SingPost's e-commerce, logistics units show promise, but challenges remain

SINGAPORE Post (SingPost) reported an improved set of financial results for the half year to September, as its e-commerce and logistics businesses grew strongly amid the pandemic and skyrocketing freight rates.

During the 6-month period, the century-old national postal service provider's logistics business delivered revenue of S$379.5 million. This made logistics the group's largest top line contributor, overtaking its post and parcel business' revenue contribution of S$325.5 million.

SingPost's logistics revenue - contributed by e-commerce logistics and freight forwarding - was 29.6 per cent higher year on year. The increase was helped by a 63.3 per cent rise in revenue at the group's freight forwarder Famous Holdings on the back of higher sea freight rates.