- Due to an ongoing shift to digital alternatives and declining letter mail volumes, SingPost has closed 12 post offices in Singapore.
- For 1HFY25, we expect strong group operating and net profit growth y-o-y, largely driven by the consolidation of Border Express and the postage rate hike in 3QFY24.
- - Read this at SGinvestors.io -
Rationalisation of post offices.
- Singapore Post (SingPost, SGX:S08) has closed 12 domestic post offices in the past two years as the group continues to combat declining letter mail volumes and the ongoing secular shift to digital alternatives. These closures were to ensure that the postal services segment remained cost-effective and relevant. With 44 remaining post offices, SingPost is now focusing on other customer service touchpoints such as its POPStation network.
- - Read this at SGinvestors.io -
- Moving forward, we expect SingPost to continue consolidating its post offices, albeit at a slower pace which would support segmental margins.
Strategic review still ongoing.
- Read more at SGinvestors.io.
