PropNex (OYY) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 73.3% YoY to $598,945k; profit for the period increased 133.8% to $45,495k, supported by stronger activity across all six property segments.

• Profit attributable to owners rose 122.4% to $42,256k, marking the strongest half-year performance on record.

• Salesforce of 13,618 was Singapore’s largest; the operating model is supported by diversified revenue streams and asset-light cash generation.

Financial highlights

• Cost of services rendered rose 70.7% to $532,771k; gross profit increased 97.9% to $66,174k and gross margin expanded to 11.0% from 9.7%.

• Profit before tax grew 133.6% to $54,793k; profit attributable to owners increased 122.4% to $42,256k.

• EPS advanced 122.4% to 5.71 cents; net profit margin rose to 7.6% from 5.6%.

• Finance income declined 13.2% to $2.5m as interest rates fell; tax expense more than doubled to $9.3m on higher profits.

Outlook and guidance

• 2025 forecasts: private residential prices +3% to +4% YoY and HDB resale prices +4% to +5%.

• 2025 transaction forecasts: 8,000–9,000 private new sales, 14,000–15,000 private resales and 27,000–28,000 HDB resales.

• 21 appointed projects with 7,724 units are slated for launch or marketing in 2H 2025; 111 projects and 17,722 units are expected to be marketed during 2025.

• New-home sales expected to rebound in 3Q 2025, with over 3,400 units potentially launching; outlook remains cautiously optimistic for a strong full-year performance.