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.
