SingPost’s operating profit rises 46% YoY to $38m

The increase was driven by higher profit in domestic post and parcel.

SingPost Group’s operating profit rose by 20% quarter-on-quarter (QoQ) and 46% year-on-year (YoY) to $38m in the third quarter (Q3) of the financial year (FY) 2021/2022, which ended on 31 December 2021.

The increase in operating profit was achieved on the back of higher profit from Famous Holdings, Domestic Post and Parcel (DPP), and from the consolation of Freight Management Holdings Pty Ltd, a 4PL service company in Australia.

Moving forward, the group said it will press on with its Future of Post initiative in Singapore “to leverage infrastructure and capture e-commerce growth."

In Q3, the group’s DPP eCommerce logistics volume rose 23% QoQ and 50% YoY.

DPP Letters & printed papers, on the other hand, dropped 9% YoY.

The group said it is also working towards integrating its “international operations to create a global ecosystem to provide one-stop cross-border solutions and enable Singapore to operate a global B2B2C network.”