As a result, the property market returned with relatively more activities in the second half of 2020. For the whole of 2020, private home prices climbed 2.2%, following the 2.7% rise in 2019. Meanwhile, HDB resale prices rose by 5%, thereby underpinning the overall resilience of the real estate market in Singapore.”
SEE:Analysts maintain 'add' and 'buy' calls on PropNex after strong quarter
As at Dec 31 2020, PropNex, which remains debt-free, held cash and cash equivalents of $105.8 million, up from $81.6 million as at Dec 31 2019.
The company plans to pay a final dividend of four cents per share, which, together with the interim dividend of 1.5 cents already paid, will bring FY2020 payout to 5.5 cents. This translates into a payout ratio of around 70% and a yield of 7% based on its share price of 79 cents on Feb 22.
As at Feb 22, PropNex has a total of 9,057 salespersons, or agents. As at Jan 1 2020, there were 8,327 agents. The company aims to increase this number to 10,000 by 2022.
PropNex shares closed at Feb 23 at 78 cents, down 1.2%.
