Q1 2022 PropertyGuru Group Ltd Earnings Call
<unk> from those presented here you should not place undue reliance on any forward looking statements.
Please refer to our earnings release and SEC filings for more information regarding the risk factors that may affect our results any forward looking statements made in this conference call, including responses to your questions are based on current expectations as of today and property is not obliged to update or revise them, whether because of new developments or otherwise.
Except as required by law.
This call also contains non <unk> financial measures for a reconciliation of each of these non <unk> financial measures to the most directly comparable ifr's metric. Please see our earnings press release, which is available on the investors section.
Typically all dollar references are to Singapore dollars, unless we state otherwise.
Finally, as a reminder, because property here as a foreign private issuer. It is not required to file a 10-Q. However, we intend to report quarterly which reflects our commitment to full and effective disclosure to our shareholders with that let me turn the call over to our CEO Hari Krishna alright.
Thank you Gary and thank you all for joining us today for our first earnings conference call as a public company.
We enjoyed meeting so many of you throughout the listing process and appreciate your support in our journey to becoming a public company.
Look forward to strengthening those relationships and making nuance among the analysts and buy side communities.
I also want to recognize our employees.
We call them gross.
And our agent and developer community.
We have achieved a tremendous amount of shared success together yet the best is still to come.
The lifting of the lengthy get rewarding experience for our entire team despite challenging headwinds in the spec sector and volatile market conditions, we began trading on March 18th and raised $254 million of gross proceeds.
This provides us with ample capital to fund our growth plans, including M&A.
Our privilege to have blue chip long term investors and are thrilled to have reached this milestone with a strong balance sheet that will enable us to capitalize on the opportunities ahead listing.
<unk> listing on the New York Stock Exchange provides us with many strategic benefits with a liquid stock we get better act on strategic M&A driven growth opportunities. We can also attract and retain the world class talent, we need for our next stage of growth.
On today's call I plan to focus on three main topics.
Firstly, the current market environment.
And operational update on our business segments, and lastly, a recap of our growth strategy to drive our business towards realizing our ambitious vision.
Southeast Asia is opening again after nearly two years of Covid pandemic.
Moving restrictions have been eased in all our markets.
Lockdowns are ended borders are open vaccination rates are up and life is returning to normal as a result, the regional economy is on a rebound.
Drilling down on the property market, specifically I wanted to share highlights from our proprietary property market reports, which we publish quarterly.
In Singapore, the property market has seen strong price growth in the last 12 months.
With the introduction of property cooling measures in December 2021 sales demand has moderated which encourages competition amongst property agents.
In the rental market, both price and demand bottomed.
Some of this growth is driven by under supply of new construction real estate caused by the pandemic driven slowdown in the construction sector.
We do anticipate that with construction picking up supply will improve and there will be continued need to match the supply with the significant demand.
In Malaysia, the property market is showing some positive signs of recovery, but sales and rental markets have seen improvement in price in Q1 2022 over Q4 2021. In addition rental markets have been in demand.
In Vietnam to the property market is showing some positive signs of recovery.
Property demand in Q1, 2022 for both buying and renting was 2% higher than the pre COVID-19 period of Q1 2019.
Next I'd like to share our business highlights.
We are happy to report a robust first quarter of 2022.
We delivered $28 $2 million in revenue growing 42% over the same period last year.
This performance demonstrates that our investments in talent and technology over the last two years are delivering positive results.
And the last two years, we hired strong talent across the business.
Invested in our technology infrastructure expanded into Fintech with a launch of a mortgage market based in Singapore and made three acquisitions.
First in November 2020, we bought by property data, Malaysia largest online property data company.
Then in August 2021, we purchased a property in Malaysia and think of living in Thailand from the RBA group.
These investments delivered growth in Q1 and position us well for the future.
I'm also happy to share that our model of two brands one team in Malaysia is proving successful and the back office integration is progressing well.
Our marketplaces business segment had robust growth in Q1 as revenue increased 41, 7% year over year.
This growth was generated through improved yield higher utilization of our premium products and the inclusion of <unk> property, Malaysia and think of living Thailand in 2022.
Marketplaces growth was complemented by strength in our Nielsen Fintech and data services business segments.
We're on a journey to make home financing fully digital in order to make the process seamless for the home buyer and create additional income avenues for our agent partners.
In Q1, we launched a digital document collection tool, enabling users to provide all required loan application documents by uploading them online.
