Russian Post received a gross profit of RUB 1.3 billion for the first 6 months of 2024, compared to a loss of RUB 1.2 billion for the first half of 2023 — for the first time since 2019, this figure is in the positive zone during the low season. The company's revenue increased by 3% to RUB 106.4 billion. The estimated operating profit (EBITDA) was + RUB 0.7 billion compared to – RUB 2.9 billion in the same period of 2023. The company also managed to reduce operating expenses by 0.4%, while the industry average growth in costs in the logistics sector ranged from 10 to 60%.
Source: Russian Post
According to the company's report, revenue from postal services increased by 5% period-on-period — to RUB 77 billion. The main driver of growth was the development of cooperation with commercial senders: three times more legal entities connected to delivery services using a digital offer than in the first half of 2023. The financial indicators were positively affected by integration with key e-commerce platforms, as well as cooperation with e-comm players and large retailers in the field of logistics: in 6 months of 2024, the volume of warehouse services for sellers under the FBS scheme increased almost 4 times, under FBO — more than 6 times.
Digital revenue grew by 17%: digital and hybrid "Post" is growing, revenue from providing this type of service increased by 1 billion rubles. period to period. Digital services of "Post" are becoming increasingly popular. Users paid for 60% more items using online payment signs. "Post" already delivers 55% of information about traffic police fines in the format of electronic registered letters.
Net loss amounted to RUB 8.6 billion. At the same time, the result of the current period was negatively affected by exchange rate differences: RUB 1.5 billion against a positive effect in the first half of 2023 in the amount of RUB 5 billion.
"Pochta" improves the quality and speed of service in branches. In the spring of 2024, the company's clients were given the opportunity to receive mail using the QR code system. The innovation made it possible to speed up the delivery and sending of letters and parcels by 3 times. The number of complaints about the speed of service in branches decreased by 55% period-to-period.
"Last year, we carried out large-scale work to stabilize the company's financial condition and are now focused on business development. We are increasing revenue, maintaining focus on the convenience of postal services for clients and the quality of services. Users have appreciated the changes: the satisfaction index among private clients has grown by 5 percentage points, and among legal entities – by 3 percentage points," said Mikhail Volkov, CEO of Russian Post.
In the first half of 2024, Russian Post also resumed cooperation with 17 more countries; now the company provides stable postal service to 145 countries around the world.
Russian Post to Speed Up Delivery and Sending of Parcels and Letters with QR Code System
Russian Post launched cooperation with fulfillment operator Kaktus
