The real estate agency PropNex reported a 14.9% year-on-year decrease in net profit for the second half ending Dec 31, down to S$21.9 million from S$25.8 million.
Revenue also dropped by 7.7% to S$437.4 million from S$473.8 million in the previous corresponding period, as stated in the company’s financial results released on Tuesday (Feb 25).
The decline in revenue was primarily due to a decrease of S$34.5 million in commission income from project marketing services, caused by fewer transactions completed in H2 FY2024. Earnings per share were S$0.0296 for the half-year, down from S$0.0348 previously. The board recommended a final dividend of S$0.03 per share and a special dividend of S$0.025 per share in celebration of its 25th anniversary, which will be paid on May 8 after books closure on Apr 28.
This gives a total FY2024 dividend of S$0.0775 per share, and a payout ratio of 140.1% of its net attributable profit, and an 8.2% dividend yield based on the share price as at 31 Dec 2024.
For the full year, net profit declined 14.4 per cent to S$40.9 million from S$47.8 million in the year-ago period, while revenue shrank 6.6 per cent to S$783 million from S$838.1 million. EPS S$0.0553 vs S$0.0646.
