SingPost net profit triples to $78.3m on property revaluation

FY2024 earnings boosted by exceptional gain of 36.8m; total dividend rises 28%

- Colin Tan Senior

Singapore Post more than tripled its earnings for the year ended March 31, mainly due to an exceptional gain of $36.8 million on property revaluation.

Net profit rose 217.4 per cent to $78.3 million from $24.7 million, the Singapore-listed postal and logistics group said on May 10.

Underlying net profit grew 28.1 per cent to $41.5 million from $32.4 million a year earlier.

The board has proposed a final dividend of 0.56 cent per share.

Together with the interim dividend of 0.18 cent per share paid out in November 2023, SingPost's total dividend comes to 0.74 cent per share, up 28 per cent from a year earlier and making up 40 per cent of underlying net profit.

Sing Post group chief executive Vincent Phang said in a statement: "Our transformation continues to yield results in our core businesses as we execute our strategy." Net profit for the second half year rose 93.4 per cent to $66.9 million from $34.6 million, after the property revaluation.

Second-half revenue fell 5.9 per cent to 859.5 million, largely due to reduced sea freight revenues.

Breaking down its full-year performance, the group saw revenue decline 9.9 per cent to $1.69 billion on lower sea freight revenues.