PropertyGuru earns $17.9 mln revenue from Vietnam market
Southeast Asian leading PropTech PropertyGuru posted revenue of $17.86 million from its Vietnam operation last year, up 28.1% year-on-year, according to the firm’s 2022 financial report.
As a result, Vietnam was the third-biggest revenue source of the firm, after Singapore, its home market, with $51.43 million and Malaysia with $18.86 million. Overall, PropertyGuru recorded a revenue of $100.97 million, up 35% year-on-year.
Skyscrapers in Hanoi. Photo courtesy of Dan Tri newspaper.
In terms of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), Vietnam and Singapore were the only two with positive results of $1.53 million and $24.78 million, respectively.
In the fourth quarter of last year, the business’s revenue grew 16.8% year-on-year to $29.79 million. Of this, the figure of the Vietnamese market fell 6.9% to $4.36 million.
PropertyGuru attributed the revenue fall to governmental actions to tighten credit. The number of house listings on the platform dropped 22% to 1.6 million in the period.
Besides, PropertyGuru affirmed its leading position in market share in Southeast Asia, between 81% in Singapore, 93% in Malaysia, 75% in Vietnam, 58% in Thailand, and 22% in Indonesia.
PropertyGuru is a PropTech company and the preferred destination for over 41 million property seekers to connect with more than 63,000 agents monthly to find their dream homes.
Vietnam's real estate market can recover in late 2023 after turbulence in 2022, says Le Bao Long, director of strategy at Batdongsan.com.vn, a key PropTech business in Vietnam, which joined PropertyGuru in 2018 after initial cooperation in 2016.
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