Poste Italiane, record results: the share leaps by +3% in Piazza Affari
Record results in the first half of Poste Italiane. The group today presented its second quarter and first half 2023 financial results with strong growth in net profit, up 22% year on year to 601 million euros in the second quarter of 2023 (+16% year on year to 1.1 billion in the first half of 2023). The trend benefits from the diversified business model. A solid operating result emerged in the second quarter of 2023, up 9.9% year-on-year to €799 million (+10.6% year-on-year to €1.6 billion in the first half of 2023). The trend benefited from a positive contribution from mail, parcels and distribution, financial services and payments and mobile.
The growth in volumes of insurance services also continues, with a performance capable of beating a challenging market context. The group presented a solid financial performance in the second quarter of 2023, with results achieved ahead of guidance, and cost rationalization confirmed, which helps to ease inflationary pressures. Significant revenue growth of 8.5% to 3.0 billion in the second quarter of 2023, demonstrating the resilience in different market conditions.
Payments and mobile revenues increased by 49% in the quarter, thanks to a significant growth trend across all business lines and the significant contribution deriving from the consolidation of lis.
“We are pleased to announce another series of strong growth results – said Matteo Del Fante, Chief Executive Officer and General Manager of Poste Italiane -. Once again, we delivered a solid quarterly performance and closed the first half of the year very positively, with substantial growth in revenues and profitability compared to the same period in 2022. Group operating income increased by 11% to €1.6 billion and set a new record in the first half of the year, reflecting our continued success and robust performance across all our business sectors."
The focus is on strategy. “Thanks to our diversified, resilient and sustainable business model, we are proactively adapting to an ever-changing macroeconomic environment, advancing decisively on our sustainable and profitable growth path – said Del Fante -. Our customers continue to choose Poste Italiane considering it a safe haven for their savings and this is possible because over 92% of our financial assets are invested in products protected from market turbulence. The continuous positive net inflow from savings and investment products confirms the trust placed in Poste Italiane, with results in terms of flows higher than in a challenging market environment”. The manager then added: "We continue to follow strict cost discipline, which allows us to mitigate inflationary pressures, improve operating profit growth and achieve great confidence on the visibility of our guidance for 2023".
The numbers were met with a sharp jump in Poste Italiane stock which rose nearly 3% in the morning and continues to maintain a gain of more than two percentage points as of 11am. The trend stands out on a day in which Piazza Affari moves on parity.
