APAC Realty reports 2021 net profit more than doubled

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APAC Realty reported Tuesday its 2021 net profit climbed 116 percent on-year to S$35.29 million on higher brokerage income from resale and rental of properties, and from higher new home sales.

Revenue for the 12 months ended 31 December grew 87.2 percent on-year to S$739.75 million, the realty company, which operates under the ERA brand in Singapore, said in a filing to SGX.

Brokerage income from resale and rental of properties rose 68 percent on-year to S$449.1 million, while income from new home sales increased 141 percent on-year to S$281 million, APAC Realty said.

“We are delighted with the impressive performance of dedicated ERA Trusted Agents whose contributions have realised a record year for APAC Realty. Our on-going digital transformation has propelled ERA into the forefront of the digital real estate industry, equipping ERA Trusted Agents with proprietary cutting-edge applications and data analytics,” Jack Chua, executive chairman of the company, said in the statement.

ERA was appointed the sole or joint marketing agent to 23 development projects in 2021, with a total of 8,428 units, the filing said. APAC Realty said its estimated market share for new homes was 33.7 percent in 2021, up from 28.9 percent in 2020. 

As of 21 February, the group had marketing agent mandates for 33 residential projects, comprising nearly 7,200 new home units to be launched this year, the filing said.

APAC Realty declared a final dividend of 4.0 Singapore cents a share, bringing the total dividend for the year to 7.5 Singapore cents.