 June			306,398				309,233
Effects of currency translation on cash and cash equivalents			6,172				2,261
End of the six months ended 30 June			309,370				301,796
* Certain amounts in the prior period have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240903929336/en/

Media

PropertyGuru Group

Sheena Chopra

+65 9247 5651

sheena@propertyguru.com.sg

Investor

PropertyGuru Group

Nat Otis

+1 860 906 7860

natotis@propertyguru.com

Source: PropertyGuru Group Limited

FAQ

What was PropertyGuru's (PGRU) revenue in Q2 2024?

PropertyGuru (PGRU) reported revenue of S$41 million in Q2 2024, representing a 10% year-over-year increase.

How did PropertyGuru's (PGRU) Adjusted EBITDA perform in Q2 2024?

PropertyGuru's (PGRU) Adjusted EBITDA grew 48% to S$7 million in Q2 2024, with the margin improving from 13% to 17%.

What was PropertyGuru's (PGRU) net loss in Q2 2024?

PropertyGuru (PGRU) reported a net loss of S$16 million in Q2 2024, compared to a S$6 million loss in Q2 2023.

How much cash did PropertyGuru (PGRU) have at the end of Q2 2024?

PropertyGuru (PGRU) reported S$309 million in cash and cash equivalents at the end of Q2 2024.