Pos Malaysia’s transformation plan starting to deliver result25 May 2022
KUALA LUMPUR, 25 MAY 2022 – Pos Malaysia Berhad (Pos Malaysia) announced a loss before tax of RM29.9 million for Q1 2022 (ending 31 March 2022), a 35.1% improvement from the RM46.1 million registered in the same period last year.
Group revenue declined by 18.6% to RM484.3 million compared with the same period last year driven primarily by fewer parcels as a result of a slowdown in online orders on the back of easing COVID-19 movement restrictions and the resulting change in consumer behaviour.
Pos Malaysia Berhad’s Group Chief Executive Officer, Charles Brewer said, “Despite the challenging operating landscape, our first quarter performance is testament that our transformation is starting to deliver result. I am confident that Pos Malaysia is on the right track to being better – being better with our amazing employees, with our market-leading service, with our incredibly loyal customers and critically delivering a better financial performance in FY2022.”
“I am extremely proud of all the 18,000 employees for the significant progress we have made and for delivering the first quarter on track. With the relaxation of COVID-19 restrictions and as the country continues to ‘open up’ both domestically and internationally, we see plenty of upside opportunities. However, we are also mindful of the existing challenges related to marketplaces continuing to insource, inflationary pressures on costs and demand, and the lack of fair competition in the last-mile delivery of parcels, which will continue to create yield pressures.”
“We will continue to drive our transformation plan, strengthen the core and deliver on our purpose of being passionate about building trust to connect lives and business for a better tomorrow for all Malaysians,” Brewer said.
Pos Malaysia is doubling-down on its action plans to deliver the transformation plan and executing the cultural transformation programme, maintaining a market-leading next-day delivery service levels, driving cost efficiencies, improving parcel yields and ensuring the best customer experience across every touch point.