PropNex (OYY) H1 2025 earnings summary

Executive summary

• Revenue surged 73.3% year-over-year to $598.9 million for the six months ended 30 June 2025, driven by higher commission income from agency and project marketing services.

• Net profit attributable to owners doubled to $42.3 million in 1H2025, marking the strongest half-year performance in company history.

• Profit before tax rose 133.6% to $54.8 million.

• Interim dividend of 5.0 cents per share ($37 million) declared, the highest ever, with a payout ratio of 87.6%.

• Salesforce expanded to 13,618 as of August 2025, the largest in Singapore.

Financial highlights

• Gross profit rose 97.9% year-over-year to $66.2 million in 1H2025.

• Cost of services increased 70.7% to $532.8 million, in line with revenue growth.

• Finance income declined 13.2% to $2.5 million due to lower interest rates.

• Tax expense more than doubled to $9.3 million, reflecting higher profits.

• Basic and diluted EPS increased 122.4% to 5.71 cents.

Outlook and guidance

• Private home prices are expected to rise 3–4% in 2025, with developer sales forecast at 8,000–9,000 units and private resale volume at 14,000–15,000 units.

• HDB resale prices are projected to increase 4–5% in 2025, with volume around 27,000–28,000 flats.

• New home sales expected to rebound in 3Q2025 with over 3,400 new units potentially launching.

• The group remains cautiously optimistic for a strong full-year performance, supported by resilient demand and easing interest rates.