In January-September 2023, Ukrposhta JSC reduced its net loss by 15% compared to the same period last year – to UAH 594.8 million, according to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
According to the report, the state-owned company’s net income increased by 12% to UAH 8.36 billion.
The company’s operating expenses increased by 11.4% to UAH 9.3 billion. In particular, material costs increased by 27.9% to UAH 1.1 billion, and labor costs by 11.9% to UAH 4.5 billion. Social contributions increased by 3.8% to UAH 986.6 million. Depreciation and amortization increased by 23.9% to UAH 510.9 million. Other operating expenses increased by 4.6% to UAH 2.2 billion.
Long-term loans from banks increased by 4.3% to UAH 863.11 million in the first nine months of the year. Short-term loans remained unchanged at UAH 3.38 million.
The report also notes that as of September 30, the company violated financial covenants under a loan agreement with the European Bank for Reconstruction and Development (EBRD). It is specified that in September, Ukrposhta received confirmation from the EBRD of the bank’s intention not to charge long-term repayment on the loan and the risk to the company is minimal.
“The EBRD management has confirmed its intention to further cooperate with Ukrposhta in the implementation of projects. Accordingly, the EBRD loan liability was classified as non-current as of September 30, 2023,” the report says.
According to the report, Ukrposhta continues to operate in the context of the military conflict with Russia. As of the reporting date, parts of Donetsk, Luhansk, Kherson, and Zaporizhzhia regions remain occupied, with about 12% of post offices located there. As of September 30, the company has 27.36 thousand points of presence, employing 35 thousand employees (in the first half of the year there were 25.5 thousand points of presence and 45 thousand employees).
The company also reported that it has UAH 3.3 million of C series bonds at par with a maturity date of November 18 this year.
Earlier it was reported that in the first half of the year Ukrposhta increased its net loss by 27.0% compared to the same period last year to UAH 653.7 million. Its net income increased by 20.0% to UAH 5 billion 580.13 million.
