SingPost operating profit up 28.4% to $51.1m for H1 FY21/22

Its net profit also echoed this performance with a 13.3% growth.

Singapore Post revealed that its operating profit was up 28.4% year-on-year (YoY) to $51.1m for the first half of the financial year 2021-2022 (H1 FY21/22). 

This was attributed to contributions from the logistics and property segments. COVID-19 disruptions, however, continued to impact the profitability of the international post and parcel business. 

Net profit attributable to equity holders, meanwhile, also had a 13.3% YoY increase, hitting $35m in H1 FY21/22. This led to an underlying net profit of $37.4m, 19.9% higher from the previous year. 

Vincent Phang, CEO, Singpost, also pointed to acceleration of their eCommerce logistics business going forward. 

The Domestic Post and Parcel business saw eCommerce delivery revenue growth of 32% in H1, which offset the continued double digital mail revenue decline. This resulted in overall revenue growth for Domestic Post and Parcel in H1. 

International Post and Parcel, meanwhile, remained resilient. Revenues declined by 26.6% in H1 due to a high base effect last year. 

The Logistics segment, on the other hand, saw its revenue rise by 29.6% for the half-year. Famous Holdings also saw a 63.3% revenue growth in H1 due to higher sea freight rates. Overall, an operating profit of $16.2m was recorded in the period. 

The Property segment also saw revenue boost by 7.09% to $59.8m in H1 due to lower rental rebate for occupants.