Ukrposhta will increase the amount of dividends and aid to the state to 100 million hryvnias according to the results of 2021
According to the international audit of financial statements, conducted for the first time in the new ERP-system, the net income of the national postal operator for 2021 is 11.2 billion UAH, up 22% from 2020, when Ukrposhta received 9.18 billion UAH of net income.
Ukrposhta net profit for 2021 was 183.6 million UAH. With it, in late March, Ukrposhta paid to the state budget ahead of schedule in the amount of 48.6 million UAH in dividends and will transfer an additional 6.5 million UAH by the end of June 2022. Thus, the dividends paid by Ukrposhta will amount to 55 million UAH, or 30% of net profits. During the war, Ukrposhta spent more than 48 million hryvnias to provide free evacuation services for businesses, delivery of humanitarian aid and payments to internally displaced persons.
The increase in net income last year was due to growth in the parcel business. So, for 2021, revenues from domestic and international parcels increased by 44.5%, while revenues from payments increased by 31% and transfers by 10%. Overall, over the past 5 years, the national postal operator has doubled its net income with an average annual increase of 20%. The year 2021 was also no exception, with the company maintaining a 22% increase in revenue compared to 2020.
Moreover, despite the difficult economic situation, Ukrposhta is fulfilling its financial obligations, in particular, in May 2022 it redeemed bonds in the amount of 74 million hryvnias together with the interest.
"Ukrposhta continues to be a reliable partner for both the state and its customers. We fulfil all the tasks set by the state, and thanks to the profits earned in 2021, it is possible to confidently go through the first months of the war. As well as due to investments in new technologies, in particular in ERP system of Ukrainian producers, the value of which became especially acute during the war. This year for the first time an international audit of financial statements was carried out digitally. The successful transfer of the entire document flow online allows us to work effectively under martial law. We make all purchases, track all settlements with counterparties and warehouse stock in real time. When 70% of business processes are digitized, it allows us to manage the company systematically," said Igor Smelyansky, Director General of Ukrposhta.
Like last year, the international audit of Ukrposhta's 2021 financial statements in accordance with international auditing standards was conducted by one of the world's 10 most famous networks of independent auditing and consulting companies Baker Tilly.
The international audit 2021 is the first conducted on the basis of digital data collected in the ERP system. Ukrposhta digitized 70% of its business processes in a record time of 9 months instead of 2 years, created unified methodologies and regulations that all branches and departments have moved to. By the end of the first phase, all 26 regional branches and about 6,000 employees of Ukrposhta are working within a single platform with the only end-to-end business processes.
As previously reported, in March 2021, Ukrposhta and IT-Enterprise signed an agreement to implement an ERP system.