Poste Italiane net profit exceeds €1 bln in first half of 2024; CEO: successful business model

ROME, July 30, 2024 (GLOBE NEWSWIRE) -- Poste Italiane recorded revenues of €6.2 billion in the first half of 2024, with an underlying growth of 7.3% year-on-year (€3.1 billion in the second quart...

ROME, July 30, 2024 (GLOBE NEWSWIRE) -- Poste Italiane recorded revenues of €6.2 billion in the first half of 2024, with an underlying growth of 7.3% year-on-year (€3.1 billion in the second quarter of 2024, with an underlying growth of 8.7% year-on-year), driven by a solid performance in mail and parcels, net interest income (NII), and payments. The net profit for the first half of 2024 is over €1 billion, with an underlying growth of 14.3% year-on-year (€525 million in the second quarter of 2024, with an underlying growth of 12.9% year-on-year). The company reported this in a note on the financial results for the second quarter and the first half of 2024. The adjusted operating result (EBIT) for the first half of 2024 is €1.5 billion, with an underlying growth of 14.2% year-on-year (€782 million in the second quarter of 2024, with an underlying growth of 14.2% year-on-year).

"Our antifragile and phygital business model, designed for sustainability, has once again proven successful with these extraordinary results. Since the beginning of the year, performance has remained solid across all sectors, with a further acceleration of positive trends in the second quarter of 2024. As always, we remain focused on maintaining discipline in executing the Connecting Platform strategic plan," emphasized Matteo Del Fante, CEO of Poste Italiane. "The solid results of the first half, together with greater visibility on the evolution of the cost base, support the upward revision of the adjusted operating result (EBIT) guidance for the entire year 2024 to €2.8 billion," added the CEO.

In July, Poste Italiane signed "a new collective labour agreement that supports the transformation of logistics and distribution and provides greater visibility on the evolution of costs over the plan period." The renewal covers the four-year period from 2024 to 2027 and, as Del Fante explained, represents a milestone, as it is crucial for the implementation of both the transformation of our logistics business and the new commercial service model for financial services in Post Offices, providing full visibility on the evolution of our cost base over the plan period.

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