Recently, the total value of loans processed by US Cross the 2 billion, Singapore dollar Mark.
In our data services business segment, we continue to leverage our proprietary property market data and our data science and technology capabilities to provide market insights and intelligence for agents develop of property seekers and banks.
Singapore, and Malaysia are key markets for us for this business.
We are looking at opportunities to expand these services across the region.
In Q1, we hired a managing director for this business and she brings good experienced billing software solutions for enterprise players in a dynamic technology and in the sector.
This experience will be a critical asset as we build out our software products and expand our Adas solutions.
Looking ahead, we reaffirm the 2022 full year forecast provided during the listing process.
We are confident that the strength of our organization combined with recovering economic conditions in our core markets will drive growth.
We are transforming the business of real estate in southeast Asia, enabling agent customers setup, the landlord to find each other by injecting transparency into our markets, our marketplaces and growing ancillary services are reducing the friction in buying selling and renting property, creating value for all market participants.
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We believe our value creation journey has just begun and we will create trust within the property ecosystem in southeast Asia over time.
<unk> done should allow us to capture value for years to come.
Now I will turn the call over to Joe dish to cover our financial results Joe.
Okay.
Thanks, Larry and Hello, everyone.
Thanks, Opex I'll discuss today.
Yeah.
Okay.
As most others I'll discuss today Firstly no review of our first quarter financial performance Secondly, an update on our capital structure and financial position post merger and largely our outlook for the balance of 2022.
As details are available in our release I won't refer to every number you will just focus on the primary drivers of performance.
All the figures I referred to will be for the first quarter of 2022, unless I note otherwise.
The highlight of Q1 was 42% year on year increase in revenue revenue growth was strong across all our business segments.
Note that Q1 is weaker revenues due to the lunar new year holidays.
Importantly, these results demonstrate the effectiveness of our investments in technology and product innovation over the last two years, which is enabling us to capitalize as the markets recover further.
19.
Our marketplaces segment revenue increased by 41, 7% year on year.
Let's break down our results and talk to each of our largest markets.
And Singapore revenue increased 23, 8% to $15 million, we are monetizing agents more effectively with average revenue per agent increased 25% versus the prior year.
This was driven by increased premium product adoption and our flow through effects the subscription price increase in Q4 2021.
We maintained our subscription new rights with a high level of 79% we.
We saw an increase in agent partners to 14719, which is above our projections. This was due to the strong property market in 2021, attracting new agents and retaining existing agents.
Developer revenue was negatively impacted as operating conditions were more challenging due to delays in new project launches and Covid induced later and raw material shortages.
Vietnam performed well in the quarter with $5 $1 million in revenue up 18, 6% from a year ago. We.
We are attracting more new listings to our platform and improving yield per listing too.
Our property listings in Q1 expanded by 14% to $1 $65 million and the average revenue per listing grew by two 4% versus last year as we increase the penetration of premium products.
Malaysia marketplaces revenue increased significantly to $5 4 million from $1 9 million a year ago largely due to the successful two question.
On a property, which the company acquired in August 2021.
In Malaysia, we continue to focus on the integration of our businesses, including SaaS teams and back office operations and we have recently consolidated into one office.
Finally in the revenue line data services and Fintech combined revenue reached one point or $2 million.
These business segments are the nascent stage, which shows great promise, we are excited about our achievements, so far and our growth plans.
Moving onto margins net loss for the quarter was $123 million, primarily due to accounting adjustments the business combination with Bridgetown too.
We're pleased to deliver positive group adjusted EBITDA of $6 9 million, which was $3 7 million better than our last year as revenues rose and costs were well managed.
Please note the profitability per quarter will be uneven during the year as quarterly revenues and costs vary by period.
Segment margins in Singapore, Vietnam, and Malaysia marketplaces showed positive trends year on year, Malaysia had the largest increase year on year improvement due to the cost benefits of the integration with our quality.
Looking at the balance sheet, we ended the quarter with $369 $5 million in cash up from $70 2 million at the end of December 2021, reflecting the credit Suisse for listing.
We are pleased to confirm the 2022 projections that we provided during the listing process. We expect revenue growth of approximately 44% and positive adjusted EBITDA for the full year of 2022.
While the pandemic in southeast Asia is easing we will continue to carefully monitor the macro backdrop and a following market dynamics.
