SINGAPORE – SingPost’s net profit for the first half year ended September nearly doubled to $22.6 million on higher revenue, it reported on Nov 6.
This represented a 97.3 per cent increase from $11.5 million in the year-ago period, as revenue rose 20 per cent to $992.4 million from $827.3 million a year prior.
Earnings per share (EPS) excluding distributions to perpetual securities holders stood at 0.76 cent, up 181.5 per cent from 0.27 cent a year ago.
During the period under review, distributions amounting to $5.4 million were recognised, and the majority was paid to perp holders. Including this, EPS for the period was one cent, 96.1 per cent up from the prior year’s 0.51 cents EPS.
The group declared an interim dividend of 0.34 cents per share to be paid out on Dec 2, 2024.
SingPost noted that this was an 89 per cent year-on-year increase from the prior year’s interim dividend of 0.18 cent, and amounted to 30 per cent of underlying net profit for the current period.
The postal services provider said revenue growth in its Australia and Singapore segments helped to offset declines in international cross-border business, which continued to “face a difficult business environment”.
Revenue of the Australia business increased 44.1 per cent year on year to $574.9 million, while operating profit rose 30.2 per cent to $30.4 million. SingPost said this was largely due to the consolidation of Australian courier and logistics services provider Border Express following its acquisition in March.
In Singapore, revenue for the group’s postal and logistics business rose 12.4 per cent year on year to $129.6 million on higher contributions from the delivery business, after it implemented a postage rate increase in October 2023.
The segment’s operating loss for the first half narrowed to about $900,000 from $14.7 million previously.
“While
