Better than expected and new record result for Italian Post Office. The third quarter accounts close with a net profit growing by 48.9% to 569 million and revenues growing by 9.6% to 3.062 billion.
In the first nine months of 2024, net profit reached 1.6 billion euros, up 4.8% compared to the previous year. Revenues also show a significant progression, reaching 9.2 billion euros (+8% on an annual basis), thanks to the positive contribution of all the divisions of the group led by Matteo Del Fante. The operating profit (Ebit) stood at 2.3 billion, with an increase of close to 20% on an annual basis.
The growth was mainly driven by the Mail, Parcels and Distribution division, which recorded revenues of 2.8 billion euros, benefiting from a surge in parcel volumes, a key element of the e-commerce sector. The financial services sector also exceeded 4 billion euros in revenues, supported by a solid interest margin and positive demand for the group’s products. Also revenues from insurance services and those of the division Postepay have shown notable performances: 1.2 billion for the former (+7% on an annual basis), while Postepay it also reached 1.2 billion.
The positive trend led to an increase in the interim dividend. On November 20, an advance of 0.33 euros per share will be distributed, corresponding to an increase of 39% compared to last year and equal to a total of 427 million euros. This policy aligns with the guidance of a net profit for the whole of 2024 of 2 billion euros and with the new dividend strategy based on pay-out. “Our strong and sustainable financial performance and cash generation allow us to generously reward our shareholders, while maintaining an extremely strong capital position,” he commented Del Fante.
The CEO also confirmed that Italian Post Office has revised its adjusted Ebit forecast for 2024 upwards, bringing it to 2.8 billion euros, in line with the objectives of the “Connecting Platform” industrial plan.
