SingPost half-year profit jumps 183.7% on property disposal gains

Singapore Post reported net profit of S$55.9 million for the half-year to Sep 30, 2026, a rise of 183.7 per cent from S$19.7 million a year earlier. The company attributed much of the increase to exceptional property gains.

Exceptional items totalled S$44.4 million, against S$13.9 million previously. These mainly reflected the disposal of 10 Housing & Development Board post office shophouses under sale-and-leaseback arrangements. Underlying net profit reached S$11.5 million, compared with S$5.5 million, helped by better operating performance and a tax provision write-back.

Revenue declined from S$188.4 million to S$185.9 million, principally because shrinking letter mail volumes reduced international revenue. Operating profit nevertheless increased 42.3 per cent to S$8.1 million, with expenses down 2.1 per cent at S$178.6 million.

In its Nov 6 regulatory filing, SingPost announced an interim payout of S$0.0015 per share, compared with S$0.0008 previously. Payment is scheduled for Dec 4.

The logistics and letters business posted revenue of S$141.4 million, down 8 per cent, while reducing its operating loss to S$2.5 million from S$3.4 million. Domestic parcel volumes rose 23.8 per cent, partly countering a 15.6 per cent fall in domestic letter volumes.

SingPost said conditions would remain challenging, citing structural letter mail declines, cross-border headwinds and macroeconomic uncertainty. It is targeting a network comprising 30 branches and 50 self-service lobbies by end-March 2027.

The company also plans to refresh the SingPost Centre retail mall, with capital expenditure estimated at less than S$30 million. Operating activities generated net cash of S$5.9 million, compared with an outflow of S$28.1 million a year earlier. Cash holdings stood at S$642.5 million at September’s close.