Singapore Post (S08) H1 2025 earnings summary

Executive summary

• Revenue increased 20.0% year-over-year to S$992.4 million, driven by strong growth in Australia and Singapore, offsetting weakness in International cross-border business.

• Operating profit rose 62.9% year-over-year to S$51.2 million, supported by higher revenue and improved segment performance.

• Net profit attributable to equity holders nearly doubled to S$22.6 million, with underlying net profit up 87.6% to S$25.2 million, excluding exceptional items.

Financial highlights

• Australia segment revenue surged 44.1% to S$574.9 million, with operating profit up 30.2% to S$30.4 million, mainly due to the Border Express acquisition.

• Singapore segment revenue grew 13.0% to S$166.5 million, with property leasing contributing S$43.0 million and operating profit up 11.7% to S$23.9 million.

• International segment revenue declined 9.7% to S$263.9 million; cross-border business revenue fell 26.8% while freight forwarding rose 9.7%.

• Total operating expenses increased 18.3% to S$943.4 million, mainly from the Border Express consolidation.

• Finance expenses rose 69.1% to S$24.6 million due to higher borrowings for acquisitions.

• Cash and cash equivalents decreased to S$428.4 million from S$476.7 million at March 2024.

Outlook and guidance

• The global economic outlook remains subdued with ongoing geopolitical uncertainty.

• The Group is focused on integrating and driving synergies in its Australia business and is conducting a strategic review, including exploring a potential sale.

• Singapore business is optimizing its postal network and investing in infrastructure to ensure long-term viability.

• International business faces margin pressures from fluctuating freight rates and increased competition; rationalization and divestments are ongoing.