Italian Post Office closed the first nine months of the year with record revenues and a strong growth in profit, also leaving a sizeable allowance for the treasury in terms of interim dividend.
Growth driven by parcels
Growth – he explained CEO Matteo Del Fante, it was driven by all the divisions, but particularly by the parcel sector which recorded a +24%.
“Seven years ago – he recalled – we decided that this company had to enter the parcel market. With these data we are there in 2024″, underlined the number one of the state-owned company, also retracing the profound transformation of the logistics network which involved the network of approximately 27,000 postmen.
The results of the 9 months
The consolidated results of the Group for the first 9 months of the year highlight record revenues of 9.2 billion of euros, which record a underlying growth of 8% on an annual basis.
The revenues of correspondenceparcels and distribution were equal to 2.8 billion in the first nine months of 2024, with growth of 1.5% year-on-year. The gross revenues of financial services amounting to 4.7 billion in the first nine months of 2024, recording growth of 4.4% on an annual basis. The revenues ofinsurance services equal to 1.2 billion mark a +7.3% on an annual basis, while revenues from postepay equal to 1.2 billion, marking a +10.4%
The adjusted operating profit (EBIT). stands at 2.3 billion, with awith underlying growth of 17.8%, While the net profit it reaches 1.6 billion, with one underlying growth of 19.5%.
Solid capital positionwith a total capital ratio of Bancoposta equal to 24.3% (of which Cet1 ratio equal to 20.8%), leverage ratio equal to 3.3% and solvency II ratio of the Poste Vita insurance group at 322%, well above above the managerial ambition of approximately 200% over the plan period.
The third quarter
The 3rd quarter of the year ends with consolidated revenues equal to 3.1 billion euros, with a growth of 9.6% on an annual basis: mail, parcel and distribution revenues (+5.8%), revenues from financial services (+13.5%) revenues from services insurance (+7.8%), revenues from postepay (+6%).
EBIT in the quarter it stood at 789 million euros with growth of 46.4% on an annual basis, while the net profit amounting to 569 million, it recorded a growth of 48.9% on an annual basis
The interim dividend
Poste Italiane has also announced that it will pay a interim dividend of 33 cents per share, equivalent to 427 million eurosup 39% compared to last year, in line with the guidance of a net profit for the whole of 2024 of 2 billion and with the new dividend policy based on the pay-out. About a third of that sum will go to the Treasury, which holds a 35% stake in Poste.
