SingPost transition lifts FY23/24 net profit to $81.5m

NPI rose 110.2% YoY.

Singapore Post's (SingPost) evolution into a logistics enterprise has yielded significant results, with the company’s net profit soaring 110.2% year-over-year to $81.5 million in FY23/24.

With higher net profit, the company recommended a final exempt, one-tier dividend of 0.56 cents per ordinary share.

“Including the interim dividend of 0.18 cents per share paid out in November 2023, the total dividend would amount to 0.74 cents per share, or 40% of the underlying net profit, representing an increase of 28% YoY,” the company said.

The group’s revenue, however, declined from $1.87b to $1.69b due to a reduction in its sea freight revenues.

Revenue declined across SingPost’s business segments, except property, which remained stable at $77.7m.

Logistics revenue fell to $1.17b in FY23/24 against $1.32b in FY22/23, whilst post and parcel reported a lower revenue of $514.1m against S$524.5m in the previous financial year.