Poste Italiane Q2: Business recovery on track
Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Maria Bianca Farina, approved the first half 2021 Financial Results
Matteo Del Fante, Poste Italiane CEO and General Manager, commented: “Our second quarter results confirm our commitment to successfully executing 24SI, highlighting the strength of both our physical and digital networks and our continued progress on our strategic priorities. Three key milestones give us increased visibility, significantly reducing the execution risk attached to our plan.
Firstly, in July we signed a new Group labour contract which will be in place until 2023. Secondly, early in 2021, a three-year partnership has been renewed with Amazon, enabling volume and revenue growth, balancing urban and rural area volumes and introducing higher value-added services such as scheduled deliveries. Finally, our Universal Service Obligation contract covers our entire plan horizon, embedding the Next Generation EU initiatives with our new digital solutions and increased cooperation with small municipalities.
Our diversified business model continues to deliver strong financial results with net profit at €773 million in the first half of the year and just four months into the 24SI strategic plan we already have a clear visibility to meet 2021 guidance and have confidence in our numbers.
Revenues are above pre-pandemic levels and fully in line with the trends envisaged in the 24SI plan, up by a remarkable 18.7% in the second quarter. Our operating profit was up 32% to €429 million, more than tripling on a yearly basis taking into consideration the one-off cost savings realised in Q2-20. The revenue mix has changed significantly since then, with mail decline offset by Nexive consolidation along with a strong parcel revenue increase; financial and insurance services have experienced a decline related to the impact of ultra-low interest rates which has
been more than offset by our focus on investment product distribution and in particular life insurance products.
Payments & Mobile revenues strongly increased, supported by ongoing payments digitalization. As a strategic pillar for Italy, we are involved in the EU recovery plan, pursuing the implementation of key national projects with the goal of supporting local communities and enhancing social cohesion, while contributing to our green transition as outlined in 24SI.
As always, I am proud of the dedication and resilience of our people, who work tirelessly to help Italians achieve their goals with a constant focus on innovation and improved customer experience.”