SINGAPORE Post’s (SingPost : S08 0%) net profit for the second half ended March rose 93.4 per cent to S$66.9 million from S$34.6 million a year earlier.
This resulted in an earnings per share (EPS) of S$0.0273 for the second half, up from S$0.013 in H2 FY2023.
Including distribution to perpetual securities holders, EPS for the period stood at S$0.0297, up from S$0.0154 a year prior.
The group proposed a final dividend of S$0.0056 per share amounting to S$12.6 million for the financial year, up 40 per cent from a per-share dividend of S$0.004 for the same period a year earlier.
Including its interim dividend of S$0.0018 per share paid out in November 2023, total dividends would amount to S$0.0074 per share to represent 40 per cent of the group’s underlying net profit.
Revenue for H2 FY2024 declined 5.9 per cent to S$859.5 million, which the postal services provider on Friday (May 10) attributed largely to reduced sea freight revenues.
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The group’s bottom line was buoyed by S$38.8 million in exceptional gains, up 138.7 per cent year on year mainly due to a fair value gain in investment properties.
Operating expenses for the period fell 6.2 per cent to S$809 million, while operating profit rose 3.3 per cent to S$53.5 million for the second half of the fiscal year.
For the full year, SingPost’s net profit grew 217.4 per cent to S$78.3 million versus S$24.7 million in FY2023.
Revenue slid 9.9 per cent on the year to S$1.7 billion, which SingPost said was largely due to a reduction in sea freight revenues.
The group nonetheless said operating fundamentals of its core business have improved for the year, though operating profit declined 8.8 per cent to S$84.9 million due to lower operating profit contributions from its subsidiary Famous Holdings.
In its outlook, the group said the economic and business landscape “continues to be marked by ongoing challenges” of slower global trade, inflationary pressures and geopolitical tensions.
Group chief executive Vincent Phang said: “Our transformation continues to yield results in our core businesses as we execute our strategy.”
Shares of SingPost ended Thursday S$0.01 or 2.2 per cent higher at S$0.46.
