Correos Q1 results: revenue reached €603 million

Correos Q1 results: revenue reached €603 million

The Correos Group has released the accounts for the first quarter of financial year 2021 , a period in which it has achieved a consolidated profit of 4.7 million euros and which means the return to the positive path after the complex previous year during which The pandemic accelerated the collapse of the postcard, which accounts for 65% of Correos’ revenue, with a drop of 560 million letters less than in 2019.

These figures confirm the good evolution of the Correos Group’s operating results, supported by a growth in operating income of 12.5% and a growth in operating expenses of only 3.2%.

This is the result of the effort and strategy implemented to adapt the company’s business model to the new situation, adjusting production costs and increasing revenues due to the new pricing policy.

The total revenue figure for the first quarter of Correos exceeds 603 million euros, with an EBITDA of 20.5 million euros compared to losses of 28.5 million obtained in the first quarter of 2020.

Likewise, the turnover increased by 15% compared to the first quarter of 2020, reaching 574.5 million euros, recovering and exceeding figures prior to the Covid.

Parcels continue to be one of the drivers of this recovery, with an increase in revenue of 38%, exceeding the 70 million packages sent in the first three months of the year, 25% more than in the first quarter of 2020. In this In this sense, the result of Correos Express is particularly noteworthy, with an increase in the net amount of turnover of 33% , which confirms the upward trend that the subsidiary has been experiencing since 2019.

However, despite the positive results of this first quarter, the Post Office Annual Operating Plan for 2021 continues to offer losses of 70 million euros during this year 2021.

Internationalization, a lever for growth

One of the keys to the positive behavior of the company has been the consolidation of its commitment to the international logistics market and the diversification of the business. Correos has been able to take advantage of the growth situation of the sector, boosted by the boom in electronic commerce, thanks to its presence in Portugal or China , where the companies created in 2019 have also obtained positive results this quarter .

One of the main objectives of the company continues to be to create a logistics hub that unites Asia, Europe and Latin America, considering internationalization as a fundamental lever for the future of Correos and the recovery of the Spanish economy.

Investments for the future

The investments of the Correos Group committed in the first quarter of the year amounted to 57.2 million euros , 44.4% compared to the budget for the entire year 2021. The main investment commitments are in adaptation and reform of Offices and Centers treatment and acquisition of parcel sorting machines aimed at increasing installed capacities.

Of particular note , within this total amount, investments in the new International Center of treatment at the Madrid-Barajas airport “Adolfo Suárez” ramp 7 , with a committed investment to run in this year, 20.7 million euros between civil works and the installation of sorting machines

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