SingPost's post-tax profit jumped 228.8% to $88.28m in FY2020

The increase is attributable to the absence of losses from US businesses.

Singapore Post’s (SingPost) post-tax profit soared 228.8% to $88.28m in FY2020 from $26.85m the previous year, the company announced. Over the same period, revenue inched down 0.7% to $1.31b, as all segments recorded a slight decline in revenue.

Profit on operating activities also slumped 21.3% to $143.61m from $182.48m the previous year. Excluding exceptional items, underlying net profit for the full year was stable at $100.2m.

The increase in net profit is attributable to gains from US businesses, offsetting the lower profit from post and parcel operations. The firm added that COVID-19 weighed on domestic letter volumes in Q4.

In the post and parcel segment, revenue held steady for the full year as international post and
parcel posted record revenue of more than $500m, thanks to the higher cross-border ecommerce-related activity.

Meanwhile, contributions in the logistics segment dipped 0.7% in FY2020. Losses from operating activities for the year was $5.6m, compared to losses of $7.6m in FY2019.

Its property segment revenue, which comprises commercial property rental and self-storage business, remained flat for the full year as the SingPost Centre retail mall and office remain close to full occupancy at the end of the financial year.

Further, its board of directors recommends a final dividend of 1.2 cents per ordinary share, bringing the annual dividend to 2.7 cents per share. This would represent a pay-out ratio of 60% of underlying net profit which is subject to shareholders’ approval at the annual general meeting.