Nine months of growth for Poste Italiane (+0,77% on Piazza Affari) which archives the January-September period with increasing revenues of 6,8% on an annual basis, operating profit of 2,1 billion (+1,5%) and a net profit rising by 5,8% to 1,5 billion of Euro. Positive results which allowed the group to revise upwards to 2,6 billion guidance on operating profit of 2023, but also to announce the payment in November of an interim dividend of 0,237 per share and the payment of a one-off bonus of one thousand euros to all employees.
“The results for the first nine months of 2023 go beyond our strategic plan, with revenues growing on an annual basis by 7%, equal to approximately 9 billion euros and an operating result (Ebit) that reached 2,1 billion euros. All this was also achieved thanks to a continuous rationalization of costs, in a context characterized by inflation,” he said Matteo Del Fante, CEO and general director of Poste Italiane, commenting on the accounts.
The accounts of Poste Italiane
In the third quarter alone, Poste Italiane achieved revenue growth of 3,6% to 2,8 billion which rose to 8,9 billion (+6,8%) in the nine months. The Operating income for the months of June-September stood at 539 million, down by 18%, that of the months of January-September at 2,1 billion, up by 1,5%, including a one-off bonus in the budget for employees and equal to 90 million.
THEthird quarter net profit it is equal to 382 million (-15,9%); that of the nine months stood at 1,5 billion (5,8%).
Thanks to the financial performance and cost rationalization, the group announced an upward revision of the year-end operating profit target, which rises from 2,5 to 2,6 billion.
Parcels, insurance services and payments
Going into detail, in the third quarter, revenues from mail, parcels and distribution they increased by 1,9% on an annual basis to 860 million (2,8 billion in the nine months, +4%), thanks to growing parcel volumes, repricing actions on tariffs and a better mix of products in mail , says the group that announced the break even of the operating result in this sector at the end of the year.
The total revenues of financial services fell by 3,1% to 1,4 billion in the third quarter due to lower capital gains and lower income from postal collections (+3,9% on an annual basis compared to the first nine months of 2022, equal to 4,5 billion in the first nine months of 2023). The revenues of Insurance services equal to 371 million in the third quarter of 2023, up by +6,5% compared to the third quarter of 2022 (-0,1% on an annual basis compared to the first nine months of 2022, equal to 1,1 billion in the first nine months of 2023), with positive net inflows in the life sector and a low surrender rate - according to the group less than half the market rate - in a context considered challenging. The net revenues of the cnon-life insurance sector increased 27% in the quarter, supported by higher gross premiums in the protection business and the consolidation of Net Insurance.
Revenue from payments and mobile they amounted to 405 million in the third quarter of 2023, +36,6% on an annual basis compared to the third quarter of 2022 (+44,2% on an annual basis compared to the first nine months of 2022, equal to 1,1 billion in the first nine months of 2023).
I total costs of the third quarter of 2023 equal to 2,3 billion, up by 10,5% compared to the third quarter of 2022 (+8,5% on an annual basis compared to the first nine months of 2022, equal to 6,8 billion in the first nine months of 2023), including the one-off bonus for employees of 90 million.
Green light for the interim dividend
By virtue of the results achieved, the board of directors of Poste Italiane has approved the distribution of a interim dividend of 0,237 per share (+13% compared to last year), gross of any legal withholdings.
The deposit will be put in payment starting November 22nd, with ex-dividend date set for November 20th and record date (i.e. date of legitimacy for payment of the dividend itself) of November 21st.
One-off bonus of one thousand euros for employees
In order to combat the high cost of living, Poste Italiane will distribute a one-off bonus of one thousand euros to employees, for one total of 90 million euros. Again, payment is expected in November. “We are pleased to be able to pay all our employees a one-off bonus of 1.000 euros, agreed in August and payable in November. This bonus is also intended to mitigate inflationary dynamics during the period of validity of this agreement. In the meantime, negotiations are underway for the new collective agreement for the period 2024-26,” said Del Fante.
Del Fante: “Logistics transformation in the new plan”
“We are working on our new one strategic plan that we will present next year together with the results for the entire financial year of 2023", and therefore next March 20, anticipated the CEO of Poste Italiane, adding that "with the new plan we will outline the strategy underlying the transformation of our logistics business and the evolution of our service model, aimed at maximizing the value of our platform. We are proud to be able to once again affirm our ability to generate positive results in different market contexts, a factor that will continue to be among the strengths of our business model."
During the conference call with analysts Del Fante announced that Poste Italiane's energy offer reached "400 thousand contracts“, underlining that this is a result “above forecasts”.
Finally responding to an analyst's question on the possibility of selling shares of Poste Italiane, controlled by the State, as part of the government divestment plan, the CEO limited himself to saying "We have read in the press about possible privatizations, it is a decision that belongs to the shareholders and we don't comment on it."
(Last update at 12.45am on November 7th).
