Singapore Post Limited (SGX: S08), or SingPost, is a company with a long and rich heritage in Singapore.
With roots tracing back to 1819, the company has weathered its fair share of ups and downs.
However, the COVID-19 pandemic brought about a unique set of challenges for Singapore’s sole postal service provider.
The severe disruptions caused by the pandemic, in addition to the digitalisation of services that reduced the need for physical mail, have negatively impacted SingPost’s core business.
The company is in need of a business transformation to help it get back on its feet.
Here are four key points from the group’s latest financial results for the full fiscal year 2021 ended 31 March 2021 (FY21).
Disruption from the pandemic
SingPost reported revenues of S$1.4 billion in FY21, for a year on year increase of 6.9%.
Operating expenses, though, surged by 13.6% year on year due to supply chain disruptions brought about by COVID-19.