Editor’s note: Story has been updated with corrections.

PropertyGuru Group Limited, the Singapore-based property technology company, announced Monday its revenue for the third quarter this year rose 47 percent year on year to S$34.6 million ($25.1 million), underpinned by consistent growth in all markets and segments.

PropertyGuru said in a statement its net loss was S$7.4 million ($5.37 million) in the quarter and its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at S$5.7 million ($4.14 million).

This compares to a net loss of S$9.6 million ($6.96 million) and adjusted EBITDA loss of S$1.5 million (1.09 million) in the prior year period.

The group’s marketplaces revenues increased by 48 percent year over year to S$33.3 million ($24.16 million), as prior year investments continue to deliver value in the face of rising macro headwinds.

Singapore marketplaces revenue rose 28 percent year on year to S$18.1 million ($13.13 million). Its quarterly average revenue per agent (ARPA) climbed 24 percent year on year to S$1,042 ($755.98), driven by greater yield and continued product penetration.

The firm had a total of 15,351 agents with a renewal rate of 87 percent in the quarter, reflecting a strong local property market.

Meanwhile, Malaysia marketplaces revenue increased 49 percent year on year to S$6.5 million ($4.72 million) from S$4.4 million ($3.19 million) in the prior year period, benefiting from the mid-quarter acquisition of the iProperty business in August 2021.

Vietnam Marketplaces revenue, on the other hand, surged 161 percent to S$6.2 million ($4.5 million) from S$2.4 million ($1.74 million) in the prior year period, as the local economy expanded following COVID-related lockdowns.

The number of listings was 2.04 million in the quarter, up 165 percent from the prior year quarter, and the average revenue per listing (ARPL) was S$2.91 ($2.11), up 2.5 percent from the prior year quarter.

“Our third quarter results illustrate that PropertyGuru has been able to produce strong business performance even as some of our core markets have begun to face headwinds from the challenging economic conditions being experienced around the globe,” said Hari V. Krishnan, Chief Executive Officer and Managing Director of PropertyGuru.

“In the third quarter, we deployed more products into our core markets. Importantly, in October we welcomed our first post-listing acquisition, Singapore-based home services technology company Sendhelper, into the PropertyGuru family,

“This continued commitment to our mission and expansion of our value proposition will allow us to create even more value for our customers as they adapt to the changing environment. We recognize that our ongoing investment in innovation will help our customers successfully navigate the near-term uncertainty, knowing that good companies and good products show their true value when times are challenging,” he added.

Meanwhile, PropertyGuru Chief Financial Officer Joe Dische said in the third quarter, the firm delivered another strong quarter of results, with revenues continuing their growth trajectory, up 47 percent year-over-year, while expense-related diligence helped deliver improved adjusted EBITDA.

“We remain encouraged by our market penetration as we enter the final quarter of 2022, although we understand that near-term market headwinds resulting from global inflationary pressures and subsequent governmental counteractions will need to be closely monitored,

“While we are confident in the long-term fundamentals of our business and the growth potential that it offers, we understand that the current environment requires us to be especially diligent in the way we currently operate our business on a day-to-day basis,” he added.

The company anticipates full year 2022 revenues of between S$134 million ($97.22 million) and S$138 million ($100.12 million) as a result of greater fiscal policy uncertainty stemming from rising global inflationary pressures, near-term actions by the Vietnamese government to limit access to credit, and the recent Malaysian election.

It, however, opined that the Singapore property market remains strong.

The company also expects adjusted EBITDA to be between S$8 million ($5.8 million) and S$12 million ($8.71 million), as management operates to balance the current environment with longer-term business model goals.

PropertyGuru acquires Singapore home services technology company Sendhelper