- APAC Realty (SGX:CLN) posted sharp earnings rebound in 1H25, with PATMI climbing 176.4% y-o-y to S$11.3mil, well above our expectations. The outperformance was driven by a significant expansion in gross margin to 10.5% (+1.3ppt y-o-y), underpinned by a greater share of new sales transactions, which typically yield higher margins.
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- Boosted by the shift in product mix, gross profit expanded 46.2% y-o-y to S$35.8mil.
Potential for a special dividend?
- An interim dividend of 2.7 cents was declared (1H24: 0.9 cents), representing a 78.1% payout ratio, in line with the company’s policy of distributing 50-80% of core PATMI. See APAC Realty's dividend payout date.
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Expect a stronger 2H25 on a y-o-y basis, albeit weaker than 1H25.
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