PropNex’ net attributable profit falls 18.4% YoY to $22.1m in 1H23

Given the lower profit, the company proposed an interim cash dividend of 2.5 cents a share.

The slower property market dragged PropNex’ net attributable profit in 1H23, declining by 18.4% YoY to $22.1m. 

The real estate company likewise recorded lower revenue of $364.3m (-22.9% YoY) and lower gross profit of $35.8m (-25.1% YoY).

Given the lower profit, PropNex proposed an interim cash dividend of 2.5 cents a share, representing a payout ratio of 84% of the Group’s net attributable profit in 1H23.

In a bourse filing, PropNex said it remains optimistic for a strong second half of the year, anticipating a pick up in the private homes market on the back of a large pipeline of new launches.