PropertyGuru delivers US$74.4 mil revenue in 2021

• Revenue exceeded forecast by 3.3%
• Revenue up from US$60.6 million in the same period last year

PropertyGuru Group posted a 22.7% increase in its total revenue to US$74.4 million (RM311.9 million) for FY2021, up from US$60.6 million (RM254 million) in the year-ago period.

In a statement, the group said the reported revenue exceeded its FY2021 forecast of US$72 million by 3.3% and believes it reflects the rising confidence in the property market.

The group, which has a presence in three countries in South-east Asia, saw growth in Singapore, Vietnam and Malaysia over FY2021. It said its engagement market share in Singapore and Malaysia grew, while Vietnam saw a rise in new property listings.

Hari Krishnan (pic), chief executive officer and managing director, PropertyGuru, said despite the uneven recovery from Covid-19 across Southeast Asia, PropertyGuru continued to execute well in 2021 delivering strong financial results. 

“Southeast Asia’s growth is being propelled by the long-term fundamentals of urbanisation, digitalisation and a rising middle class, and we exited 2021 with good momentum in the real estate sector in our key markets, as COVID restrictions eased,” he said. 

PropertyGuru said it is expecting revenue in FY2022 to grow 44% year on year to US$106.9 millon. Its higher revenue estimates come on the back of the group's strong business momentum in the year to date as well as its projected growth of South-east Asian markets as they emerge from the impact of Covid-19.

[RM1 = US$0.239]

The group also reaffirmed the expectation of a return to positive adjusted EBITDA, as the benefits of increased investment in people and marketing through Covid and integration of the REA Malaysia assets come through, it said.

It also previously announced a business combination with Bridgetown 2 Holdings Limited, a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC.

Bridgetown 2’s Extraordinary General Meeting for its shareholders to approve the business combination will be held at 10.00am Eastern Time on March 15.