SINGAPORE (THE BUSINESS TIMES) - Singapore Post on Friday (May 13) posted a 188.1 per cent rise in net profit to $48.1 million for the second half-year ended March 31, from $16.7 million in the year-ago period.

The results translate to an earnings per share (EPS) of 1.86 cents for the second half of 2022, against an EPS of 0.41 cents in the year-ago period.

This comes as the group records a 34 per cent growth in revenue, led by contributions from its logistics segment that helped offset a decline in revenue from the post and parcel segment. Revenue for the second half stood at $934.2 million compared with $696 million in the year-ago period.

The logistics segment saw revenue surge 90.3 per cent to $619 million, from $325 million in the year-ago period. The increase reflected contributions from Freight Management Holdings, which became a subsidiary of SingPost after the group increased its stake to 51 per cent in November 2021.

The post and parcel segment, meanwhile, saw revenue drop by 15 per cent to $296.8 million, from $349 million in the same period the year before.

For the full year ended March 31, 2022, SingPost's net profit climbed 74.5 per cent to $83.1 million, translating to an EPS of $0.0309. Revenue rose 18.6 per cent to $1.7 billion.

The board has proposed a final dividend of 1.3 cents per share, bringing the annual dividend for the financial year to 1.8 cents per share. The record date and date payable will be announced at a later date.

Shares of SingPost closed two cents or 2.8 per cent lower at 69.5 cents on Thursday.