APAC Realty Limited FY2025 Results: Robust Growth Amid Market Recovery

APAC Realty Limited, a leading real estate brokerage holding the ERA master franchise in Asia Pacific, reported strong financial results for the full year ended 31 December 2025. The Group benefited from a surge in new home transactions, offsetting moderate weakness in resale and rental markets. Below, we analyze the key metrics, performance trends, dividend proposals, and outlook as disclosed in the company’s official financial statements.

Key Financial Metrics & Performance Table

Historical Performance Trends

• Full-Year Revenue: \$675.6m in FY2025, up 20.4% from \$561.0m in FY2024.
• Operating Profit: \$27.2m in FY2025, up 146.5% YoY.
• Net Profit: \$20.5m in FY2025, up 214.1% YoY.
• Gross Profit Margin: Improved due to higher share of new home sales, which contributed to better margins.

Revenue and Profit Drivers

• New Home Sales: Significant increase (+113.3%), from \$107.9m in FY2024 to \$230.2m in FY2025, offsetting a mild decline in resale/rental transactions.
• Resale/Rental: Slight decrease (-1.6%), but still substantial at \$437.8m.
• Other Revenue: Flat at \$3.0m YoY.
• Cost of Services: Increased 18.5%, reflecting higher transaction volumes and agent commissions.
• Operating Expenses: Up 9.4%, driven by higher personnel costs and brand promotion.
• Finance Costs: Decreased due to lower interest rates.

Dividends

• FY2025 Proposed Final Dividend: 1.8¢ per share (up from 1.2¢ in FY2024).
• FY2025 Interim Dividend: 2.7¢ per share (up from 0.9¢ in FY2024).
• Total FY2025 Dividends: 4.5¢ per share (vs 2.1¢ in FY2024).

Balance Sheet & Cash Flow Highlights

• Cash & Bank Balances: \$50.4m, up \$10.4m YoY.
• Trade Receivables: \$115.8m, up 29.2% YoY due to increased billings.
• Total Assets: \$358.4m, up from \$323.5m.
• Net Assets: \$163.6m, up from \$157.9m.
• Operating Cash Flow: \$30.2m, up from \$9.2m in FY2024.

Share Buybacks and Performance Share Plan

• Repurchased 4 million shares and transferred to participants of performance share plan (cost: \$1.8m).
• No outstanding convertibles or treasury shares at period-end.

Corporate Actions & Regional Expansion

• Acquired 51% stakes in ERA Fajar and ERA Sky (Indonesia) for \$453k, expanding Jakarta footprint.
• ERA Vietnam showed improved revenue and financial performance.

Outlook and Market Environment

The Group expects continued momentum in the new home segment, supported by a robust pipeline of launches and government land sales. Private residential prices rose at a slower pace, but transaction volumes increased strongly. HDB resale market softened, but private resale and new home transactions compensated. Regional operations in Indonesia and Vietnam are expanding, with ERA Vietnam delivering improved results.

Chairman’s Statement

“In 2025, transaction volumes in the new private residential market (including ECs) increased, supported by the launch of 7,423 uncompleted private residential units… Following the increase in new home launches in 2025, the Group expects this momentum to continue into 2026 and will focus its efforts on capturing market share in the new home segment. In addition to strengthening its operations in Singapore, the Group continued to focus on expanding its regional presence across ASEAN. In 2025, ERA Indonesia expanded its footprint in Jakarta through the acquisitions of ERA Sky and ERA Fajar, and remains committed to pursuing further growth opportunities. ERA Vietnam recorded improved revenue and financial performance in 2025, and the Group is cautiously optimistic about its outlook for 2026.”

Tone: The Chairman’s statement is positive and forward-looking, highlighting growth opportunities and cautious optimism for continued expansion and profit.

Conclusion & Investment Recommendation

Overall Performance: APAC Realty’s FY2025 results are strong, with double-digit growth in revenue, profits, and dividends. The company is well-positioned for further expansion in Singapore and ASEAN, benefiting from robust new home launches and improving regional operations. Cash flow and balance sheet strength provide stability, while the dividend yield has improved significantly.

• If you are currently holding the stock: The outlook is positive, with continued dividend increases and improved profitability. Investors may consider holding their position to benefit from further growth and dividend payouts.
• If you are not currently holding the stock: The strong financial performance, expansion plans, and high dividend yield make APAC Realty an attractive candidate for portfolio inclusion. Consider initiating a position, especially if seeking exposure to the recovering real estate market and Southeast Asian growth.

Disclaimer: This analysis and recommendation is based strictly on information disclosed in the official financial report. It does not constitute financial advice. Investors should conduct their own due diligence and consult with a licensed advisor before making investment decisions.

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