In the first half of 2024, state-owned Ukrposhta increased its revenue by 10.6% year-on-year to UAH 6 billion 170.2 million, while reducing its net loss by 34.5% to UAH 428.1 million.
According to the reports published in the disclosure system of the National Securities and Stock Market Commission (NSSMC), the company’s gross profit in the first half of 2024 increased 16.6 times – from UAH 31.1 million to UAH 550.6 million, while operating loss decreased by 43.6% to UAH 420.9 million.
In the first half of the year, national postal services accounted for the largest share of total revenues – UAH 3 billion 587.6 million (+19.5%), including the delivery of parcels and small packages – UAH 1 billion 895.2 million (+19.8%), written correspondence – UAH 741.8 million (+11.1%), international postal exchange – UAH 614.4 million (+34.5%), and subscriptions and delivery of periodicals – UAH 141.5 million (+36.5%).
Financial and related services brought Ukrposhta UAH 2 billion 203 million (+5.4%), including payment and delivery of pensions – UAH 1 billion 435.7 million (+0.1%), payment acceptance – UAH 561.8 million (+12.9%) and postal transfers – UAH 156.4 million (+19.5%).
Revenues from trading in the company’s own and commission goods decreased by 22.4% to UAH 377.8 million in the first half of the year.
It is noted that investment expenditures on non-current assets increased by 31.8% to UAH 312.1 billion.
It is specified that as of June 30, 2024, funds on demand and deposits in the amount of UAH 2 billion 105.7 million (as of December 31, 2022 – UAH 2 billion 275.1 million) were placed in three large Ukrainian state-owned banks.
It is noted that as of the middle of this year, the company’s current liabilities exceeded its current assets by UAH 3.49 billion, while at the beginning of the year they were UAH 3.01 billion.
According to the report, as of June 30, the company had about 28.84 thousand points of presence in Ukraine and 33.64 thousand employees.
It is emphasized that the company is gradually adapting to the difficult conditions by improving its business processes and investing in automation and continuous operations. In particular, by the end of the third quarter of 2024, it plans to complete the transition to automated parcel sorting and implement a new Track & Trace system.
“A special priority for the company is to prepare for a difficult winter in the face of possible blackouts. We are purchasing additional materials and equipment for heating, power supply and communications, including additional 3-in-1 devices for the network. The new BePost front-end system is being scaled up, and IT systems are being finalized to enable offline operation,” Ukrposhta said.
The company noted that it sees these measures not only as additional critical investments in continuity, but also as a potential opportunity to increase service volumes in the event of power outages.
According to its management, taking into account the probability of possible scenarios, Ukrposhta’s cash flows from operating activities for the 12 months to the end of the second quarter of 2025 are positive. The company has additionally assessed potential risks of its operations, primarily such as a shortfall in revenues from postal and financial areas during blackouts and additional costs for the winter.
“The corresponding stress test of the liquidity forecast demonstrates that the company will be able to continue to meet its obligations to creditors and complete key investment projects in the foreseeable future,” the report says.
As reported, in the first quarter of 2024, Ukrposhta increased its revenue by 10.1% to UAH 3.05 billion, reducing its net loss by 2.1 times to UAH 190.3 million.
