PropNex records highest net profit for 2022 of $18.2m

The real estate agency attributed the increase to its bigger revenue.

PropNex Limited's net profit after tax jumped 17.8% YoY to $18.2m in Q322, reaching its highest this year.

In a bourse filing, PropNex said the increase was due to its bigger revenue of $258.4m. The Q322 figure was 10.2% higher than the Q321 record.

With a higher profit, the real estate agency's earnings per share also increased, rising 22.1% YoY to $0.0475.

“In the last three quarters, the Group faced various macroeconomic headwinds such as global geopolitical tensions, rising inflation and interest rates, and additional cooling measures locally," Ismail Gafoor, co-founder, executive chairman and CEO of PropNex, said.

"Despite fewer project launches at the start of the year, the Group enjoyed healthy growth from its increase in the salesforce and PropNex has turned in a stronger and steady performance for 3Q2022 in the leasing, private resale and HDB resale segments comparing Y-O-Y. We are focused on maintaining our momentum for the remaining of the year," Gafoor said.

Apart from hitting its highest profit for 2022, another milestone which PropNex achieved during Q3 was crossing the 12,000 salespersons mark.

According to Gafoor, PropNex saw an 11.8% increase in salesforce headcount to 12,065, as of 2 November, from 10,796 salespersons since 1 January.