- 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.
- - Read this at SGinvestors.io -
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
- - Read this at SGinvestors.io -
Logistics segment was the largest detractor, weighed down by the freight forwarding business.
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-05-10
Read also OCBC's most recent report:
2024-12-02 Singapore Post - Proposed Divestment Of Australia Business.
Previous report by OCBC:
2024-11-06 Singapore Post - Awaiting A Break In The Clouds.
Price targets by 3 other brokers at SingPost Target Prices.
Listing of research reports at SingPost Analyst Reports.
Relevant links:
SingPost Share Price History,
SingPost Announcements,
SingPost Dividends & Corporate Actions,
SingPost News Articles
