PropNex's salesperson count jumped 12.5% in 2019

Its headcount grew in line with profits, which jumped over three-fold in Q4 2019.

Even with consolidations taking over the real estate sector, PropNex has maintained its lead and even boosted its salesperson count by 12.5% from 7,400 at 1 January 2019 to 8,324 at 1 January 2020. The company remains the largest listed real estate agency in Singapore with 8,441 salespersons.

According to Lim & Tan Securities, PropNex’s training and development programmes, including its signature Bootcamps, are contributing factors to the group being seen as a real estate agency of choice for salespersons.

PropNex’s headcount climbed in line with net profits, which surged 333.9% YoY to $8.1m in Q4 2019. Revenue for the period also spiked 57.9% to $131m.

However, property cooling measures introduced in 2018 dented full-year results as revenue dipped 2.71% to $419.8m from $431.5m, whilst net profits slipped 3.65% to $21.1m from $21.9m.

Commission income from agency services fell 9.6% from $307.8m in FY2018 to $278.3m in FY2019, and was only mitigated by higher commission income from project marketing services of 15.0% from $117.3m in FY2018 to $134.9m in FY2019.

In line with this, PropNex transacted the highest number of units amongst the joint marketing agencies for most of the new projects appointed by developers in 2019, Lim & Tan Securities noted.

“With developers setting prices sensitively and through the multiple consumer seminars conducted in 2019, PropNex was able to further cement its leadership position in new property launches,” the firm added.