SINGAPORE - Singapore Post (SingPost) announced a special dividend of 9 cents per share after it booked a net exceptional gain of $222.2 million, largely from the recent divestment of its business in Australia.

Including an interim dividend of 0.34 cents which has been paid, SingPost shareholders are set to receive a total of 9.34 cents, the company said on May 15.

Its net exceptional gain of $222.2 million for the full year ended March 31 came largely from a $302.1 million gain on its disposal of its Australian logistics business, Freight Management Holdings (FMH).

This was partially offset by impairment charges of $79.6 million on another business, Quantium Solutions.

“The proceeds from the sale of the Australia business have been allocated to debt reduction, shareholder returns, strengthening the group’s balance sheet and funding future growth of the business,” SingPost said in its filing on the Singapore Exchange.

SingPost completed the sale of FMH for A$1.02 billion (S$853 million) in March this year.

SingPost board chairman Simon Israel said: “The transaction has crystallised the unrealised value of the business, bringing forward the unlocking of value and returning capital to shareholders.”

Net profit for the full year stood at $245.1 million, up 212.9 per cent from $78.3 million the previous year.