We have confidence in our leadership across our priority markets and attractive value propositions, we offer to all our customers.
We expect to reap the benefits from our investments and execute our organic growth plan across marketplaces, and Fintech index of sepsis.
With a strong balance sheet to listed equity we're in a solid position to pursue M&A opportunities across the $8 $1 billion U S town.
Our region.
We look we will look to acquire and grow businesses that complement our existing fintech and data services businesses.
We plan to investigate it Isabella operating systems at developers look to digitize their operations and gain efficiencies and execution capability.
And finally, we plan to explore opportunities in home services around digitizing, the selection and operation of contracted and moving services.
And now we're starting to call out for questions, Gary We're ready for the first question.
Yeah.
Excuse me, Okay. So let me give some instructions for the Q&A session.
To facilitate taking your questions we need to have everyone that.
Wanted to ask some question.
Have your full name written in diseases. So that we're able to call on you otherwise, we would not be able to call on you.
And then use the raise hand function.
Click on the raise hand, if you want to ask a question and then we'll go through and give as many people as possible a chance to ask a question when we call on you will <unk> your.
Your microphone you won't be visible with video, but will underneath the microphone and you'll be able to speak in.
Ask questions of the team.
As an alternative you can also take questions into the Q&A box and what we'll do is after we've gone through all the live questions. If we still have some time will go through some of the typed any questions.
Will pose those to the management team.
So at this point.
<unk> has a question. Please use the raise hand function and then we will.
We will start so.
We're going to start with <unk>.
Nick Jones with JMP.
<unk>.
Let me allow you to talk Nick go ahead.
Great. Thanks for thanks for taking my questions I guess, a couple of first Jim can you talk about what youre seeing in the region kind of from a macroeconomic perspective, none of the recessionary fears.
Some countries that youre going into those are those proving to be.
Somewhat resilient and then kind of a financial question for Joe after thanks.
Thank you for your question, Nick I think as you might imagine the recovery from Covid has been uneven across the region.
Economic headwinds that are affecting the global supply chain disruptions et cetera, do impact our region, having said that.
Singapore continues to grow well the other regions other markets rather than argue should our auto revenue opening up it.
Delivering good results out specifically to our business, though if you look at the macro tailwind that we talked about the listing process organization. The digitization of emergence of GDP to grow their GDP per capita does continue so that's a big focus of cost structure construction of residential housing that remains a big focus for all the efforts that region. So I.
I believe there will be some macro headwinds.
<unk> is going to have the same challenges as other parts of the world, but I think some of the stuff that we've talked about specifically to do with the housing continue to be a tailwind to our business.
Got it.
And then Kim Jin Joe could you maybe.
Talk a little bit about how we should think about the seasonality I know in the press.
Related to talk about <unk> being a little softer than typical how should we think about.
On the seasonality for the rest of the year.
Think about modeling out the tight Tonight too.
Guidance quarterly.
Yes.
The factors at play here.
I mean more broadly we're influenced by the festivals happening in our markets.
Which to have an impact on the amount of <unk>.
Probably relate to transactions that occur and also therefore the amount of spend on our side, we actually have many of those lunar new year holidays, Chinese new year and test.
And that first quarter, so for that reason seasonally it seems a little slower.
And also with our animal health business, such as awards and events, we do tend to gather momentum later in the year.
Also many of our markets, we have traditional buying seasons.
Particularly around sort of Q2 and into Q3 as well. So those are the major factors that certainly affects seasonality.
Okay.
Got it and then could you can you just speak to the broader.
Most of it in the broader market of compressed.
Pretty quickly.
Create maybe an opportunity to get more aggressive in M&A from here and how do you feel about the pipeline and the multiples youre seeing for some of these targets.
So maybe I'll take that one up when it comes to our M&A, we've had a pretty good pipeline in the area of indoor talked about Fintech data services home services et cetera that pipeline, we continue to evaluate opportunities on their own individual opportunities that exist out there clear.
Clearly in a market conditions do it back all the business in the region, our balance sheet being stronger on our business performance being more robust, obviously, but just on the front foot.
These conversations but in the end we're looking for good entrepreneurs, we're solving meaningful problems in the housing ecosystem. It up out of the world and we believe we have a few that we've identified at this point we're not.
At Liberty to disclose how many and which specific ones, but our teams are assessing potential.
Maturities for M&A.
