When companies report higher profits, there is also a chance that they may increase their dividend payouts.
Hence, income investors who are looking for higher dividends should turn their attention to companies that report higher earnings.
Of course, you also need to assess the business’s prospects to ensure that it can continue to grow, while also reviewing its risks.
Here are three Singapore stocks that more than doubled their dividends during the latest earnings season.
APAC Realty (SGX: CLN)
APAC Realty is a real estate services provider which holds the exclusive ERA regional master franchise licence for 17 countries and territories in the Asia Pacific region.
The group has more than 21,600 advisors across 573 offices as of 30 June 2025.
The property brokerage reported a strong set of earnings for the first half of 2025 (1H 2025).
Revenue climbed 28.8% year on year to S$341.5 million, driven by robust activity in the new private residential segment.
In particular, revenue from new home sales more than doubled to S$131.2 million with a sharp increase in transaction volumes as developers sold 5,566 private residential units for 1H 2025 (1H 2024: 2,484 units).
APAC Realty’s net profit soared 176.4% year on year to S$11.3 million.
The group also generated a strong positive free cash flow of S$15.5 million, reversing the previous year’s negative free cash flow of S$332,000.
An interim dividend of S$0.027 was declared, triple the S$0.009 in the prior year.
For 1H 2025, private residential transactions rose 7.5% year on year with 7,802 units sold, but this was offset by a lower number of HDB transactions, which declined by 5% year on year to 13,692 units.
The strong demand for private homes is expected to carry forward into 2H 2025 and 2026, too.
Looking ahead, around 57,000 units are coming on stream over the next few years to cater to housing demand.
Bumitama Agri (SGX: P8Z)
Bumitama Agri manages close to 190,000 hectares of oil palm plantation in Indonesia and operates 17 mills with a processing capacity of 6.99 million tonnes annually.
The group is one of the leading Fresh Fruit Bunches (FFB) growers and also produces Crude Palm Oil (CPO) and Palm Kernel (PK).
For 1H 2025, revenue rose 28.2% year on year to IDR 9.7 trillion while gross profit surged 43% year on year to IDR 2.6 trillion.
Bumitama Agri’s net profit climbed 47.8% year on year to IDR 1.27 trillion.
The agri group’s total CPO output for 1H 2025 rose 17% year on year to 608,560 tonnes, in line with the anticipated production recovery.
Global palm oil prices remained elevated because of geopolitical trade tensions, thereby buoying the group’s revenue and net profit.
Free cash flow for the half year stood at IDR 1.4 trillion, more than double the IDR 492.8 billion in the previous year.
Bumitama Agri’s interim dividend more than tripled year on year from S$0.012 to S$0.0363.
PropNex (SGX: OYY)
PropNex is Singapore’s largest real estate agency with more than 13,000 salespersons.
The group offers integrated services in real estate brokerage, training, and consultancy, and has an established presence not just in Singapore but also in Indonesia, Malaysia, Vietnam, Cambodia, and Australia.
Like APAC Realty, PropNex also reported a stellar set of earnings for 1H 2025.
Revenue surged 73.3% year on year to S$599 million, significantly boosted by commission income from project marketing services.
Net profit soared 122.4% year on year to S$42.3 million. Both revenue and net profit hit all-time highs.
The group’s free cash flow also improved strongly, leaping from S$16.2 million in 1H 2024 to S$45 million in 1H 2025.
An interim dividend of S$0.05 was declared, more than double the S$0.0225 paid out a year ago.
Management believes that the moderation in mortgage rates and the potential wealth effect from the stock market rebound could contribute to positive property buying sentiment in the coming months.
Recent Government Land Sales (GLS) exercises also saw increased participation from developers, reflecting strong confidence in the market.
PropNex projects a 3% to 4% rise in overall private home prices for 2025, supported by resilient demand, lower interest rates, and a steady pipeline of new launches.
Developer sales for this year are estimated at 8,000 to 9,000 units, while private resale volume is projected to be in the range of 14,000 to 15,000 units.
These numbers and trends should bode well for PropNex in 2H 2025 and next year, and should help lift the business to the next level.
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Disclosure: Royston does not own shares in any of the companies mentioned.
