hydros
2021-11-10

$PROPNEX LIMITED(OYY.SI)$

PropNex’s 3Q21 earnings more than doubles to $14.4 mil

1. Real estate agency PropNex has reported earnings of $14.4 million for the 3QFY2021 ended September, 2.1 times higher than the $6.76 million recorded the previous year.

2. The higher earnings come on the back of higher revenue, which surged 98.8% y–o-y to $234.41 million for the 3Q. Revenue was mainly driven by higher commission income from agency services of around $67.5 million and from project marketing services of approximately $48.9 million, as a result of the recovering economy which lead to higher transactions completed.

3. Nonetheless, the group is projecting a total of close to 13,000 private new homes (excluding executive condominiums) and over 18,000 private resale units to be transacted. This represents a 30% increase from the 9,982 new homes sold in 2020 and a more than 67% increase from the 10,729 resale properties transacted in 2020. Overall private home prices are expected to rise 6% to 7%. In addition, the dwindling unsold stock – at 17,140 units as at the end of 3Q2021 – may also keep prices resilient given the limited supply.

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  • ElsieDewey
    ·2021-11-10
    Very good revenue performance. I think this will make the market have better expectations for it. The financial performance is very good, which also shows that its business model is very good.
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  • PorterLamb
    ·2021-11-10
    With the development of economy, the performance of this company is getting better and better. Do you think this excellent performance can continue? This is my concern.
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