Iggy's Journal: SingPost Profit Up 183.7%, but Underlying Profit Is S$11.5m. Where the Gap Comes From
Iggy's Journal: SingPost Profit Up 183.7%, but Underlying Profit Is S$11.5m. Where the Gap Comes From
Sun 8 Nov 2026 | Afternoon
The Numbers
SingPost's profit rose 183.7% to S$55.9 million, while its underlying profit was S$11.5 million. Among the items beneath the headline are a S$43.1 million exceptional gain from the sale and leaseback of ten HDB post office shophouses and a S$3.45 million tax credit. The property segment made S$22.6 million in operating profit, while letters and parcels lost S$2.5 million and post offices lost S$3.3 million. The interim dividend is 0.15 cents a share, set at 30% of underlying profit, not the S$55.9 million headline profit.
My Personal Take
If the profit rose 183.7%, why is the underlying figure only S$11.5 million? That is the question I started with, and it leaves me with two more. Which lines in these results can repeat, and what does a company pay once it rents the same buildings it used to own? The one-off gain is real cash, but I want to see whether operating profit, rather than the exceptional gain, can carry the business forward. I am not putting a verdict on the shares here. The episode splits the headline into its parts.
📺 YouTube: https://youtu.be/q5s3GZnMN1k
📩 Substack: https://investingiguana.com/p/singpost-profit-up-1837-but-underlying
Happy Deepavali to everyone celebrating, and Happy Diwali to those who call it that.
Cheers,
Iggy 🦖
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