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PropNex Q4 profit more than quadruples on surge in commission income

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The board proposed a final cash dividend of 1.5 Singapore cents per ordinary share and a special dividend of 0.75 Singapore cents per ordinary share. Once approved by shareholders at an upcoming annual general meeting, these will be paid on May 21.

For the full year ended Dec 31, net profit was up 3.2 per cent to S$20 million, while revenue fell 2.7 per cent to S$419.8 million. Looking ahead, while the Covid-19 outbreak may have a short-term impact on the market, underlying demand for private new launches remains healthy, PropNex said. In addition, the introduction of the enhanced CPF housing grant with broader guidelines in September 2019 has made homes more affordable for first-time buyers, PropNex noted.

With a projected 24,163 HDB flats reaching the minimum occupation period in 2020, the group believes that the overall HDB resale demand will also be robust this year.

 

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