PropNex (OYY) H1 2026 earnings summary

Executive summary

• Revenue rose 0.7% year-over-year to $603.0 million for the six months ended 30 June 2026, driven by higher agency services commissions, partially offset by lower project marketing income.

• Net attributable profit for 1H2026 was $40.9 million, reflecting stable performance compared to $42.3 million profit in 1H2025.

• Profit before tax declined 4.7% to $52.2 million, with net profit down 4.4% to $43.5 million, reflecting margin compression and lower project marketing contributions.

• Gross profit margin decreased from 11.0% to 10.6% due to a shift in revenue mix.

• Interim dividend of 5.0 cents per share declared, representing a payout ratio of 90.4% of net attributable profit.

Financial highlights

• Cost of services increased 1.2% to $539.1 million, in line with higher revenue.

• Gross profit declined 3.5% to $63,868,000, and net attributable profit fell 3.1% to $40,943,000 compared to 1H2025.

• Finance income fell 39.6% to $1.5 million due to lower interest rates.

• Other income rose 12.6% to $7.1 million, mainly from higher referral fees.

• Basic and diluted EPS decreased 3.1% to 5.53 cents.

• Net cash from operating activities was $33.2 million, down from $45.3 million a year ago.

Outlook and guidance

• Private home price growth in Singapore moderated to 1.4% in 1H2026, with transaction volumes down 6.7% year-over-year.

• The group expects private home prices to grow 3–4% for 2026, with developer sales projected at 9,000 units and resale volumes between 14,000–15,000 units.

• HDB resale prices are expected to rise up to 1% in 2026, with volume projected at 26,000–27,000 units.

• The group remains cautiously optimistic for a strong full-year performance, supported by structural tailwinds such as population growth, lower interest rates, and rising incomes.