SINGAPORE – Singapore Post posted a 183.7% rise in net profit to $55.9 million for the first half ended Sept 30, 2026, from $19.7 million a year earlier, largely driven by exceptional gains from property divestments.
Exceptional items amounted to $44.4 million, compared with $13.9 million a year earlier, largely reflecting gains from the sale and leaseback of 10 Housing Board post office shophouses.
Revenue slipped 1.3% to $185.9 million from $188.4 million, mainly due to lower international revenue amid a structural decline in letter mail volumes.
Underlying net profit more than doubled to $11.5 million from $5.5 million, supported by improved operating performance and a tax provision write-back.
Earnings per share from continuing and discontinued operations, excluding distributions to perpetual securities holders, rose to $0.0224 from $0.0063 a year earlier.
In a regulatory filing on Nov 6, the postal services provider declared an interim dividend of $0.0015 per share, up from $0.0008 cent a year earlier. It will be paid out on Dec 4.
Operating profit rose 42.3% to $8.1 million as operating expenses fell 2.1% to $178.6 million.
“Our results reflect green shoots in the execution of our strategy. However, the operating environment continues to be challenging,” said SingPost chief executive Mark Chong.
“Amid structural letter mail declines and cross-border headwinds, maintaining operational discipline is key.”
Revenue by segment
The group’s logistics and letters segment recorded an 8% decline in revenue to $141.4 million, although its operating loss narrowed to $2.5 million from $3.4 million.
Domestic parcel delivery volumes grew 23.8% year on year, helping to offset a 15.6% decline in domestic letter mail volumes. International logistics revenue fell 28.6% amid declining cross-border letter mail volumes.
The post office network segment narrowed its operating loss by 42.9% to $3.3 million, as revenue jumped 80.8% to $10.4 million, driven by retail partnerships, commercial product sales and higher rental contributions.
Meanwhile, the property assets segment recorded revenue of $40.9 million, up 1.1%, while operating profit dipped 1.4% to $22.6 million. SingPost Centre achieved full occupancy, with blended rental rate reversions of 7%.
SingPost expects operating conditions to remain challenging amid structural declines in letter mail, cross-border headwinds and macroeconomic uncertainty.
The group continues to right size its post office network with a target footprint of 30 branches and 50 self-service lobbies by end March 2027.
It is also planning a targeted refresh of the SingPost Centre retail mall, with estimated capital expenditure of less than $30 million, to enhance rental yields and its tenant mix.
Net cash from operating activities turned positive at $5.9 million, reversing an outflow of $28.1 million a year earlier. SingPost ended September with cash holdings of $642.5 million.
Shares of SingPost closed S$0.005 or 1.8 per cent higher at $0.29 on Nov 5. THE BUSINESS TIMES
