APAC Realty, which owns the ERA property agency here, has reported earnings of $16.3 million for the financial year ended Dec 31 2020, up 17.8% over the preceding FY2019. Revenue in the same period was $395.1 million, up 6.9% y-o-y.
The company plans to pay a final dividend of 1.75 cents per share, which will be on top of the interim dividend of 0.75 cents already paid. The total FY2020 dividend of 2.5 cents represents a payout ratio of 54.3%.
“Notwithstanding the impact of Covid-19, we turned in a relatively strong performance in FY2020. Our on-going digital transformation across our business continues to provide us with greater flexibility in today’s differentiated work environment,” says Jack Chua, the company’s executive chairman and CEO.
“Our ability to engage property owners and interested buyers on multiple real estate channels and proprietary apps, and close property transactions through digital platforms has allowed us to grow our business and underpinned our resilience in an unprecedented year,” he adds.
SEE:APAC Realty changes use in IPO proceeds
Last year, some 7,200 new home units across 24 projects were launched with Apac Realty’s involvement. This year thus far, it has secured marketing agent mandates for 24 projects with more than 8,800 new home units to be launched within the year. ERA estimates it has achieved a market share of 28.9% in the sale of new residential units in FY2020, up from 27.7% in FY2019.
APAC Realty is “cautiously optimistic” that demand for HDB resale and private residential properties in Singapore will remain resilient in FY2021.
In the region, it will continue to monitor market and Covid-19 developments which continue to influence the performance of our investments in Indonesia, Thailand, Vietnam and Malaysia, says Chua.
APAC Realty closed Feb 23 at 43 cents, down 1.16%.
