Pos Malaysia: We remain fully focused on our transformation plan and cautiously optimistic
Pos Malaysia Berhad, the national post and parcel service provider, has announced it significantly reduced its full year net loss by 50.0%.
Pos Malaysia continued to make solid progress with the transformation plan amid a weakening and very challenging macroeconomic environment, thanks to improved customer segmentation resulting in better yields, and effective efforts in managing and optimising its assets.
In the twelve months ended December 2022 (FY2022), the Group posted a net loss of RM167.7 million compared with a net loss of RM335.7 million for the corresponding period in 2021. This was delivered despite Group revenue declining by 10.5% to RM1.96 billion in FY2022 from RM2.19 billion in FY2021.
Looking at the three months ending December 2022 (Q4 FY2022), the Group’s net loss improved by 20.1% to RM98.4 million from RM123.2 million recorded in the same quarter a year ago, on the back of a 11.6% decline in Group revenue to RM467.2 million from RM528.6 million.
Pos Malaysia Berhad’s Group Chief Executive Officer, Charles Brewer said: “In the fourth quarter, Pos Malaysia continued to make solid progress with the transformation plan that we embarked on in August 2021. Even in an increasingly volatile and uncertain macroeconomic environment, we were able to maximise yields and efficiently sweat our assets.
“While 2022 was marred by extraordinary challenges – high inflation, a continued acceleration of insourcing by larger e-commerce platforms and a return of consumers to brick-and-mortar stores – I thank the Pos Malaysia team who has worked doubly hard last year in staying the course of our transformation journey.”
“We remain fully focused to our transformation plan and despite the challenges, we remain cautiously optimistic that the group will deliver improved results in 2023,” said Brewer.
