PropertyGuru Limited

Q1 2024 revenue was SGD 37 million, up 12% year over year. Adjusted EBITDA margin was 12%, versus less than 1% in Q1 2023, with adjusted EBITDA costs flat year over year. Singapore revenue was SGD 24 million, up 25%, with adjusted EBITDA of SGD 19 million and a 79% margin; Singapore ARPA was up 22% and the agent base exceeded 16,400. Malaysia revenue was SGD 7 million, flat year over year, with adjusted EBITDA of SGD 4 million and a 52% margin; on a local-currency basis, revenue was up 5%. Vietnam revenue was SGD 3 million, flat year over year, with adjusted EBITDA breakeven; on a local-currency basis, revenue was up 3%. The company ended the quarter with SGD 300 million in cash. Full-year 2024 guidance was reaffirmed at revenue of SGD 165 million-SGD 180 million and adjusted EBITDA of SGD 22 million-SGD 26 million.

Jeremy Williams framed the quarter as proof of PropertyGuru’s operating leverage and resilience, emphasizing that the company delivered double-digit revenue growth and double-digit adjusted EBITDA margin despite softer market conditions. He pointed to strong competitive positioning in all four markets, especially Singapore, and said the company is benefiting when agents shift spend to channels with the best ROI. His tone was constructive on Vietnam and Malaysia, where he described “green shoots” of recovery and said PropertyGuru is using the period to improve products, efficiency, and go-to-market execution.

Jolyon Dische said the quarter showed profitable growth, with revenue up 12% to SGD 37 million while adjusted EBITDA costs stayed flat year over year, driving margin expansion to 12% from less than 1%. He highlighted Singapore’s profitability, including SGD 19 million of adjusted EBITDA on SGD 24 million of revenue, and noted that the company ended with SGD 300 million in cash. On guidance, he reiterated full-year 2024 revenue of SGD 165 million-SGD 180 million and adjusted EBITDA of SGD 22 million-SGD 26 million, while saying costs remain disciplined but that some spending will rise later in the year as holidays pass and the company continues investing in growth.

Analysts focused on whether PropertyGuru is gaining share versus underlying market conditions, how much Vietnam and Malaysia are really recovering, the impact of AI on monetization, and what is driving Singapore ARPA growth. Management said the business is well positioned to capture spend when agents seek higher ROI, that AI is mainly being used today to improve consumer experience and agent efficiency rather than direct monetization, and that Singapore ARPA growth came from pricing actions, greater penetration of debt products, and dynamic pricing. On Vietnam, they said it is too early to call the recovery V-shaped, but government reforms, higher sentiment, and an internal transformation initiative give them confidence. On fintech and corporate costs, management said mortgage volumes have been softer in Singapore, FastKey was closed last year, and corporate costs should continue to fall as a percentage of revenue.