Singapore Post (SingPost) has posted net profit of $18.4 million for 1HFY2026 ended Sept 30, 17.1% lower y-o-y. The decline was largely due to contributions from the divested Australia business in the prior period, which offset the exceptional gains in 1HFY2026, says the company on Nov 10.
During the half-year period, SingPost recorded underlying net profit of $5.5 million, compared to a loss in the preceding 2HFY2025. Still, 1HFY2026 underlying net profit was 78% lower y-o-y.
Revenue fell 27.4% y-o-y to $188.4 million in the latest six-month period, which SingPost attributes to a “challenging operating environment” for the logistics business, particularly in cross-border e-commerce delivery volumes.
Operating expenses, meanwhile, fell 25.5% y-o-y to $182.4 million in 1HFY2026.
The board has declared an interim dividend of 0.08 cents per ordinary share for the six months ended Sept 30. This represents 30% of 1HFY2026 underlying net profit, and will be paid on Dec 5.
SingPost says its target dividend policy payout ranges from 30% to 50% of its underlying net profit.
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Since April 1, SingPost has adopted a segment reporting structure to reflect its reorganisation into three key business segments: logistics and letters, post office network, and property assets. Prior period figures have been restated to align with this new structure.
The logistics and letters segment, which encompasses domestic and international mail and parcel activities, including e-commerce logistics, saw revenue fall 33.1% y-o-y to $153.5 million. This was primarily due to a 63% y-o-y decline in cross-border e-commerce delivery volumes, coupled with lower domestic e-commerce volume and the structural decline in letter mail, according to SingPost.
As a result of the lower revenue performance, the segment recorded an operating loss of $4.4 million in 1HFY2026 compared to a profit of $13.7 million in the prior period, or y-o-y.
Meanwhile, SingPost’s post office network revenue, derived from agency services and sale of products, declined 13.9% y-o-y to $5.7 million. The decline was mainly due to lower revenue from agency services, partially offset by higher post office space rental.
The segment recorded a lower operating loss of $5.8 million, an improvement from a loss of $6.7 million in the prior period, attributed to the cessation of several post office operations.
Finally, SingPost’s property assets segment recorded a 3.4% y-o-y revenue increase to $40.6 million, driven by higher rental income from SingPost Centre.
The overall occupancy rate at SingPost Centre was higher at 99.2% as at Sept 30.
Operating profit was $23.9 million, a slight decrease from $24.7 million in the prior period, largely due to higher operating costs such as property management services and property tax.
The company’s cash position amounted to $594.1 million as at Sept 30.
SingPost shares closed 1 cent higher, or 2.44% up, at 42 cents on Nov 7.
