In 2021, Poste Italiane's net profit grew by 31%. The company led by Matteo Del Fante has beat the objectives of the "24SI" plan and decided to "celebrate" by raising the targets for 2022 and increasing the dividend by 21% compared to 2020, ahead of the policy envisaged in the strategic plan. Poste also reassured investors: the conflict in Ukraine has no repercussions aimed at the group which, on the contrary, could represent "a safe haven for savers".
Profit boom for Poste Italiane in 2021: all the results
Last year it closed with a record net profit of 1,6 billion euros, up 31% compared to 2020, and earnings per share of 1,214 euros. Revenues up 6,6% to 11,2 billion, while the operating result recorded a rise of 21,1% to 1,8 billion, in the upper part of the guidance already revised upwards.
Speaking of the various businesses, in 2021 the revenues of the sector mail, parcels and distribution they grew by 15,1% to 3,7 billion euros. Above all, the turnover from parcels stands out, which increased by 21% to 1,4 billion, supported by record volumes in the B2C segment in the first half of 2021, exceeding the objectives set in the '24SI' strategic plan. For the mail and parcels sector, clarified the CEO of Poste, Matteo del Fante, the set goal of the break even or of a small positive margin is "at the end of the plan", in 2024.
Going back to 2021, I financial services recorded revenues of 5,5 billion euros (-1,2%) with the interest margin supported by investments in tax credits. The Proactive Investment Portfolio Management proceeds were fully insured for 2022 and approximately half for 2023.
I revenues from insurance services they grew by 13,9% to 1,9 billion against net outflows of 8,1 billion. In this context, premiums from composite products amounted to 58% of the total, those from the life insurance sector amounted to 17,6 billion (+5,5%) while premiums from the non-life business came to 309 million (+ 30,1%).
Finally, payments and mobile revenues they increased by 19,6% to 882 million "thanks to the acceleration of digital and card payments and revenues from growing telecommunications services," the company said in a statement.
I total costs they amounted to 9,4 billion, up by 4,1% compared to 2020. Ordinary personnel costs amounted to 5,2 billion, up by 0,6% compared to the previous year. At the end of 2021, the net financial position was positive for 7,16 billion euros, compared to 6,86 billion at the beginning of the year.
As for the solo fourth quarter, revenues fell by 6% to 2,775 billion, the ebit fell by 17% to 230 million, while the net profit (the figure also includes Sia) increased by 32% to 405 million. Ebit and net income in the fourth quarter exceeded consensus estimates by 14% and 5%, respectively.
“Poste Italiane has achieved significant results, improving its numbers compared to both 2020 and 2019. Furthermore, looking at the last 5 years, we have consistently exceeded targets of the strategic plan, with 2021 net profit almost doubled compared to 2017. The industrial transformation that began with the Deliver 2022 plan and continued with the 24SI plan has made it possible to improve the company's performance, leveraging on the integrated omnichannel distribution platform of the group,” he explained the managing director of the group, Matteo Del Fante.
Poste Italiane: the dividend rises by 21%
By virtue of the results achieved, Poste Italiane has decided to increase the dividend. It will be paid to members a coupon of €0,59 per share (+21%, with a payout of 58% ex SIA), against expectations at 0,55 euro per share. The company announced a new dividend policy that expects annual growth set at 7% (was 6%) “thanks to solid asset performance.”
The company recalled that in November 2021 an interim dividend on the 2021 dividend of 0,185 euros per share had been detached. As a result, the coupon balance will be €0,405. The detachment date was set for 20 June, with payment on 22 June.
2022 goals revised upwards
The company has revised upwards its financial goals for the current year. In detail, for 2022 Poste Italiane expects revenues of €11,7 billion, up 1,1% on the previous guidance and a operating income of 2 billion (+9% compared to the previous 1,9 billion). At the end of the year, net income should reach 1,4 billion, 8,9% more than the guidance provided in the "24SI" strategic plan of 1,3 billion.
Entry into the energy market at the end of 2022
“We are implementing an anti-fragile strategy – commented Del Fante – which allows us to successfully adapt and react to this phase of great uncertainty, a strategy that has allowed us to exceed our 2021 targets in terms of revenues, operating profit and net profit”.
"Strengthened by the results achieved on the parcel market - continued the CEO - we are now diversifying our business to become a wide-ranging logistics operator, also through inorganic growth options, such as the acquisition of Plurima, focused on the new rapidly expanding hospital logistics market niche”. “The next step is warehouse logistics, sector logistics, such as healthcare. The acquisition of Plurima goes in this direction”, added Del Fante during the press conference, specifying that “On the acquisition front, there is nothing specific in sight”.
Among the most important news expected for 2022 is entry into the energy market, estimated for the end of the year, "through the proposition of a fair, competitive and easy-to-understand offer and procurement from green sources", Poste Italiane announced in a note. On the supply of energy “the theme is one of opportunity or appropriateness. We are trying to figure out the most appropriate window,” said the CEO of Poste.
The commitment to ecological transformation also includes important initiatives and investments including the energy efficiency of buildings, the reduction of emissions from the company fleet and photovoltaics. These actions will accompany the group towards the so-called 'carbon neutrality' expected by the year 2030.
Growth in the payments business
"We recently launched new strategic initiatives - stated the CEO of Poste - We signed an agreement to acquire 100% of Lis in order to consolidate our growth in the payments business of proximity and strengthen the offer of acquiring and products for SMEs, in line with the integrated omnichannel strategy at the heart of our plan. We have shown that we are able to successfully face and overcome stressful scenarios and we are convinced that we are better placed than the market to cope with the current situation". During the press conference, Del Fante clarified that “the acquisition of Lis is still in progress, it is going forward. We expect a few more weeks before closing. The company will remain independent and will have a very strong business plan”.
Tax bonuses
On the front of the purchase of credits linked to tax bonuses, Poste Italiane does not expect to go beyond the maximum ceiling imposed by law of 9,5 billion. Del Fante clarified this, explaining that today there are 2 requests a day and that purchases by the Post Office amounted to 7,5 billion. “We have been more than present with respect to the market, we will continue to be so, the stakes are those that the regulatory framework gradually tightened during the revision of the law, we had a target of 9,5 billion and we will reach it at the end of the period, that was that we set out to do”.
