PropertyGuru Turns Profitable in Q4 as Singapore Market Recovers

PropertyGuru, Southeast Asia’s largest online property marketplace, reported a net profit of S$1.1 million in Q423 after it recovered from a $5m net loss in 4Q22.

The company’s revenue for the fourth quarter rose 3.5% year-on-year to US$30.9 million, mainly due to a strong recovery in its core market of Singapore. 

The growth that the company experienced in the Singapore market was driven by higher demand for its agent services, project marketing, and mortgage marketplace products.

The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter surged to US$6.6 million from US$374,000 in the same quarter a year ago, reflecting its improved operational efficiency and cost management.

For the full year of 2023, PropertyGuru’s revenue increased 10.5% year-on-year to US$111.6 million, while its net loss narrowed 88.2%…