Propnex 2023 profit drops 23.2%

Revenue also fell 18.6% in FY2023.

Propnex ended FY23 with a revenue of $838.1m, a decrease of 18.6% due to fewer transactions completed by the agency and project marketing services.

In the same period, commission income from agency services declined 7.7% to $591.1m while commission income for project marketing services also fell 36.9% to $242.3m.

This resulted in a 23.3% YoY decline in net profit to $47.8m in FY2023.

In 2023, there were 6,421 new private homes sold representing a 9.6% decrease from 7,099 units sold in 2022, marking the lowest annual tally in 15 years.

In the resale market, transactions for private homes declined 19.2% to 11,329 units from 14,026 units resold in 2022. 

In addition, HDB resale volume also dipped 4.2% to 26,735 units in 2023 from the 27,896 units resold a year ago.