SingPost profit surges 184% in first half on property deal

Singapore Post reported a net profit of S$55.9 million for the first half of the financial year, representing a 183.7% increase from the prior-year period. The strong result was largely driven by a one-off gain from the sale and leaseback of an HDB shophouse property.

Excluding such non-recurring items, SingPost's underlying net profit reached S$11.5 million, more than doubling year-on-year. The improvement in underlying profitability came despite a decline in overall revenue during the period, signalling improved operational efficiency or margin performance in core business operations.

The postal and logistics operator has been navigating a challenging operating environment, with traditional mail volumes under structural pressure amid digitalisation trends. The property transaction provided a boost to reported earnings while the company works to strengthen its profitability through underlying business performance improvements.

The results underscore SingPost's diversified approach to generating returns, combining its core postal and delivery operations with strategic asset management. Investors will closely watch whether the momentum in underlying profit gains can be sustained in the second half of the year.