PropNex’s net profit rises to $65.4m in FY22

The real estate agency attributed the increase to its $1.0b revenue.

PropNex ended FY22 with a slightly higher net profit after tax (NPAT) of $65.4m (+0.3% YoY).

In a bourse filing, the real estate agency attributed the increase to its higher full-year revenue, which surpassed $1.0b and to the jump in its full-year commission income (+23.4% to $640.6m).

As of 31 December, PropNex also remained debt free with a cash standing of $138.9m.

Given the increase in NPAT and revenue, the board of PropNex proposed a final dividend of $0.08 per share.

Factoring in the interim dividend of $0.055, the total dividends for FY2022 of $0.135 per share, equivalent to $49.95m or 80.0% of PropNex’s profit after tax and minority interests (PATMI) for FY2022.