SingPost's first-half net profit rises 183.7% to S$55.9 million on HDB shophouse sale and leaseback

Singapore Post (SingPost) reported a significant surge in its first-half net profit, rising by 183.7% to S$55.9 million in the six months ending September 30, 2023. This substantial increase was primarily driven by exceptional gains from the sale and leaseback of 10 HDB post office shophouses. However, revenue declined by 1.3% to S$185.9 million, largely due to reduced international revenues.

Despite a 9.1% rise in cross-border parcel volume, overall international logistics revenue fell by 28.6% due to structural declines in cross-border letter mail. Excluding one-off items, SingPost's underlying net profit grew by 107.5% year-on-year to S$11.5 million, boosted by operational optimisation, stronger domestic parcel delivery, and the Post Office Network segment.

The company expects challenges to persist in the operating environment but remains committed to executing its strategy for sustainable growth.