MAINBOARD-LISTED real estate services provider APAC Realty APAC Realty: CLN +3.88% saw its earnings jump 111.3 per cent to S$18.3 million for the second half ended Dec 31, 2021, from S$8.7 million in the corresponding period a year ago.

This was on the back of a 71.5 per cent increase in total revenue to S$381.3 million in H2, driven by a surge in real estate brokerage fees and related services.

Brokerage income from the resale and rental of properties rose 48.2 per cent to S$229 million during the 6-month period, while fees from new home sales more than doubled to $147.3 million.

APAC Realty’s real estate brokerage services are operated by ERA Realty Network under the ERA franchise.

For the full year, APAC Realty logged a 115.3 per cent increase in earnings to S$35.4 million as revenue rose 87.2 per cent to S$739.8 million – marking the company’s best-ever results since its initial public offering in 2017.

The board has proposed a final dividend of 4 Singapore cents per share, payable on May 10.

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“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 to better serve today’s increasingly sophisticated and digitally discerning customer,” said executive chairman Jack Chua.

APAC Realty said its market share of the new homes segment increased 4.8 percentage points to 33.7 per cent in FY2021, as the volume of new private residential units sold – including executive condominiums – rose 38.4 per cent to 15,146 units during the year.

It added that Singapore’s private residential resale market recorded a 87.9 per cent increase in sales volume to 20,530 units in FY2021 while the HDB resale market gained 25.3 per cent in sales volume to 31,017 units.

“Over the past few years, we have taken bold but measured steps to build a strong foundation to enhance our resilience and ability to deliver quality growth over the long-term. A key component of our strategy is our digitalisation and IT transformation roadmap which continues to evolve the way we interact and engage customers, enhancing the way our trusted agents deliver service excellence and quality advice,” said chief executive of APAC Realty Marcus Chu.

Shares of APAC Realty closed half a Singapore cent or 0.8 per cent lower at 64.5 cents on Tuesday (Feb 22), before the results announcement.

Source: https://www.businesstimes.com.sg/companies-markets/apac-realty-h2-profit-more-than-doubles-to-s18-mil-as-property-transactions-surge