Ukrposhta’s revenue in 2024 was 5.7% less than planned, but increased by 11.2% compared to 2023 to UAH 13.65 billion, the company reported in the SMIDA information disclosure system.
Ukrposhta explained the failure to fulfill the revenue plan by the inability to provide full services in the areas where hostilities are taking place and in the temporarily occupied territories. Due to military operations, the company temporarily lost control of about 12% of its post offices, mostly in the occupied areas of Luhansk, Donetsk, Kherson and Zaporizhzhia regions, the statement said.
At the same time, the company reported an increase in revenues in 2024 from the provision of almost all types of services, except for pensions and financial assistance. Last year, the company’s revenues from providing pensions and financial assistance services decreased by UAH 13.3 million due to a higher-than-expected outflow of pensioners, primarily to rural areas, the company said in a statement to SMIDA.
“Ukrposhta was unable to compensate for them by attracting additional pensioners due to the delayed launch of CRM and the new front, the statement said.
Ukrposhta stressed that the company was able to maintain the vast majority of its customer base during the war, as it did not stop its operations and worked in areas of the country where banking institutions were often closed.
Ukrposhta’s revenues from “trade” (excluding cost of goods sold) decreased by UAH 14.6 million, or 2.6%, in 2024 due to “unlaunched catalog trade and optimization of the network in rural areas to reduce the number of postal services (another structural unit of Ukrposhta that directly provides postal, logistics and financial services to the population. It can be stationary or mobile – IF-U).
Revenue from “other postal services” decreased by UAH 2.4 million, or 0.6%. At the same time, a number of key services saw a recovery in business activity and an increase in volumes, which made it possible to ensure revenue growth compared to the same period last year. In particular, revenues from “written correspondence” increased by 10.1% year-on-year to UAH 1.6 billion.
Revenues from the delivery of small packages increased by 25.5% to UAH 1.08 billion. Revenues from “parcels” increased by 10.8% to UAH 2.56 billion due to the recovery of business activity, while revenues from “distribution of periodicals” increased by 37.8% to UAH 272.7 million due to the growth in demand for this service among the population and changes in tariffs.
In 2024, Ukrposhta’s revenues from international mail exchange increased by 45% compared to 2023 to UAH 1.33 billion. In particular, revenues from EMS shipments (an international express mail delivery service provided by the postal administrations of the Universal Postal Union member countries – IF-U) increased by 26.6% to UAH 331.7 million.
Revenue from postal transfers increased by 4.8% to UAH 332.3 million. “Ukrposhta increased payment acceptance by 28.3% to UAH 1.3 billion. The company accepted 91.4 million units of domestic and international shipments, 48.8 million parcels and made 91.7 million payments.
According to the report, other operating income for 2024 amounted to UAH 394.2 million, which is UAH 89.1 million more than in 2023. The main increase was due to the write-off of accounts payable in the amount of UAH 157 million to one postal operator. Other financial income for 2024 amounted to UAH 123.4 million, which is UAH 3.9 million less than in the same period last year, the statement said.
The structure of Ukrposhta, according to the report, includes 5219 stationary points serving 11.1 thousand service points, 2 063 mobile points serving 20 126 service points. In 2024, the average number of full-time employees of Ukrposhta JSC amounted to 31,459, including postal operators – 6,477 people, postmen – 6,658 people. The average salary of a full-time employee of Ukrposhta in 2024 was UAH 16,144.7.
Ukrposhta JSC increased its revenue by 12.1% in 2024 compared to 2023 to UAH 12.9 billion and reduced its loss by 1.9 times to UAH 413.2 million, the company’s press service reported, citing the company’s financial statements confirmed by an independent international auditor.
“Despite the difficult wartime conditions, the national postal operator continues to increase revenue and demonstrates positive financial results in 2024. According to the company’s financial statements, confirmed by an independent international auditor, in 2024 Ukrposhta received UAH 12.9 billion in revenue, which is UAH 1.3 billion, or 12.1%, more than in 2023,” Ukrposhta’s press service said on Monday.
The growth of the company’s financial performance at the level of 12% has been recorded for the second year in a row: in 2023, the company’s revenue also increased by 12% compared to 2022 and amounted to UAH 11.6 billion, the Ukrposhta press service emphasized.
