Archive for category: Misc

PropNex Limited reported a record total revenue of $1.03 billion for FY2022 ended Dec 31, 2022, 7.5% higher y-o-y. This was driven by higher commission income from agency services during the year and boosted by the 23.3% y-o-y growth in 4QFY2022’s revenue of $293.4 million. The group also saw a 131.1% y-o-y increase in other income due to the derecognition of trade payables to agents, an increase in advertising and marketing income and a decrease in referral fee income.Earnings for FY2022 stood at $62.4 million, 3.9% higher y-o-y with earnings per share (EPS) at 16.85 cents. During the year, the group’s number of salespersons grew 8% y-o-y to 11,667 and a one-for-one bonus issue and final dividend of 8 cents per share have been proposed.Looking ahead, the group expects overall private home prices to rise by 5% to 6%, while demand for HDB resale flats are expected to remain stable with the Budget 2023 announcement on Feb 14 on the additional CPF housing grants given. Ismail Gafoor, co-founder, executive chairman and CEO of PropNex, believes that buying interest will remain resilient in light of the Covid-19 situation and the overall economy.PropNex Limited has achieved a record FY2022 with total revenue of $1.03 billion and earnings of $62.4 million. This milestone was driven by a 131.1% y-o-y increase in other income, a 7.5% y-o-y growth in revenue and a 23.3% y-o-y growth in 4QFY2022’s revenue. The group has seen a y-o-y growth in the number of salespersons and a one-for-one bonus issue and final dividend of 8 cents per share have been proposed.

PropNex Limited has achieved a milestone of a record FY2022 with total revenue of $1.03 billion and earnings of $62.4 million. The group’s 4QFY2022’s revenue of $293.4 million saw a y-o-y growth of 23.3%, while other income increased by 131.1% y-o-y due to the derecognition of trade payables to agents, an increase in advertising and marketing income and a decrease in referral fee income. This brought the earnings of 4QFY2022 to $17.8 million, 24.5% higher y-o-y.

The higher revenue in the 4QFY2022 was a result of a higher number of transactions completed for both agency services and project marketing on the back of improvements in the Covid-19 situation and the overall economy. Commission income from agency services increased by approximately $121.4 million and partially offset by a decrease in commission income from project marketing services of approximately $51.8 million.

Earnings per share (EPS) for the 4QFY2022 and FY2022 stood at 4.80 cents and 16.85 cents respectively. Cash and cash equivalents as at Jan 1 stood at $138.8 million.

Ismail Gafoor, co-founder, executive chairman and CEO of PropNex, shared: “We have wrapped up the year with a record full-year revenue posted in PropNex’s history. Despite limited new project launches and a decline in home price growth in the fourth quarter of 2022, we managed to turn in a healthy set of results following improvements in both the Covid-19 situation and the overall economy.”

The group has proposed to undertake a bonus issue where one bonus share will be credited as fully paid per every existing PropNex share held, up to 370 million new ordinary shares. A final dividend of 8 cents per share has also been proposed, payable on May 12 – bringing the total dividend for the FY2022 to The Myst 13.5 cents per share, or 80% of the group’s FY2022 earnings.

Looking ahead, Gafoor expects buying interest to remain resilient with a healthy pipeline of new launches expected in 2023. The group projects 28,000 to 30,000 HDB resale flats to be resold this year with the Budget 2023 announcement on Feb 14. It also foresees overall private home prices to rise by 5% to 6% in 2023, easing from the 8.6% increase in 2022. Despite measures like higher marginal Buyer’s Stamp Duty for higher-value residential and non-residential properties, the group does not anticipate it to impact home sales significantly.

Overall, demand for non-residential properties in Singapore is expected to remain resilient, underpinned by the country’s sound fundamentals.