Singapore Post (S08) H1 2027 earnings summary

Executive summary

• H1 FY27 revenue fell 1.3% YoY to S$185.9m, while operating profit rose 42.3% to S$8.1m and underlying net profit increased 107.5% to S$11.5m.

• Attributable net profit reached S$55.9m, lifted by exceptional property gains and a tax provision write-back; operational gains partly offset structural mail declines and international weakness.

• Interim dividend increased to 0.15 cents per share from 0.08 cents a year earlier.

Financial highlights

• Revenue was S$185.9m versus S$188.4m; operating expenses fell 2.1% to S$178.6m.

• Exceptional items totalled S$44.4m, including a S$43.1m gain from the sale-and-leaseback of 10 HDB post office shophouses.

• Underlying net profit, excluding exceptional items and other specified adjustments, rose to S$11.5m from S$5.5m.

• Basic EPS was 2.24 cents excluding distributions to perpetual securities holders and 2.48 cents including them, versus 0.63 cents and 0.88 cents, respectively.

Segment performance

• Logistics & Letters revenue fell 8.0% to S$141.4m; operating loss narrowed 26.7% to S$2.5m as segment costs fell 8.4% to S$143.9m.

• Domestic parcel volumes rose 23.8%, and cross-border parcel volumes grew 9.1%; domestic letter mail fell 15.6% and international mail declined 45%.

• Post Office Network revenue rose 80.8% to S$10.4m and operating loss narrowed 42.9% to S$3.3m, supported by transaction services, product sales, rentals and retail partnerships.

• Property Assets revenue increased 1.1% to S$40.9m; operating profit fell 1.4% to S$22.6m. SingPost Centre occupancy reached 100%, with rental reversions of 7%.