Great if I can squeeze one more kind of housekeeping item on the renewal rate in Singapore, if it dipped down a little bit on Q.
Versus what we saw in 2021 is that due to the seasonality or is there something else that.
Thanks.
So I think.
I might take a stab at it and Joe can elaborate as well, but I think this is Matthew.
The renewal rate for the agent subscriptions in Singapore tends to be within a certain band so I wouldn't look too much into.
Movements within that I think as you mentioned in the listing process and many other things in 2021 and 2020, we're a flight to quality. We saw Oracle are both on the supply and demand side.
<unk> is our participation features as well as property seekers because.
More of that traffic order activity on our platform versus any other platform.
I think those are high watermarks, if you like.
Not preconditions to building our business or the underlying revenue growth.
So I think there is nothing I wouldn't read too much into slight movements on their renewal date itself.
Joey answer you'd like to elaborate on that.
No nothing.
I mean, we have some more agents actually in our Singapore marketplace than we projected so we're up about 47.
19 as opposed to 40000.
And that's that's really reflective of the rest of the sort of strong market that we're seeing in Singapore.
We've got a number of agents, who cease being agents to do other things that can be exacerbated by market conditions, but we've definitely seen.
Staying in the market has been quite strong and new agents.
Physically Couldnt pass SaaS, which is what we have to do in Singapore to combinations going through some joining the platform and healthy day.
And we will gravitating to small sizes and you obviously offer the module pointed leasing market.
Great. Thanks for taking my questions.
Thanks, Matt Thanks, Nick.
Okay. The next question will come from long winded benchmark.
But.
Hi, James.
We get.
Thank you Sir.
So I have a question.
Yes.
Can management talk about mortgage.
Operation Foundation acquisition.
Hey.
Additional cost savings from that.
It could have shoes also can management provide.
Margin expansion.
But.
Sure.
Turning to him.
Yes.
That's my first question.
It's a good question, Joe maybe I'll take a stab at it yeah. So suddenly it looks like fully picks up there just with the last comment, but just to just to talk to you in cost savings.
Yes.
We sort of product sales when you do M&A on having good industrial logic.
For those and none more so than a property in particular in Malaysia.
These two sites, we were spending an awful lot of money on marketing directly competing with each other.
Google and Facebook and obviously the first two things, we've been able to switch off or sold.
So now as we're making good marketing sightings.
That spectrum, that's kind of very much very much to plan.
There are some people expenses as well there was a lot of duplicative.
Obviously, some things we've been doing with now moves to.
It's one sales team is trying to brands, so there's definitely efficiencies that.
Also in the back office as well as we've been able to absorb sort of function essentially.
Finance HR and technology, and then on the savings, which is going to bring people together in one office location et cetera, So it's making really good good.
Good logic.
I think more broadly without integration, we are spending less time.
Competing with each other and more time really servicing our customers my pons market.
Service, noting we have both brands out in markets just getting fantastic.
See what choice.
Thank you.
Second question was about.
What's the company's Congress.
So accomplishments.
And maybe next year.
An immediate plans.
Margin expansion.
Two questions.
Thank you for that question I think the second part of that question I think for US right now.
Our initial market focus is very much on say Oh, we are assessing our other core markets.
To look for opportunities, but currently property grew finance on the mortgage brokerage business spot published brokers that we have.
And innovation is very much focused on the Singapore market, we think the potential is quite larger.
So the total.
Volume of loans that we have a brokered across too when you think about all of those we believe that's just the start we've been in the gut feeling about what you guys have been heavily impacted obviously by Covid.
As the supply comes online as new construction of new projects launched obviously the demand for property financing needs through both an increase in our focus is going to be up beyond that we will be to assess other opportunities and then obviously there could be the opportunity to address some of those solutions in other markets via M&A. So I guess, we don't have anything to announce.
But that is another opportunity for us to assess other markets.
I drove the I think the first titles are on.
Final Fintech.
For the year I guess.
Yeah look I think mostly in the fall we put some.
Some projections therefore fintech.
Semi for that for the 22 year 'twenty.
The 22 forecast is about $8 million of cost in tech and.
And types of services.
And this is really just stop for us. So the core business. There is degradation is Singapore fintech side without brokerage business that we are obviously considering other opportunities in other markets and on data can be purchased in my property data in Malaysia, which has gone very well and we are taking as long as the ipas and function that today are pushing those cros.
Other markets, particularly in Singapore in alignment.
