PropertyGuru Group (PGRU) Q2 2024 earnings summary

Executive summary

• Revenue rose 10% year-over-year to S$41 million in Q2 2024, driven by growth in Vietnam and continued strength in Singapore, Malaysia, and fintech/data services.

• Adjusted EBITDA increased 48% to S$7 million, with margin improving to 17% from 13% in Q2 2023.

• Net loss widened to S$16 million from S$6 million in Q2 2023, impacted by restructuring and strategic review costs.

Financial highlights

• Marketplaces revenue grew 11% year-over-year to S$39 million, led by Singapore (+16%), Malaysia (+12%), and Vietnam (+4%).

• Fintech & Data services revenue increased 3% to S$1.6 million.

• Cash and cash equivalents stood at S$309 million at quarter-end.

• Basic and diluted loss per share was S$0.10 for Q2 2024, compared to S$0.04 in Q2 2023.

Outlook and guidance

• Management highlights ongoing market recovery in Vietnam and continued agent and ARPA growth in Singapore.

• The company is undergoing a strategic reorganization and is subject to a pending acquisition by EQT Private Capital Asia.