Ecommerce Drives Singapore Post Revenue Growth

May 25, 2016

Ecommerce initiatives drove Singapore Post revenue growth, increasing 60% in its financial year ending March 31. Overall revenue increased 25.2 per cent to S$1.15 billion, driven by eCommerce-related activities and acquisitions according to its earnings release. Ecommerce-related revenue increased significantly by 60.4 per cent year-on-year to S$412.4 million, representing 35.8 per cent of group revenue.

For over 150 years, Singapore Post (SingPost) as the country's postal service provider, has been delivering trusted and reliable services to homes and businesses in Singapore.

Today, SingPost is pioneering and leading in eCommerce logistics through its subsidiary SP eCommerce as well as providing innovative mail and logistics solutions in Singapore and the Asia Pacific, with operations in 15 countries. For more information, please refer to www.SPeCommerce.com.

Building on its trusted communications through domestic and international postal services, SingPost is taking the lead in end-to-end integrated and digital mail solutions. The suite of SingPost eCommerce logistics solutions includes front end web management, warehousing and fulfilment, last mile delivery or international freight forwarding.

More From their Earnings Release:

SingPost's continued focus on strengthening its eCommerce logistics capabilities and business is driving its revenue growth. For the first time, SingPost's revenue surpassed S$1 billion, while net profit hit a record high of S$248.9 million. Revenue grew 27.7 per cent in Q4 and 25.2 per cent in the full year, with continued growth in eCommerce-related activities and the inclusion of new subsidiaries.

Net profit grew 196.4 per cent in Q4 from S$35.6 million to S$105.4 million, and rose 57.9 per cent for the full year from S$157.6 million to S$248.9 million, boosted by one-off divestment gains. Excluding the one-off items, Underlying Net Profit declined 20.1 per cent for Q4, and was down 4.1 per cent for the full year. This was due largely to the reduction in rental income as the Singapore Post Centre (SPC) is being redeveloped, and higher finance expenses.

If the impact of the reduction in income from the SPC mall redevelopment and the deconsolidation of subsidiaries divested during the year were excluded, Underlying Net Profit for FY2015/16 would have been stable.

eCommerce Logistics Laying Ground for Future Growth

eCommerce-related revenue made up 35.8 per cent of full year revenue, boosted by greater traffic volumes and activities, including mergers and acquisitions.

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