The national postal operator «Ukrposhta» has summarized its activities for 2024, recording a revenue of 12.9 billion UAH. This is an increase of 1.3 billion UAH, or 12.1%, compared to 2023. This growth has been observed for the second consecutive year: in 2023, revenue also rose by 12% and amounted to 11.6 billion UAH. This was reported by the company’s press service.
This is reported by Finway
The financial statements of «Ukrposhta» were confirmed by an international independent auditor. One of the most positive changes was the increase in EBITDA, which reached 659.3 million UAH in 2024, contrasting with the negative results of previous years: -22.9 million UAH in 2023 and -462.8 million UAH in 2022.
Drivers of Revenue Growth in 2024
The main factors contributing to revenue growth in 2024 were:
- an increase in revenue from international postal exchanges by 45%;
- a 28.3% growth in payment acceptance;
- development of expedited EMS delivery by 26.6%;
- a 25.5% increase in international small packages;
- a 10.8% growth in the volume of domestic parcels.
Despite the positive dynamics, the company remained unprofitable: the net loss for 2024 amounted to 413.2 million UAH, which is almost half of that in 2023. The main reasons for the losses were currency fluctuations (246.9 million UAH) and costs associated with maintaining real estate, the sale of which faced legislative blocking (43.2 million UAH).
Comment from the CEO
The CEO of «Ukrposhta», Ihor Smilyansky, noted that the company is actually in the «positive» in terms of operational indicators. «On paper, „Ukrposhta“ is still unprofitable, but international audits are already confirming that our EBITDA is positive. This means the company is effectively operationally „in the black“, and the losses we are recording are due to servicing currency-denominated debt obligations, which are increasing proportionally to the depreciation of the national currency, and unearned income from the planned sale of assets,» Smilyansky explained.
In 2024, «Ukrposhta» invested 695.7 million UAH in capital investments. The company also paid 3.1 billion UAH in taxes and mandatory payments to budgets and state targeted funds, which is 124 million UAH more than in 2023.
«Ukrposhta» noted that one of the problematic aspects remains the slow growth of the domestic parcel market, which increased by only 10%, considered insufficient. The company plans to catch up by developing courier delivery, parcel lockers, and a network of self-service points.