So those are the major drivers of that.
And our revenues and then we're very excited for the future and it's also a focus as hard and I've mentioned in terms of M&A as well.
Same opportunities potentially out in the market that.
Thank you.
I'm not sure.
So basically.
Sure for the margins.
Do you expect to see some gross margin expansion.
Sure.
So in the full year.
We're sticking to our forecast.
$145 1 million of revenue.
$7 4 million positive adjusted EBITDA.
We're definitely seeing let's see where maybe some negative adjusted EBITDA last year, and we are seeing margin improvement that.
Stability and this is despite the fact that we are investing quite heavily in <unk>.
Fintech as well.
That's that's really exciting we are seeing some really strong margins.
In businesses, such as Singapore, and Malaysia, and Vietnam and in the future, we'll see those margins improving and also have fintech and data analysis becomes profitable.
In the forecast period that about 33% adjusted EBITDA margin, which is what we are still striving for.
Got it thank you.
I'm sorry.
Uh huh.
For the second quarter.
Sure.
Can you talk about the macro.
Any potential impact.
Some of them.
Integration.
Comments.
Thanks.
Perfect.
So I think specifically to inflation.
When you look at I sort of mentioned it in our property prices actually.
And all of the three.
Three core markets in Singapore, Malaysia, and Vietnam have been.
Recovering it in particularly in Singapore.
Sure.
Increased significantly largely driven by supply constraints in the supply of inventory has been.
Well short of the demand that's there.
As I may have mentioned there is a lot more supply coming through actually just earlier. This week, the think about government announced theyre going to get another 4500 Delta all the units.
Public housing space that will be available in may.
Are we going to see this easing off.
The supply situation began to happen this year as the construction sector definitely heats up.
Our label.
Shortages that exist in the construction sector have been addressed specifically about the thing about government recently, and so youre seeing that come through so when it comes to the inflation.
Inflationary elements of other efforts you havent seen major corrections on things like interest rates, but you have to keep in mind interest rates have been at record lows.
And I think what.
What is significant in our markets, which is perhaps different from other developing other developed markets. Rather is the is the fact that the organization is happening in the space of 50 million people moving to cities and towns in this decade, we're going to need all so I think these are sort of macro conditions that the governments are dealing with they're going to balance that out with vital sort of guarding against inflationary issues.
But absolutely when you look at consumer goods et cetera.
<unk> globally of either backwards. There are there is an inflationary impact that's happening here are specific to our industry. We do believe visit element go for some other language tailwind that's going to compensate for it.
Alright. Thank you very much that's all my question.
Thank you.
Okay.
Anyone else has a question please use the raise and function well wait a second to see if we have any others.
Yeah.
And also if anyone wants to type any questions in the Q&A box you can do that so we have a follow up.
From Nick Jones.
Right.
The.
Nick I think you are right.
Okay, great. Thanks for letting me ask a follow up in here, just maybe taking a step back.
But as we try to think about.
Kind of the.
A dynamic in the market in the countries you're in.
And maybe how it differs from the U S for our regulated as real estate, there and how it is property here to kind of help maybe.
Aggregate this kind of demand and simplify the process.
Is there any color you can give on how many registered agents.
Transactions are those types of things being cracked down on some of these region any kind of broader color on that dynamic in the market share it would be really helpful. Thanks.
Thanks for that question, Nick the absolutely I think the the nature of the regulation is very.
Your question was spot on.
The nature of the regulation is very much around the professionalization of the property space trying to make sure that on the agent side of the developer site, there's a certain quantity biotics maintain so in markets like Singapore, Let me start off Joe mentioned it it is heavily regulated.
Anyone who wants to be an agent actually has bought an exam regularly annually.
It has certified that carry a license number etc, Malaysia has something similar though unfortunately, there's not quite as strict but that is something that British government has been at the rest of the agenda to be looking at Youre seeing increasingly in markets like Thailand that is happening as well the reality of the markets like Vietnam.
There are a number of people who set the guidance at Allegiant is unregulated Europe . It is a market with very good at 95 billion.
People. So it is a very large country.
And so there is a.
A big need for a lot of people to sort of intermediate and help out the real estate sector. So I think there is an element of not trying to throttle that growth.
And so you're not seeing as much happened that.
So you do see a little bit as well in terms of making sure that people don't borrow beyond that that means so I think a lot of the coding measure that Joe and I may have mentioned today, but also on subsequent calls are often to do with governments in our markets trying to make sure that people are aware of their household.
