PropNex Q1 profit nearly doubles to $14.8 million on higher revenue

SINGAPORE (THE BUSINESS TIMES) – Real estate agency PropNex on Tuesday (May 11) posted a first-quarter net profit of $14.8 million, nearly double the $7.6 million the year before.

This came amid higher revenue due to an increase in commission income from agency services and project marketing services.

The results translate to earnings per share (EPS) of 4.01 cents for the three months ended March 31, against an EPS of 2.05 cents the year prior.

Revenue was up 63.3 per cent on the year to $220.6 million, from $135.1 million. The group earned $47.5 million in commission income from agency services and $38 million from project marketing services.

This was a result of a higher number of transactions completed in the first quarter following improvements in both the Covid-19 situation and the economy.

PropNex said the growth in both its top and bottom line is also attributable to improved market sentiments. There was a “strong take-up” of new project launches, it added.

No dividend has been declared for the period, unchanged from a year ago, due to the company’s policy of distributing dividends on a semi-annual basis.

Shares of PropNex closed at $1.09 on Monday, down $0.04 or 3.5 per cent.