Portugal’s CTT reports €480 million half-year revenues

Correios de Portugal SA (CTT) posted revenues of €480.4 million for the first half of this year, which was up €34.0 million, or  7.6%, on the same period last year.

In a statement issued on Thursday (27 July), CTT said that it saw growth across all business units, with the exception of Mail & Other.

The Express & Parcels side of the business saw a 15.2% year-on-year (y-o-y) surge to revenues of €141.3 million across the first half of this year. For the second quarter specifically, Express & Parcels achieved double-digit y-o-y growth in terms of both volume (34.4%) and revenues (25.0%), driven by the performance in Portugal and Spain, the latter accounting for 59.6% of volumes and 53.4% of revenues in 2Q23.

CTT said that Mail & Other had a “robust performance” in the first half of 2023, with revenues €222.9 million – although this was down on the €241.6 million posted in the same period last year.

Click here to view CTT’s H1 2023 results statement in full.