Chairman Syed Faisal Albar Syed Ali Rethza Albar said the national courier service provider aims to optimise resources, mitigate risks associated with the declining trend of mail volume, monetise assets, and recycle capital to support further growth and transformation.
“Moving forward, we will maintain a laser focus on improving financial performance and business and cultural transformation, optimising margin-led initiatives, implementing stricter cost control, and enhancing sustainability measures,” he said in Pos Malaysia’s Annual Report 2023.
Syed Faisal said Pos Malaysia has progressively shifted from its image as “a mail company that also delivers parcels” towards being a “parcel company that also delivers mail”, focusing on the execution of a three-phased transformation plan that was designed to create long-term sustainability and value.
“By and large, we aim to achieve a ‘black zero’ by fixing the basics in phase one; transform the core through cultural change, operational excellence, a restructured customer journey, digitalisation, growth and quality in phase two; and evolve into a parcel delivery company that also delivers mail in phase three,” he added.
On that note, he said Pos Malaysia managed to accelerate customer acquisition with more than 19% of new customers acquired, as well as further improved yield for mail and parcels by 8% and 7%, respectively. “The net effect of these has resulted in the substantial narrowing of losses; an indication that we are certainly on the right track.”
Pos Malaysia has narrowed its net loss to RM157.85 million in the financial year ended Dec 31, 2023, from RM167.67 million a year before.
Revenue stood lower at RM1.87 billion versus RM1.96 billion in 2022.
Meanwhile, group CEO Charles Brewer noted that the 2023 financial year saw Pos Malaysia marking a continued improvement in its performance trajectory.
He said the group has already achieved significant progress in our operational efficiencies by optimising the mail and parcel network and workforce, as well as through leveraging extensive national infrastructure, leading to a decrease in operational costs.
“In our core postal sectors such as mail, parcel, retail, and international segments, we are set to boost profitability by modernising our retail network into a seamless online-offline model.
“This involves focusing on revenue diversification across various customer segments, enhancing the efficiency of our mail and parcel networks, and committing to over 95% adherence to next-day delivery service levels,” he added.
As at 1.30pm, Pos Malaysia’s share price was down by 0.5 sen or 1.04% at 48 sen giving the group a market capitalisation of RM372 million.