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PropNex reports lower FY2023 earnings on 'subdued demand', plans final dividend of 3.5 cents

By The Edge Singapore

/ The Edge Singapore |

February 28, 2024 9:14 AM SGT

PropNex's executive chairman and CEO Ismail Gafoor believes the company has turned in a 'resilient' set of FY2023 numbers (Picture: Samuel Isaac Chua/The Edge Singapore)

PropNex, the largest property agency here, has reported "modest" earnings of $47.8 million for FY2023, down 23.3% y-o-y. Revenue in the same period was down 18.6% to $838.1 million, amid a cooler buying sentiment and transaction volumes.

The company plans to pay a final dividend of 3.5 cents, bringing the full-year payout to 6 cents, representing a payout ratio of 92.9%.

PropNex did better in the more recent 2HFY2023, with earnings of $25.7 million versus $22.1 million recorded in 1HFY2023.

PropNex's executive chairman and CEO Ismail Gafoor describes a tougher environment no thanks to the combination of higher rates, cooling measures and macroeconomic uncertainties.

"This subdued demand was reflected by new private home sales falling to a 15-year low in 2023 even though substantially more units were launched.

"I believe our FY2023 performance was resilient in this context," he adds.

According to PropNex, it captured an overall 62.5% share of the private new launches, private resale and HDB resale segments.

"This achievement was underpinned by the size and productivity of our sales force, the largest in Singapore, and our fortified leadership team,” he adds.

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PropNex reports lower FY2023 earnings on 'subdued demand', plans final dividend of 3.5 cents

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