SingPost: two CEOs announced
Singapore Post Limited (SingPost) has announced Ms Neo Su Yin has been promoted to CEO of Singapore Domestic and Mr Ryan Tang has been promoted to CEO of International businesses. Mr Vincent Phang remains Group CEO.
Prior to this, Su Yin (pictured left), was the Head of the Domestic Post and Parcel business and is responsible for the integration of the postal and eCommerce delivery operations in Singapore, as well as leading the Future of Post programme; while Ryan was the Head of Quantium Solutions Southeast Asia and is responsible for driving logistics operations across the region.
Su Yin mentioned her promotion today during her presentation at Post&Parcel Live which is running online between 3-4 November 2021.
SingPost has also announced its results for the half year ending 30 September 2021.
Revenue for the first half of the year rose 3.3% to S$731.4 million, led by growth in the Domestic Post and Parcel, Logistics and Property segments, offset by a reduction in the International Post and Parcel segment.
Group operating profit increased by 28.4% as a result of strong contributions from Logistics and Property segments. This was partially offset by COVID-19 related disruptions which continue to impact the profitability of the International Post and Parcel business.
Correspondingly, net profit attributable to equity holders was higher by 13.3% to S$35.0 million in the first half of the year, and the Group recorded an underlying net profit of S$37.4 million, up 18.8% from the previous year.
Mr Vincent Phang, Group Chief Executive Officer, said:
“We have seen an improvement in our performance this year, despite the continued challenges of COVID-19. This is in part due to the acceleration of eCommerce adoption as consumer habits have changed during the pandemic.
“We are accelerating our growth plans for our eCommerce logistics business, as demonstrated by our reaching an agreement to bring forward the plan to increase our shareholding in Freight Management Holdings in Australia from 28% to 51%.
“We will press on with our transformation to position SingPost Group as a global eCommerce player while carefully managing expenses, cashflow and liquidity. We continue to review our business portfolio, to determine if there are opportunities to divest non-strategic assets and redeploy capital towards strategic initiatives that support long term growth,” Mr Phang added.