In 2024, for the first time since the beginning of the full-scale invasion, Ukrposhta received positive EBITDA (earnings before interest, taxes, depreciation, and amortization). The figure reached UAH 659.3 million. In 2023, Ukrposhta had an excellent EBITDA (-22.9 million UAH), and in 2022 (-462.8 million UAH), the company said in a statement.
“Despite the stable dynamics of revenue growth, Ukrposhta still has a net loss. However, it has almost halved – by UAH 383.2 million compared to 2023 – and now amounts to UAH 413.2 million. The main factors behind the loss were currency fluctuations (UAH 246.9 million) and the cost of maintaining property whose sale was legally blocked (UAH 43.2 million),” Ukrposhta’s press service said.
Capital investments in 2024 amounted to UAH 695.7 million.
It is noted that the key drivers of the company’s growth in 2024 were income from international postal exchange – +45%; payment acceptance – +28.3%; expedited international EMS delivery – +26.6%; international shipments (small packages) – +25.5%; parcels – +10.8%.
“On paper, Ukrposhta is still unprofitable, but an international audit has already confirmed that our EBITDA is positive. That is, the company is actually in the black operationally, and the losses we record are servicing loan obligations in foreign currency, which grow in proportion to the depreciation of the national currency, and lost income from the planned sale of property. Part of the losses is the constant destruction of our infrastructure (branches, vehicles), given that Ukrposhta operates along the entire front line, where there are no other companies,” Ukrposhta CEO Ihor Smelyansky said, as quoted by the press service.
Smelyansky assured that Ukrposhta will continue reforms and investments in new facilities.
Ukrposhta emphasized that the company currently has no arrears in payments to budgets and state trust funds. In total, in 2024, the company paid UAH 3.1 billion in taxes, fees and mandatory payments, which is UAH 124.0 million more than in 2023.
Earlier it was reported that in the fourth quarter of 2024, Ukrposhta JSC increased its net income by 11.5% compared to last year to UAH 3.59 billion, having received a net profit of UAH 97.7 million for the first time since the beginning of the full-scale invasion.
Ukrposhta JSC will receive EUR600 thousand for the installation of modular branches from the European Bank for Reconstruction and Development’s (EBRD) Special Crisis Response Fund, the company’s press service said.
According to the company’s announcement on Tuesday, the grant was provided in support of a EUR63 million loan already granted to Ukrposhta by the EBRD.
The company emphasized that the modular branches can be quickly installed in place of stationary branches that have been destroyed or damaged by enemy shelling.
“Modular offices will also be installed in settlements “cut off from the world” – with barrier-free access, equipped with Starlink and generators, they will become an island of stability for Ukrainians,” Ukrposhta said in a statement.
In addition, it is reported that in the modular branches it is possible to send a parcel within Ukraine and abroad; pick up ordered medicines; make a transfer or pick up funds sent by loved ones; subscribe to publications; pay utility and other bills; receive a pension.
The donors of the EBRD Special Crisis Response Fund are Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Norway, the Republic of Korea, Switzerland, the United Kingdom and the United States.
Ukrainian State Postal Communications Enterprise (USPS) Ukrposhta (Kiev) on April 10 announced a tender for services of mandatory insurance of drivers against transport accidents, 5 thousand people, according to the electronic public procurement system Prozorro.
According to the system, the expected cost of the purchase of services is UAH 2.160 million. The deadline for submission of proposals for the tender is May 12. As reported, the winner of a similar tender a year earlier was IC Expo-Insurance.
In 2023-2024, the State Customs Service of Ukraine cleared 103.7 million shipments, of which 94.6 million were imports and only 9.1 million were exports, according to a joint report by the customs office and Ukrposhta.
Of the total number of shipments processed over two years, about 60 million were delivered by Ukrposhta, according to the Ukrposhta website on Thursday.
The largest volume of shipments (73.7 thousand tons) was imported from China. Poland was in second place (38.6 thousand tons), and the United States was in third place (16.1 thousand tons). In addition, 4 thousand tons of shipments were received from the UK, 2.3 thousand tons – from the Czech Republic, 2.1 thousand tons – from Israel, 1.6 thousand tons – from Canada, 1.4 thousand tons – from Germany, 1.3 thousand tons – from Estonia.
