Posts Department aims Rs.21bn revenue for 2024

By Nuzla Rizkiya
Sri Lanka’s Posts Department said it is hoping to record a revenue of Rs.21 billion for 2024 and operate as a self-sustaining institution that is independent of Treasury funds.

Elaborating on the department’s new outlook as a business service provider from a public service provider, Postmaster General Ruwan Sathkumara said that the department has initiated strategic collaborations with the private sector, in order to bridge the revenue gap and reach breakeven.

The department secured an agreement with global logistics and package delivery company United Parcel Service, Sathkumara said.

He shared the information on the sidelines of the commemorative stamp launch for Hatton National Bank’s 135th anniversary, which also saw the Posts Department’s first-ever issuance of a first day cover stamp to a private bank. 

Speaking to Mirror Business, Sathkumara emphasised that the department has the potential to capitalise on strategic partnerships, innovative services and public awareness.

“Traditional postal services are witnessing a global decline in usage but there’s a notable demand for business postal services, cash on delivery (COD) and EMS services. Our COD services in particular, have the potential to capture 20-25 percent of the market. Our EMS services offer international courier services at very competitive rates but sadly, are often underutilised, due to lack of awareness,” he added.

Last year, the department posted a revenue figure of Rs.13.6 billion, recording a loss of Rs.3.2 billion.