Post Italia reported a net profit of 38 million euros on an operating profit of 57 million euros in the first quarter of 2021, driven by its e-commerce business. Parcel revenues surged 74.5% to 368 million euros, with volumes up 72% to 66 million pcs. Mail revenue fell 1.4% to 500 million euros. Group profit rose 41% to 620 million euros and revenue rose 9.8% to 2.9 billion euros.
Italian Post reported double-digit growth in all package categories. B2C volumes surged 88% to 47 million units, pushing B2C revenues up 74% to 188 million euros. B2B volume grew 45% to 11 million units, while consumer C2X volume grew 41% to 2 million units.
In the first quarter, Italian Post launched a new automated sorting facility in the north that can handle 270,000 parcels a day. Italy Post said its joint venture with China, Sengi, has also expanded the market for its international development, contributing 7 million packages in the first quarter.
Insurance and finance remain the group's biggest sources of profit. Earnings before interest and tax in the insurance business were 288 million euros on turnover of 496 million euros; Operating profit in finance was 206 million euros on revenue of 1.3 billion euros. EBITDA also increased in small payments and mobile businesses.
Chief Executive Matteo Del Fancy said the first quarter's performance was a good start for the group's "Sustainable and Innovative 2024" strategy, especially when some parts of Italy were closed to the outbreak. The Group's diversified businesses have also demonstrated strong resilience and contributed to the economic recovery.