PropNex Limited's net profit drops 17.1% YoY to $28.3m in H122

The decline was on the back of its marginally lower revenue.

Singapore's largest listed real estate agency, PropNex Limited, posted a 17.1% YoY decline in its net profit for H122.

According to its latest financial statement, the agency recorded a $28.3m net profit after tax (NPAT).

The decline in the agency's net profit was due to its marginally lower revenue for H1 of $472.3m, which is a 1.8% drop from the same period last year.

Given the profit decline, the agency's earnings per share (EPS) for H122 also dropped 13.8% YoY to $0.0730.

Looking ahead, PropNex said it remains "relatively optimistic" about private home sales in 2022.

In H1, there were 4,222 new private home sales and 7,613 resale properties, and 6,819 HDB resale flats.