PropertyGuru, the Southeast Asian property listings firm backed by TPG Capital and KKR & Co, has reported a 24-per cent revenue growth in 2019 to S$88.4 million ($62 million), its fourth straight year of growth in a tough real estate market.
This is the first time the real estate classifieds platform has disclosed its annual financial performance.
In its fiscal year 2019 report released Wednesday, PropertyGuru revealed that its EBITDA increased 64 per cent year-on-year to S$8.6 million ($6.1 million). Its EBITDA margin for the year stood at 9.7 per cent, versus 7.27 per cent for 2018.
Operating free cash flow stood at S$14.2 million ($10 million).
“As anticipated, we have seen strong top-line growth across all our key markets and delivered further improved EBITDA and operating cashflow,” said PropertyGuru Group CEO and managing director Hari V. Krishnan.
The group also claims to dominate the market in Southeast Asia, with a 59 per cent market share. In Singapore and Vietnam, PropertyGuru holds 75 per cent and 69 per cent market shares, respectively, according to the report.
During the fiscal year, PropertyGuru grew its monthly real estate listings to 2.7 million and its active agents to 45,000. Additionally, its platform recorded 24.5 million monthly property seekers and 80 per cent growth in organic traffic.
“Our unit economics look solid, execution was robust, and our strategy for the future is ambitious,” Krishnan said.
PropertyGuru made headlines last year when it scrapped its IPO plans. It withdrew its ASX listing in October, citing market uncertainties.
In an interview with Bloomberg, Krishnan said it is unclear when the firm might attempt a listing again, given the economic uncertainty in the wake of COVID-19.
As the coronavirus pandemic has forced developers, agents, and customers to stay at home, the group said it enhanced its PropertyGuru Fastkey offerings to bring views and walkthroughs of apartments and entire projects straight to the screen of property seekers.
Krishnan said this enables property developers to start marketing their projects much earlier, even before constructing the sales gallery or show flat.
“During this crisis, our home and our community matters the most. We are actively monitoring our communities across Singapore, Vietnam, Malaysia, Thailand, and Indonesia, making sure we follow public health authority recommendations and enabling local housing markets to adapt to these evolving conditions,” he added.
PropertyGuru operates digital property classifieds marketplaces in five countries across Southeast Asia – Singapore, Vietnam, Malaysia, Thailand, and Indonesia — and claims to have over 23 million property seekers on its platforms every month.