Singapore Post Ltd (SingPost) reported net profit attributable to shareholders of S$60.9 million for the year ended 31 March 2026, down 75.2 per cent year-on-year, as lower international volumes cut revenue but one-off gains from property revaluation and the derecognition of aged trade payables bolstered the bottom line.
Group revenue fell 23.1 per cent YoY to S$376.1 million, while underlying net profit, which strips out S$19.2 million of exceptional items and a S$38.1 million write-back of long-outstanding payables to overseas postal partners, slid 57.0 per cent to S$10.7 million. The board proposed a final dividend of 0.06 Singapore cent per share and a supplemental dividend of 0.41 cent, bringing the total proposed payout to 0.47 cent a share. In FY24/25 the group paid an ordinary dividend of 0.34 cent and a special dividend of 9.00 cents. Payment and record dates will be announced after shareholder approval at the forthcoming AGM.
Logistics & Letters revenue contracted as international e-commerce volumes tumbled 57.9 per cent amid a volatile global environment, offsetting an 8.1 per cent rise in domestic e-commerce traffic and the benefit of a 1 January 2026 postage rate increase. Group operating profit dropped 68.9 per cent YoY to S$11.8 million. Within the Property Assets segment, revenue edged up 2.0 per cent to S$80.7 million and operating profit reached S$45.2 million, supported by 99.4 per cent occupancy and positive rental reversions. The Post Office Network reduced its operating loss by 27.4 per cent to S$10.7 million after a 20 per cent cut in operating expenses.
The steep downturn in overall earnings was attributed to a 55.2 per cent slide in international revenue, reflecting softer cross-border parcel flows and ongoing structural declines in traditional letter mail, which fell 13.5 per cent domestically. Partly cushioning the impact were fair-value gains on investment properties and subsidiary disposals, together with the one-time derecognition of legacy liabilities.
Looking ahead, SingPost plans to retain and enhance SingPost Centre, capitalising on the government’s longer-term development blueprint for the Paya Lebar precinct. Management also targets a more than 10 per cent reduction in cost-to-serve over the next few years by embedding artificial intelligence and automation across its Logistics & Letters operations. Further growth is expected from expanded warehousing and value-added logistics services, while the Post Office Network will continue to pare its physical footprint and seek higher rental yields to achieve commercial sustainability.
Chief executive officer Mark Chong said the FY25/26 performance provides a “consolidated baseline” from which the group intends to strengthen and scale. He noted that investment in technology, selective property asset enhancement and disciplined capital allocation are central to improving long-term shareholder returns as the company navigates evolving market dynamics. Management is also monitoring macroeconomic and geopolitical developments to preserve operational resilience, he added.