PropNex Limited FY2025 Financial Analysis: Robust Growth with Historic Dividends
PropNex Limited, Singapore’s largest listed real estate agency, has released its condensed interim financial statements for the year ended 31 December 2025. The Group posted strong revenue and profit growth, record dividend payouts, and maintains a positive outlook amidst a resilient property market. Below is an in-depth analysis of the key metrics and developments investors should note.
Key Financial Metrics
| Metric |
2H 2025 |
1H 2025 |
2H 2024 |
YoY Change |
QoQ Change |
| Revenue (\$’000) |
517,471 |
598,945 |
437,368 |
+18.3% |
-13.6% |
| Profit After Tax (\$’000) |
29,242 |
45,495 |
22,188 |
+31.8% |
-35.7% |
| EPS (cents) |
3.80 |
5.71 |
2.96 |
+28.3% |
-33.5% |
| Interim Dividend (cents/share) |
5.0 |
N/A |
2.25 |
+122.2% |
N/A |
| Final Dividend (cents/share) |
4.5 |
N/A |
3.0 + 2.5 (special) |
+20.0% |
N/A |
Full-Year Comparison
| Metric |
FY2025 |
FY2024 |
YoY Change |
| Revenue (\$’000) |
1,116,416 |
782,954 |
+42.6% |
| Profit After Tax (\$’000) |
74,737 |
41,647 |
+79.5% |
| EPS (cents) |
9.51 |
5.53 |
+72.0% |
| Total Dividend (cents/share) |
9.5 |
7.75 |
+22.6% |
| Net Asset Value/Share (cents) |
15.69 |
16.68 |
-5.9% |
Dividend Summary
- FY2025: Interim dividend of 5.0 cents/share and proposed final dividend of 4.5 cents/share (total: 9.5 cents, record high).
- FY2024: Interim dividend of 2.25 cents/share, final dividend of 3.0 cents/share, and special dividend of 2.5 cents/share (total: 7.75 cents).
- Dividend payout ratio for FY2025 was 99.9%, exceeding the company’s stated policy of 75–80% of attributable profit.
- Dividend yield at 5.1% based on year-end share price of \$1.88.
Historical Performance Trends
- Revenue Growth: PropNex achieved a 42.6% YoY increase in revenue, driven by robust commission income from both real estate agency services (+\$84.3 million) and project marketing (+\$248.5 million). This surge was attributed to a higher number of completed transactions.
- Profitability: Profit before tax rose 80.1% YoY, outpacing revenue growth due to improved cost leverage. Net profit after tax also increased by 79.5% YoY.
- Cash Flow: Net cash from operating activities more than doubled to \$91.2 million (from \$38.0 million in FY2024), reflecting strong underlying cash generation.
- Balance Sheet: Cash and cash equivalents rose to \$149.1 million, while total current assets and liabilities increased in line with higher business volumes.
Exceptional Items, Risks, and Notable Developments
- Exceptional Earnings: No non-recurring or extraordinary gains or losses were disclosed.
- Impairment Losses: Net reversal of impairment losses on receivables was \$0.1 million, down from \$1.1 million in FY2024, indicating improving collection quality.
- Dividend Policy: The payout for FY2025 was nearly 100% of attributable profit, the highest in the company’s history.
- Workforce Expansion: The number of salespersons increased from 12,636 at the start of 2025 to 14,202 by February 2026, strengthening PropNex’s market leadership.
- No major asset revaluations, fundraising, divestments, or legal disputes were reported.
Market and Outlook
The Singapore property market in 2025 showed resilient price growth (private homes +3.3% YoY), strong new home sales (+67.2% YoY), and a record-high supply of new launches. PropNex expects market stability and sustained sales momentum to continue into 2026, with guidance for developers’ sales around 9,000 units and private resale volumes between 14,000–15,000 units. HDB resale transactions are projected at 26,000–27,000 units, supported by an influx of flats reaching the minimum occupation period.
The Group has proposed a final dividend of 4.5 cents per share, payable on 8 May 2026, with a books closure date of 28 April 2026 at 5:00 p.m.
Chairman’s Statement and Management Tone
“Barring unforeseen events, the Group expects a good performance for the financial year ending 31 December 2026. This confidence is supported by anticipated revenue recognition in line with the Group’s robust sales of private new homes in 4Q2025, an expanded salesforce and a positive outlook for the property market.”
Management’s tone is distinctly optimistic, reflecting confidence in continued growth, robust market fundamentals, and the Group’s strategic positioning.
Conclusion and Investment Recommendations
Overall, PropNex delivered a stellar set of results in FY2025, with double-digit growth in revenue and profit, record cash generation, and the highest dividend payout in its history. The company’s market leadership, expanding salesforce, and positive market outlook underpin management’s upbeat guidance for 2026.
- For Existing Shareholders: The strong results, robust cash position, and generous dividends support a HOLD recommendation. The positive outlook, high yield, and healthy operating performance suggest continued value for current investors.
- For Prospective Investors: The company’s leadership position, solid financials, and positive sector outlook make it attractive for consideration. However, with the share price potentially reflecting much of the positive news, new investors should be mindful of overall market valuations and consider averaging in on pullbacks.
Disclaimer: This analysis is based solely on the company’s FY2025 financial statements and accompanying disclosures. It does not constitute investment advice. Investors should consider their own financial situation and consult with their financial advisors before making investment decisions.
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