BOTSWANA POST PROFITS SURGE
Botswana Post has recorded a significant increase in Profit before tax of P64.1 million during 2022 financial year. The increase was driven by growth in sales revenue and improved gross profit margin.
Botswana Post Chairperson, Nathan Kgabi said the economic impact of COVID-19 has brought out the best in the Company. “The crisis has reaffirmed our commitment to the communities we serve. It has put the spotlight on the quality and relevance of our digital platforms. While many other enterprises are experiencing what seem to be irreparable shrinkages in customer volumes, many segments of our business are growing at double-digit rates.” In his remarks in the Company’s Annual Report, Botswana Post Chief Executive Officer, Cornelius Ramatlhakwane said this year, they have been able to recover P112 million in Universal Service Obligation (USO) payments. “Despite the diverse revenue streams which we have created in recent times through our innovative digital platforms, we still need to be reimbursed by our shareholder for this vital service. This year, we have been able to recover P112 million in USO payments, a vital source of revenue which underlines the importance of our contribution to the country.” He said for the business, being able to duly collect payment for services well rendered is a key step in ensuring the company’s financial and operational sustainability. Ramatlhakwane said despite financial constraints in their balance sheet and cash flow challenges, they have been able to build two more postal offices and renovated five more during the year. He highlighted that the global standard is that every 18,000 people should have easy and convenient access to a Post Office but they are currently falling short in this. “With that in mind, we do need additional investment from our shareholder in order to fund expansions to our network. An inflow of investment would also allow us to finance cash intensive projects and take our growth to the next level.”