Singapore Post’s (Singpost) annual revenues have topped S$1bn for the first time according to the company. The Singapore based logistics and parcels group also recorded a net profit of S$248.9 million – another record for the company.

Revenues grew by 27.7% in Q4 and 25.2% in the full year, that were largely driven by e-commerce related activities and the inclusion of a number of new subsidiaries.

Net profit for Q4 jumped from S$35.6 million in 2014 to S$105.4 million in Q4 2015/16. For the full year it increased by almost 58% from S$157.6 million to S$248.9 million. These were boosted by a number of one-off divestment gains, however. If one excludes the one off items, underlying profit fell by 20.1% for Q4 and was down 4.1% for the full year. Singapore Post said that this was, “due largely to the reduction in rental income as the Singapore Post Centre (SPC) is being redeveloped, and higher finance expenses”.

E-commerce accounted for 35.8% of the full year revenue. Meanwhile in the logistics sector, operating profit increased by 132.9% in Q4 and 75% for the full year. Singposts’s Logistics revenue for the full year was up 34.7% to S$626 million.

Revenues increased in the Mail segment by 3.3% in Q4. Singpost said that this had been achieved despite the “cessation of revenues from subsidiaries which were divested in the first half of the year”.

SingPost added: “Excluding the impact of the divestments, Mail revenue would have grown by 13.4% in Q4 and 6.7% for the full year. This was largely driven by higher International mail revenue as a result of increased cross-border eCommerce-related deliveries.”

Commenting on the results, Mervyn Lim, Deputy Group Chief Executive Officer (Corporate Services) and Group Chief Financial Officer, said: “SingPost embarked on a transformation journey more than ten years ago to future-proof our business and we are seeing results. SingPost’s solid postal foundation paved the way for the company to pioneer eCommerce logistics in this part of the world and we successfully pivoted into the US with the completion of the Trade Global and Jagged Peak acquisitions in November 2015 and March 2016 respectively.”