PropertyGuru rebounds with $1m net profit in 4Q23

In 4Q22, the proptech company posted a $5m net loss.

Proptech company PropertyGuru reported a $1m net profit in 4Q23, recovering from its $5m net loss in 4Q22.

The company attributed its improved bottom line to higher revenue for the period.

PropertyGuru recorded a revenue of $42m in 4Q23, 4% higher year-on-year (YoY).

In the same period, the company recorded a 4% YoY higher marketplace revenue of $40, driven by its Singapore segment, which recorded a 23% YoY uptick in revenue to reach $23m.

The company attributed its improved Singapore marketplace revenue to growth in the number of agents and the Average Revenue Per Agent (ARPA).

Singapore’s 4Q23 ARPA of $1,312 was up 22%YoY, whilst the number of agents in the market was up over 100 from 3Q23.