- Singapore Post (SingPost, SGX:S08)’s 2HFY24 revenue fell 5.9% y-o-y ( y-o-y) to S$859.5m, dragged by the freight forwarding and IPP businesses – Operating expenses, however, fell by a greater margin, which allowed the company to eke out a 3.3% y-o-y increase in operating profit to S$53.5m.
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FY24 revenue & operating profit declined 9.9% & 8.8% y-o-y
- On a full year basis, revenue and operating profit declined 9.9% and 8.8% y-o-y to S$1.7b and S$84.9m, respectively. The decline was also partially due to FX headwinds, with estimated full year currency impact at S$73m and S$14m to the revenue and operating profit levels, respectively.
- Meanwhile, PAT and UNP were up by 110% and 28.1% to S$81.5m and S$41.5m, respectively. FY24 group revenue came in at ~96% of our full year forecast.
28% increase in dividend per share
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Logistics segment was the largest detractor, weighed down by the freight forwarding business.
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