The Poste Italiane board of directors, chaired by Maria Bianca Farina, has released the company’s first quarter (Q1) 2023 financial results.
Overall, revenues for the period were equal to €3.0bn (US$3.3bn), increasing by 8.1% compared to €2.8bn (US$3.09bn) in the first quarter of 2022. In 2023’s Q1, the company’s mail, parcel and distribution segment revenues came to €893m (US$986m), with mail revenues up 2%. This was, the post says, supported by repricing actions and an improved mix. Parcel revenues saw stable year-on-year growth with a positive contribution from B2C.
The company reported a net profit at €540m (US$596m), which was up by 9.4% year on year. During this period, the company saw an operating profit of €767m (US$846m), which was up 11.2% year on year, with contributions from all of its divisions.
Matteo Del Fante, CEO and general manager of Poste Italiane, commented, “First quarter results are very strong, significantly increasing visibility on 2023 guidance with a solid financial performance and profitable contributions from all businesses while confirming cost discipline. Commercial trends have been supportive in all businesses as customers continue to see Poste Italiane as a safe haven for their savings and a majority of their daily needs. Our financial products shield our clients from market volatility throughout the economic cycle, with over 90% of customers’ TFAs protected from market turbulence.
“Our B2C parcel volumes increased compared to a stable wider market, while mail revenues improved thanks to repricing actions and higher value-added services. In financial services, favorable interest rates supported higher recurring NII, while postal savings distribution fees are on track to meet our FY 2023 guidance. This quarter has been a busy one for Insurance Services with IFRS17 adoption. We posted strong results in a challenging market, with strong net inflows of €2.1bn [US$2.3bn] coupled with a consistently low lapse rate below 4%. We have also completed the Net Insurance tender offer to accelerate the growth of our Protection business.
“Payments and mobile recorded, yet again, double-digit growth, fully capturing the increase in cashless payments in Italy with transaction value up 18% year-on-year supported by strong e-commerce growth. The PosteEnergia offer has been very well received by our customers, reaching around 200 thousand contracts signed to date. The strong start to the year puts us well on track to achieve our 2023 targets. Most importantly we are committed to rewarding all our stakeholders with a sustainable performance in 2023 and beyond, starting with the dividend balance of €0.44 per share to be paid on June 21.”
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