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SingPost FY profit surges: S$78.3M doubled with property revaluation

SingPost’s FY2024 earnings hit S$78.3M, soaring 217.4% y-o-y, driven by a S$36.8M property revaluation gain. CEO’s confidence in ongoing transformation echoes as the group unveils five key strategies from March’s strategic review.



SINGAPORE: Singapore Post (SingPost) saw a significant surge in its earnings for the fiscal year ending on 31 March, primarily attributed to an exceptional gain of S$36.8 million from property revaluation.

In a statement released on Friday (10 May), SingPost disclosed that its full-year net profit skyrocketed by 217.4% to S$78.3 million, a substantial increase from S$24.7 million in FY2023.

Underlying net profit also experienced a notable increase, climbing 28.1% to S$41.5 million from S$32.4 million in the previous year.

The company’s board has recommended a final dividend of 0.56 cents per share, complementing the interim dividend of 0.18 cents per share distributed in November 2023.

This proposed dividend would raise the Singapore-listed postal and logistics group’s total dividend to 0.74 cents per share, marking a 28% increase from the previous year and constituting 40% of its underlying net profit.

Vincent Phang, the CEO of SingPost Group, expressed satisfaction with the ongoing transformation efforts, stating, “Our transformation continues to yield results in our core businesses as we execute our strategy.”

Furthermore, the net profit for the second half of the fiscal year surged by 93.4% to S$66.9 million from S$34.6 million in the preceding year, driven by the property revaluation.

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There must be something wrong with government-linked companies when all of them have to turn to “property” to even break-even.

SMRT has property holdings, SingPost has it. Even SPH, a newspaper company had dealings with property.

And who is Singapore’s biggest landlord?

When are all these entities going to be investigated for potential collusion and corruption?

This is strictly a closely protected monopoly. How well it is walled for donkey of years and yet its still considerably feed on infant formula milk. Representative of this Administration.

Singpost had remarkably bought into X McKinsey consultants and took them on board as diamond, gold talents among it’s ranks.

What has happened is a ton of embarrassments.

Wow – money just pluck from the AIR aaah???? What a souper duper accounting “twist & turn” with 05 DIFFICULTY! WOWO WOW!!!