DEAR SHAREHOLDERS,
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Despite the challenges of geopolitical uncertainty, supply chain disruptions and currency fluctuations, SingPost remained focused on the execution of the strategy and this is reflected in our improved results. The Group achieved a net profit of S$81.5 million for the full year, an increase from S$38.8 million last year. Operating fundamentals of core businesses have improved, offset by the decline in operating profit from Famous Holdings.

Notably, our investments in Australia have been a major contributor to these results. During the year, we moved to 100% ownership of Freight Management Holdings and completed the acquisition of Border Express, the benefits of which will flow through into the next financial year.

Progress has been made in addressing the structural decline in domestic mail. An uplift of postal rates and growth in eCommerce deliveries has seen the domestic postal business return to a profit in the second half of the year. We are working with the Government towards a sustainable commercial model to meet our return criteria and expect to begin implementing this in stages in the coming year.
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For the first half of FY2023/24, we declared an interim dividend of 0.18 cents per share. For the final dividend, the Board is recommending a final exempt (one-tier) dividend of 0.56 cents per ordinary share for your approval at the Annual General Meeting (AGM). This would bring the annual dividend for FY2023/24 to 0.74 cents per share.