PropNex surged to a record first-half performance in 1H2025, delivering net attributable profit of $42.3 million, more than double the $19.0 million posted in 1H2024, as revenue expanded 73.3% year-on-year to $598.9 million from $345.6 million.
Gross profit climbed 97.9% to $66.2 million from $33.4 million, while earnings per share advanced 122.4% to 5.71 cents from 2.57 cents, reflecting transaction volumes and richer commission mix.
Commission from project marketing services rose 183.2% to $258.5 million, lifting its contribution to 43% of 1H2025 revenue from 27% a year earlier.
Agency services commission income also expanded, increasing 33.9% to $337.2 million, and management highlighted that the group commanded over 50% market share in new project launches between March and August 2025.
After the first-half results, the share price closed at $2.52, and market capitalization crossed $1.86 billion by October 2025, coinciding with PropNex‘s 25th anniversary and its fourth consecutive Weighted ROE over Three Years award. The results also came shortly after a CEO transition in July, when founder Ismail Gafoor moved to executive chairman and Kelvin Fong was appointed CEO.
Momentum extended into the second half, with H2 2025 net profit rising 28.3% year-on-year to $28.1 million and revenue growing 18.3% to $517.5 million, supported by sales and leasing transactions.
FY2025 revenue reached a record $1.1 billion, up 42.6%, and the company proposed a final dividend of 0.045 cents per share for H2, bringing FY2025 total dividends to a record 0.095 cents per share and a 5.1% yield based on the year’s total. The total FY2025 dividend translated into a near-full 99.9% payout of earnings, exceeding the company’s stated policy range.
For 1H2025, an interim dividend of 5.0 cents per share was proposed, representing an 87.6% payout ratio on net attributable profit and a 4.6% yield based on the 30 June 2025 share price.
Operationally, the salesforce expanded to 13,618 agents as of 5 August 2025, rising from 12,636 at the start of 2025 to 13,822 by October, with transactions per salesperson up 7% year-on-year; management set a target of 15,000 agents by 2026, maintaining the largest agent network in Singapore. The expansion comes amid intensified competition for qualified buyers and sellers as growth in agent numbers across the sector is increasingly driven by turnover rather than organic demand.
Looking ahead, the group remained optimistic, citing expectations for private home prices to rise 3–4% in 2025, developer sales of 8,000–9,000 units, easing interest rates, and a 3Q2025 rebound with 3,400+ units in the pipeline.
