Singapore Post’s net profit jumps by 65.5% in H1

Interim dividend stood at $0.34 per ordinary share.

Singapore Post’s net profit increased by 65.5% year-on-year (YoY) to $22.2m during the first half of the year (H1 2024) as compared to $13.4m a year ago.

The company said this is due to higher sales with group revenue rising by 20% to $992.4m.

In Singapore, its postal and logistics business amounted to $129.6m, reflecting a 12.4% increase. The company attributes this to higher delivery revenue arising from the postage rate increase.

Revenue of the Australia business increased by 44.1% YoY to $574.9m due to the consolidation of Border Express following its acquisition last March 2024.

Additionally, the freight forwarding and property revenues rose by 9.7% and 13.2% YoY to $148.7m and $43m, respectively.

However, the International cross-border business revenue decreased by 26.8% YoY to $117.9m.

The interim dividend stood at $0.34 per ordinary share, amounting to 30% of H1 2024’s underlying net profit and increased by 89% YoY.

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