Singapore Post (SingPost) has professed noteworthy rather 65.5% rise in its net profit in the first half of the year (H1 2024) compared to the corresponding period previous year at $22.2 million up from $13.4 million posted last year. This remarkable growth was helped by revenue increases emanating from a number of business segments with the total group revenue growing by 20% to hit $992.4 million.

In Singapore, SingPost’s postal and logistics segment of its businesses earned $129.6 million in revenue which is 12.4% higher as compared to the previous year. The growth was as a result of increase in delivery revenues to which the new revised postage rates contributed significantly.

SingPost’s Australia division recorded a replenishment in revenues of 44.1% during the year, to a tune of $574.9 million. The performance was markedly enhanced due to the consolidation of Border Express, an entity which was bought out in March 2024. Even the freight forwarding and property verticals performed well, with revenues improving by 9.7% and 13.2% year on year respectively to $148.7 million and $43 million.

Nevertheless, there were problems for the companies’ international cross-border business where revenue fell by 26.8% YoY to stand at 117.9%dollars, indicating a persistent negative in this business segment.

During the first six months of the financial year, an interim dividend of $0.34 per ordinary share was declared by the Board of Directors of SingPost, which is 89% higher compared to the corresponding period of the previous year i.e. it accounts for 30 % of the underlying net profit for the said period. Furthermore, this underlines the ability of the company to generate cash and more importantly, its desire to return excess cash to the shareholders’ hands.

The positive financial results attained by the enterprise can demonstrate the stability of the company’s diversified portfolio business model, supported by focused investments in development of core areas, which include logistics and freight forwarding, among others. Considering the challenges encountered in the international cross-border operations, it is clear that SingPost is still poised quite well for the remaining period of the year.