February 27, 2018 / 6:21 AM / 3 months ago

Poste sees operating profit rising to 1.8 bln euros by 2022

MILAN, Feb 27 (Reuters) - Poste Italiane sees its operating profit rising by 10 percent on average per year over the next five years to reach 1.8 billion euros ($2.22 billion) by 2022, helped by revenue growth and cost cuts across all business segments.

In its 2018-2022 business plan unveiled on Tuesday, the state-controlled post office said net profit is projected to grow to 1.2 billion euros in 2022 from 0.7 billion euros last year.

“This plan is based on conservative assumptions with a very low execution risk,” Chief Executive Matteo Del Fante said in the statement.

Poste, which has turned into a conglomerate that derives the bulk of its profits from the insurance business, pledged to boost its dividend by 5 percent each year in 2018-2020, starting from a floor of 0.42 euros it would pay on 2017 results. The payout will be at least 60 pct from 2021 onward, it added. ($1 = 0.8116 euros) (Reporting by Francesca Landini; editing by Agnieszka Flak)

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