Singapore-based proptech firm PropertyGuru saw its revenue for the second quarter ended June 30 rose 43.6 percent to S$33.03 million ($23.74 million) from $23 million ($16.53 million) a year ago, underpinned by growth across all markets and business segments.

The firm said in a statement it achieved an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of S$3.01 million ($2.16 million) in the second quarter, as compared to a loss before interest, taxes, depreciation, and amortization of S$1.95 million ($1.4 million).

Its marketplaces revenues increased by 43.3 percent year on year to S$32 million ($23 million). The group said investments made over the last two years are gaining traction now as real estate markets emerge from the pandemic-induced slowdown.

Singapore marketplaces revenue increased by 30.6 percent year on year to S$17.29 million ($12.43 million), while its quarterly average revenue per agent (ARPA) of S$1,008 ($724.56) rose 29 percent year over year through improved yield derived from previous price rises and increased activity on its platform.

Singapore marketplaces had a total of 15,023 agents with a renewal rate of 82 percent, reflecting a strong local property market.

Meanwhile, Malaysia marketplaces revenue increased 169.7 percent year on year to S$5.9 million ($4.24 million) as a result of the acquisition of the iProperty business in August 2021.

Vietnam marketplaces revenue increased by 19 percent year on year to S$6.94 million ($4.99 million), driven by both a 17 percent increase in the number of listings to 2.38 million and a 7 percent increase in average revenue per listing (ARPL) to S$2.83 ($2.03).

“Second quarter results built on the strong start to the year. The strategy of increasing our customer value proposition is proving effective, as we see the return on investments made over the past few years. The second quarter saw us deliver more tools and features that further enhance the customer experience as the pace of our internal innovation accelerates,

“Going forward, we expect to capitalize on both organic and inorganic opportunities to further expand our world-class solutions to customers. Even with our growing business strength, we remain vigilant around potential market challenges from rising inflation and other global macro headwinds,” said Hari V. Krishnan, Chief Executive Officer and Managing Director of PropertyGuru.

Meanwhile, its Chief Financial Officer Joe Dische added second quarter revenues were up 44 percent year over year, building on the first quarter’s solid performance and setting the group up for a strong back half of 2022.

“Growth was balanced across all business segments and the further leveraging of our cost structure helped drive positive adjusted EBITDA,” he said.

The company reiterates its full year 2022 outlook of approximately 44 percent revenue growth, driven by the strong start to 2022 and growth across all core markets.

It expects to return to full year positive adjusted EBITDA, as it realizes the full benefits of its pandemic-period investments in people, technology, and marketing.

The company, however, cautions that this outlook could be impacted by uncertainty around rising inflation, government fiscal intervention, political instability, and other macro factors.

Singapore’s PropertyGuru to debut on NYSE on Friday