HELSINKI — Posti Group reported on Wednesday a 1.6% increase in sales for the first half of 2024, driven by a 4.5% rise in parcel volumes, as demand for e-commerce deliveries continued to support the Finnish postal and logistics operator.
The company’s revenue reached €752 million ($816 million) for the six-month period, up from €738 million in the same period last year. Parcel delivery services accounted for the majority of the growth, reflecting sustained consumer preference for online shopping post-pandemic.
Operating profit, however, declined by 11.3% to €28 million, compared with €32 million in the first half of 2023. Posti attributed the drop to higher labor costs, increased fuel expenses, and investments in automation and digitalization. The company also noted that price competition in the logistics sector had pressured margins.
Posti’s CEO, Turkka Kuusisto, stated that while the sales growth was encouraging, the operating environment remained challenging due to inflationary pressures and geopolitical uncertainties affecting supply chains.
The company maintained its full-year guidance, expecting sales to grow between 1% and 3% in 2024, with operating profit projected to decline by up to 15%. Posti’s board also announced a dividend proposal of €0.30 per share, unchanged from the previous year, pending shareholder approval at the annual general meeting.
Posti’s shares, listed on the Nasdaq Helsinki, were down 1.2% in midday trading on Wednesday, reflecting investor caution amid the mixed financial performance.
