Malaysian postal operator Pos Malaysia has released its 2024 financial results, revealing a decline in revenue of 0.9% to RM1.853bn (US$418m) compared to 2023, driven mainly by a 9% decline in traditional mail volumes.
However, the post reports strong growth in it parcel segment, with volumes growing 13% year-on-year thanks to service-led market share gains in both the B2B and B2C sectors.
“As we navigate an evolving market, we remain committed to executing our transformation plan and have observed promising improvements across key business focus areas,” said Charles Brewer, group chief executive officer of Pos Malaysia.
“Furthermore, we achieved progress in operational efficiencies by optimizing our mail and parcel network, managing our workforce effectively, and leveraging our extensive and unparalleled national infrastructure.”
Key business segments
The post reports that its Pos Aviation subsidiary continued to perform strongly, benefiting from increased flight frequencies, growing demand for inflight catering and cargo handling services, and the expansion of its aviation engineering solutions.
Pos Malaysia also continued to diversify its business in 2024, successfully launching 50 Pos Shop outlets nationwide and leveraging its extensive retail footprint to introduce new, customer-focused business initiatives. Although still in the early stages, initial results have been encouraging, and the full benefits are expected to materialize over time, according to the post.
“Our focus remains on delivering exceptional service, expanding our capabilities, enhancing the end-to-end customer journey, and ensuring long-term sustainability and value for our business and stakeholders,” Brewer said.