In January to September, JSC "Ukrposhta" increased its net income by 12.28% to 9.38 billion UAH, while reducing its loss by 4.9% to 565.64 million UAH compared to the same period last year.
According to a report in the disclosure system of the National Securities and Stock Market Commission, since 2022, the company has been operating under conditions of significant uncertainty. This significant uncertainty is expected to persist in 2024, as stated in the report.
The report indicates that the management's plans to achieve profitability have been thwarted due to extensive shelling of infrastructure facilities by the aggressor, particularly in the spring of 2024, leading to the loss of revenue-generating assets.
Additionally, it is reported that starting from the second half of 2024, "Ukrposhta" is providing its branches with alternative power sources to ensure their operational stability. Key branches in cities are already equipped with generators and Starlink. Mechanisms for monitoring the availability of communication and services at branches have been developed to ensure continuity, the report states.
"Ukrposhta" plans to purchase 9 more generators to fully cover its electricity needs and serve as an additional maneuverable reserve. For rural areas, the company is refining IT solutions with "3 in 1" devices to enable offline operations. Furthermore, the company has implemented automatic sorting and corresponding IT systems that require significantly fewer personnel to perform operations.
"Additional staff optimization is underway, and strict control over operational and capital expenditures has been introduced. Negotiations are ongoing with key postal administrations regarding the forgiveness of creditor debt or the postponement of debt repayment for several years," the report of "Ukrposhta" states.
The report notes that in October 2020, "Ukrposhta" signed a financial agreement with the European Investment Bank (EIB) for the implementation of a logistics network development project. The total project cost is estimated at EUR 62 million, of which EUR 30 million is allocated from EIB loan funds. In November 2020, the company signed a loan agreement with the EBRD (European Bank for Reconstruction and Development) for a loan of EUR 63 million. The loan is disbursed in three tranches. The loan agreement with the EBRD may apply a fixed or floating rate. Both loan agreements are secured by state guarantees.
As of September 30, 2024, funding under the loan agreement with the EBRD amounted to EUR 33.6 million, with EUR 8.85 million repaid, bringing the total debt as of September 30, 2024, to EUR 24.8 million.
It is also reported that for the past 9 months, JSC "Ukrposhta" continues to perform functions in accordance with the Cabinet of Ministers Resolution "On Approval of the Procedure for Providing Compensation for Destroyed Real Estate" from May 30, 2023, No. 600, for financing the purchase of housing using a housing certificate. As of September 30, 2024, the remaining funds in the special purpose bank account for financing the purchase of housing with a housing certificate amounted to 1.156 billion UAH.
As of September 2024, "Ukrposhta" was providing services at 28,900 points of presence, with the company employing 32,580 people.