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.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!