APAC Realty has reported earnings of $7.2 million for FY2024 ended Dec 31, 2024, down 38.8% y-o-y. The real estate group saw its 2HFY2024 declining 53.6% y-o-y to $3.14 million.
Earnings per share for FY2024 came in at 2.02 cents per share.
Revenue for FY2024 grew 0.7% y-o-y to $557.3 million, and revenue for 2HFY2024 declined 0.6% y-o-y to $295.9 million.
For FY2024, APAC Realty saw a drop in new home sales by 25.7% y-o-y to $107.9 million in FY2024. This is the segment that typically yields higher margins, according to the group. As such, net profit declined for the reporting period.
Conversely, it saw an increase in resale and rental of properties by 10.3% y-o-y to $445.1 million in FY2024.
Meanwhile, cost of services increased 0.4% y-o-y to $270.2 million in 2HFY2024, due to increase in brokerage income from resale and rental properties as the gross margin from these transactions are lower as compared to new home sales.
Total operating expenses for FY2024 decreased by 6.4% y-o-y to $19.4 million in 2HFY2024.
Cash and cash equivalents stood at $40.0 million as at Dec 31, 2024.
Following the increase in new home launches in the fourth quarter of 2024, the APAC Realty anticipates this momentum will carry into 2025 and will focus its efforts on capturing market share in the new home segment.
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In addition to enhancing its business in Singapore, the group has continued to focus on its regional presence in Asean. This year, it acquired ERA Fiesta in Jakarta, and ERA Vietnam has improved its revenue and results.
Shares in APAC Realty closed 1.5 cents lower or 3.333% down at 43.5 cents on Feb 27.
