PropNex’s full-year income in 2022 surpasses S$1 billion, hits file excessive in company’s historical past

Singapore’s largest listed actual property company, PropNex, has hit a file excessive of S$1.03 billion for its full-year income in 2022. The group’s full-year income elevated by 7.5%, up from S$957.5 million in 2021.

PropNex additionally reported a internet revenue of S$65.4 million for 2022, in addition to S$18.9 million for the final quarter of FY2022. Its income of S$298.4 million in 4QFY2022 set a brand new file for its quarterly income, a 23.3% enhance from S$242 million within the earlier yr.

The sturdy progress was attributed to the rise in full-year fee revenue, which grew by 23.4% from S$519.2 million to S$640.6 million, due to the booming residential resale and rental market.

“We now have wrapped up the yr with a file full-year income posted in PropNex’s historical past. Regardless of restricted new undertaking launches and a decline in dwelling value progress within the fourth quarter of 2022, we managed to show in a wholesome set of outcomes following enhancements in each the Covid-19 scenario and the general economic system. Trying ahead, we consider that purchasing curiosity will proceed to stay resilient, as seen by the profitable launch of Sceneca Residences early this yr and with a wholesome pipeline of recent launches anticipated in 2023,” says Mr Ismail Gafoor, co-founder, Govt Chairman and CEO of PropNex, in a press assertion.

PropNex is proposing a one-for-one bonus problem the place one bonus share might be credited as totally paid for each present PropNex share held. That is the primary bonus share problem that PropNex has undertaken and beneath this proposal, 370 million new atypical shares might be issued to their shareholders. In accordance with Mr Gafoor, this technique will “broaden the distribution of PropNex’s shares to extra traders” and “encourage buying and selling liquidity”.

The group can be proposing a closing dividend of 8 Singapore cents per share, which can deliver the full dividend for FY2022 to 13.5 cents per share. This represents a yield of 8% based mostly on the value of S$1.68 per share on 20 February 2023.

With 11,902 gross sales professionals (as of 17 February 2023), PropNex is the biggest actual property company in Singapore. The group had grown the variety of its gross sales professionals by 8% from 2022 to 2023.