Tracking that and I think financial that preceded the journey that the region in general.
Is on and we've definitely been active roadmap and helping people understand their credit worthiness in markets like Malaysia.
Now for the last two or three yards in particular, a number of products that ought to help people just understand their creditworthiness.
What is their affordability.
Things, which perhaps are table stakes in developed markets are opportunities for us. The final product is a competitive market like the U S where you have.
Listings completely standardized on Mls's bucket of services you have a single source of truth, when a customer data platform with its core logic.
Our EBIT.
Andi towards our greenfield opportunities for us in our markets and there is no equivalent.
Many markets, we become effectively that you're facto MLS if you like but we have not tried to occupy that space with our marketplaces with our data services.
There is absolutely an intent to become that second dose group when it comes to property data and what that looks like does it look identical to what somebody is going to talk about it call rest of Europe .
I think we definitely take inspiration from some of those elements, but some of the media and what are the opportunities that exist here are unique to our market. So I think it will go back our technology capabilities to try and address those problems.
Great. Thank you the question Thanks, Matt.
Okay any other questions. Please press the raised hand function.
Or type in the Q&A box.
We'll wait a second to see if we have any others.
Alright.
We've got Simon Wong Simon go ahead.
Hi, Thanks for taking the call. This is Simon from Tech in Asia.
I'll just have a quick question on engagement market share. So I noticed that I think if I did.
Been sort of increasing are fairly stable.
About the time period that you guys have provided for 2019, but thats been.
Sort of a decline in Indonesia. So I'm wondering whether you have any comment on that that's something you're concerned about and if so.
What's your strategy going forward.
Thank you thanks.
Thanks for the question Simon No absolutely I think one of our strengths as a company has been focused I think over the last 15 years, what we tend to do is focus on specific markets on specific opportunities.
Make sure we address them.
In a systematic fashion.
Charlie you might know several years ago, when we bought the market leaders in Indonesia, our assessment of the marketplace business model. It has some challenges.
We decided to actually divert our focus in many ways to markets like Vietnam and Malaysia.
Brazil.
That would ensure market leadership there.
It had a strong monetization model we've been successful in doing so and that obviously in our core market.
Frankly, we've been able to see with EBITDA margins, we're able to sustain a pretty strong position, but very low dependency on most of our traffic is organic.
So I think the strength of our model is.
Two sided marketplace has very strong network effects, what to get things working well and.
And your monetization capabilities increase in markets, where.
There is the ability to monetize in this case agents with the market based business model, we remain very bullish on Indonesia, but not necessarily the market based model itself alone. We do <unk>, we do a number of events over there we have a large we have in our wealth business, which is the largest one in Indonesia. So I think we are looking at monetizing the real estate sector.
And addressing problems more importantly in Indonesia using other this fall so I think what I would.
Encourage you and folks think about US is while we did start off as classified assets and the board and at the core on a market basis business. We've got nine marketplace across five markets. The reality. The fact is we do have our data services and fintech businesses, which increasingly will not be reflected in this market share number but will be a drastic drop.
For a real estate developer banks values across these market. So I think for our core markets, our Singapore, Vietnam, Malaysia, and now increasingly palette, we do operate in Indonesia, and we do.
We believe in it but I think.
Still experimenting and when it comes to product market fit for that and as I'm sure you're aware as well as a number of other staff who have tried and.
That market is still evolving, but it coupled with offline to online migration that comes through real estate itself.
Okay. Thank you. Thank you for the thanks Aman.
Okay.
Any other questions press release Anne.
We use the Q&A box.
Okay. We don't have any other questions. So I'm going to turn the call back to Hari and he'll make his closing remarks.
Thanks, Gary.
Thank you Gary in closing I want to thank you all and we would like to thank you all for your interest in property group. Our vision is to be the trusted adviser for every person seeking property and southeast Asia, while our marketplaces matched property seekers with property for sale or rent as I just mentioned, our Fintech solutions focused on easing access to bromine.
Financing, thus driving growth in the sector.
With data services, our data driven insights and workflow automation software will greatly increase efficiency in the sector.
As we execute our growth strategy and create value for our stakeholders, we will progress towards achieving our vision. We look forward to sharing our progress with you. Thank you all for attending we will know that we will now and if you think about it. Thank you.