According to the report, the most popular export destinations were the United States, which accounted for 46.65% of shipments during the period, the United Kingdom – 8.19%, Germany – 6.61%, Canada – 5.59%, France – 3.07%, Australia – 2.66%, Poland – 2.32%, Israel – 2.1%, Switzerland – 1.67%, Italy – 1.36%.
According to Ukrposhta, the most frequently ordered items by Ukrainians abroad were jewelry (6.23%), phone cases (5.37%), women’s clothing (3.28%), makeup and manicure products (3.28%), lighting devices (2.29%), toys (2.03%), cables (1.62%), phone protectors (1.51%), socks (1.3%), and chargers (1.14%).
The predominant value of goods ordered by Ukrainians over the past two years (81.33%) did not exceed EUR10. In the range of EUR10-20, 10.6% of goods were ordered, EUR20-50 – 5.3%, EUR50-100 – 1.9%, EUR100-150 – 0.5%, and more than EUR150 – 0.3%.
In 2024, 71.5% of all shipments were processed in less than three hours, 28% were processed up to 24 hours after arrival, and only 0.5% took longer than a day, Ukrposhta reported, emphasizing that electronic declaration was a significant step towards speeding up delivery.
The company reminded that 100% of parcels in Ukraine go through customs procedures exclusively electronically (paperless format).
In the fourth quarter of 2024, Ukrposhta JSC increased its net income by 11.5% year-on-year to UAH 3.59 billion, earning a net profit of UAH 97.7 million for the first time since the start of the full-scale invasion, the company reported on its website.
“Net income from sales of products (goods, works, services) for the fourth quarter of 2024 amounted to UAH 3,591.6 million, which is UAH 262.3 million, or 6.8% less than the plan and UAH 370.9 million, or 11.5% more than the actual data for the fourth quarter of 2023,” the interim report on the company’s website says.
It is reported that the failure to fulfill the revenue plan is due to the fact that Ukrposhta was unable to provide services in full in the regions where hostilities are taking place and in the temporarily occupied territories.
At the same time, a number of basic services have seen an increase in sales, which has made it possible to ensure revenue growth compared to the same period last year.
It is noted that during the fourth quarter of 2024, Ukrposhta received 22.7 million pieces of written correspondence, 13.3 million parcels and 23.3 million payments for domestic and international shipments.
Ukrposhta’s EBITDA in the last quarter of 2024 was positive and amounted to about UAH 200 million.
During this period, the foundation was laid for the renewal of the company’s logistics network and IT infrastructure, Ukrposhta said in its interim report.
“We are confidently looking forward to 2025, the year of the company’s radical renewal, achieving positive financial results and expanding the company’s activities in new directions to provide Ukrainians with basic services under any circumstances on 100% of the territory of our country,” the document says.
It is noted that in the fourth quarter, Ukrposhta fulfilled its debt obligations to creditors. In addition, at this time, it was completing the transition to a new centralized structure without separate branches and continued to work on the implementation of strategic investment projects, the key of which are transition to mobile branches in rural areas (with the financial support of the European Bank for Reconstruction and Development); automation of mobile branches, which will allow Ukrposhta to fully automate its network; upgrade of critical back- and transactional IT systems to improve the quality of service delivery (USC, Track & Trace, BePost); a new CRM system, which will help the company estimate the number of real customers.
“Today, the customers who are in the subscription database and those who pay fees and receive parcels are two different categories of customers,” the report says.
According to the report, Ukrposhta plans to launch a new mobile client application in the first quarter of 2025.
Last year, in the fourth quarter, Ukrposhta operated 5219 stationary and 2063 mobile outlets. The company’s average number of employees was 28,945, including 5,950 postal operators and 5,834 postmen. The average salary of a full-time employee in the reporting period was UAH 17,872.
Earlier, Ukrposhta CEO Ihor Smelyansky said in an exclusive interview with Interfax-Ukraine that the company ended the fourth quarter of 2024 with a profit for the first time since the start of the full-scale invasion, but despite improving EBITDA and operating income, it has a “paper” loss for the whole of 2024.
Earlier it was reported that in January-September 2024, Ukrposhta JSC increased its net income by 12.28% compared to the same period in 2023 – up to UAH 9.38 billion, reducing its loss by 4.9% to UAH 565.64 million.
