Singapore Post Ltd (SingPost) is shifting its focus to e-commerce and logistics as demand for traditional mail continues to decline.
Domestic letter volumes fell to 260 million in 2022 amid a global coronavirus pandemic, from about 490 million letters in 2015, Li Yu, CEO for SingPost’s international business, told Singapore Business Review.
“The group thus strategically shifted our focus to logistics, in line with our belief of staying adaptive to market dynamics and harnessing emerging trends,” he said.
Logistics accounted for 69% of SingPost’s revenue for the fiscal year ended March 2024, or $1.17b out of a total $1.69b, according to a statement posted on its website. The group’s full-year net profit more than doubled to $81.5m from a year earlier, even as revenue fell to $1.69b from $1.87b due to lower sea freight revenue.
“By orienting ourselves to capitalise on the [e-commerce logistics] sector’s growth, we are aiming to create market leadership to generate long-term shareholder value,” Yu said. “Our transformation will position us well to scale our logistics ambitions and deliver sustainable growth.”
Bu hikaye Singapore Business Review dergisinin Issue No. 109 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Singapore Business Review dergisinin Issue No. 109 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.
