SINGAPORE: Singapore Post Limited (SingPost) reported nearly double its earnings for the first half of the 2025 financial year (1HFY2025), driven by improved operating performance.
For the six months ending Sept 30, the company reported earnings of $22.6 million, marking a 97.3% increase year-on-year (YoY). Revenue for the period also rose 20% YoY to $992.4 million.
According to The Edge Singapore, a major contributor to the higher revenue was the consolidation of Border Express, an Australian logistics company recently acquired by SingPost.
Revenue from its Australian operations increased by 44.1% YoY to $574.9 million, while operating profit rose by 30.2%, reaching $30.4 million.
To reward shareholders, the company plans to distribute an interim dividend of 0.34 cents per share, an 89% increase from the 0.18 cents per share paid in the same period last year.
The company’s payout ratio is 30%.
Group CEO Vincent Phang said, “Our first-half results demonstrate the resilience across our businesses despite the challenging market conditions.
We are focused on executing our strategic initiatives to maximise shareholder value.”
In Singapore, revenue grew 12.4% YoY to $129.6 million, thanks to higher postage rates introduced last October. These rate hikes helped offset the ongoing decline in letter mail volume.
However, the Singapore business still recorded an operating loss of $0.9 million, though this was an improvement from the $14.7 million loss last year.
SingPost noted that although its delivery operations have shown strong improvement, overall profitability is still affected by the post office network, which continues to operate at a loss.
The company said it faced one-off costs in the year’s first half for investing in new technology and upgrading older systems.
SingPost stated that it is working with authorities to finalise an operating model to support postal services’ long-term commercial viability. /TISG
Read also: SingPost to focus on e-commerce and logistics as traditional mail demand declines
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