State postal operator Ukrposhta generated over $197 million (Hr 5.3 billion) since the beginning of 2021, the company reported on July 29.
It is $37 million more than the same period last year when the state-owned postal service generated $160 million in net income, but still far from the $330 million the company generated in 2020.
Ukrposhta also reported $4.4 million (Hr 118 million) in net profit from April to July 2021, almost balancing the $4.8 million (Hr 128 million) losses the company reported at the end of March.
Thanks to this profit, Ukrposhta has lost only $364,600 (Hr 9.8 million) so far this year, a positive sign for Igor Smelyansky, the CEO of the company.
“The positive result of the second quarter allowed Ukrposhta to cover its losses of the past and straighten the financial condition of the company,” Smelyansky stated.
The company covered its losses by increasing the number of parcels delivered in Ukraine and abroad. Since the beginning of the year, Ukrposhta has delivered 30% more parcels in Ukraine and 70% more parcels abroad.
The lion’s share of the company’s money covered wages for its 72,000 employees. Last year, the average salary of a full-time employee at Ukrposhta increased by 17% to $367.
Smelyansky also wrote on Facebook in March that in 2021 Ukrposhta would be getting rid of the things it doesn’t need.
The postal operator wants to reduce administrative personnel and sell unnecessary premises, including the iconic building of the main post office on Khreshchatyk Street, which may turn into a hotel or a casino.
Smelyansky also said he wants Ukrposhta to digitize, introduce mobile postal branches, start offering banking services and build a new logistics center near Kyiv. For these goals precisely, Ukrposhta received a 63-million-euro loan in 2020 from the European Bank for Reconstruction and Development.
“Our goal is 100% digitalization of logistics and financial services… and minimal dependence on the state in the further development of Ukrposhta,” Smelyansky said on March 15.
