Iggy's Journal: SingPost Profit Up 183.7%, but Underlying Profit Is S$11.5m. Where the Gap Comes From

The Investing Iguana

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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Where the Gap Comes From","html":"<html><head></head><body><p><strong>Iggy's Journal: SingPost Profit Up 183.7%, but Underlying Profit Is S$11.5m. Where the Gap Comes From</strong></p>\n<p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/90d06d11ab926b1901b3c2b396e224ab\" tg-width=\"896\" tg-height=\"1200\"></p>\n<p>Sun 8 Nov 2026 | Afternoon</p>\n<p></p>\n<p>The Numbers</p>\n<p>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.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>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.</p>\n<p></p>\n<p>📺 YouTube: https://youtu.be/q5s3GZnMN1k</p>\n<p>📩 Substack: https://investingiguana.com/p/singpost-profit-up-1837-but-underlying</p>\n<p></p>\n<p>Happy Deepavali to everyone celebrating, and Happy Diwali to those who call it that.</p>\n<p></p>\n<p>Cheers,</p>\n<p>Iggy 🦖</p></body></html>","htmlText":"<html><head></head><body><p><strong>Iggy's Journal: SingPost Profit Up 183.7%, but Underlying Profit Is S$11.5m. Where the Gap Comes From</strong></p>\n<p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/90d06d11ab926b1901b3c2b396e224ab\" tg-width=\"896\" tg-height=\"1200\"></p>\n<p>Sun 8 Nov 2026 | Afternoon</p>\n<p></p>\n<p>The Numbers</p>\n<p>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.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>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.</p>\n<p></p>\n<p>📺 YouTube: https://youtu.be/q5s3GZnMN1k</p>\n<p>📩 Substack: https://investingiguana.com/p/singpost-profit-up-1837-but-underlying</p>\n<p></p>\n<p>Happy Deepavali to everyone celebrating, and Happy Diwali to those who call it that.</p>\n<p></p>\n<p>Cheers,</p>\n<p>Iggy 🦖</p></body></html>","text":"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 🦖","highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/627096157659656","repostId":0,"isVote":1,"tweetType":1,"viewCount":374,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1183,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/627096157659656"}