QazPost has announced its consolidated FY 2023 results, revealing a 38% year-on-year revenue increase to KZT 86bn (US$192m) and a net profit of KZT 2.4bn (US$5.5m).
Postal services showed a 9% increase in revenue despite the falling demand for traditional postal services worldwide.
Financial services, a previously underdeveloped line of business, has contributed immensely to the overall results. QazPost has attracted several new clients to fully utilize its unique position as a one-stop financial services facility, providing a wide range of services through its 2,700 branches throughout Kazakhstan. Additional revenues from financial services year-on-year increased to KZT 21bn (US$47.5 m).
QazPost has managed to tame its expenses and the year-on-year increase has amounted to only 12% despite the widespread inflation fueled by external geopolitical factors.
A new development strategy was adopted by QazPost in 2023 in response to a shift in consumers’ preferences and market changes. QazPost has taken a path toward becoming a major player in the region in the promising transportation and logistics sectors.
According to QazPost, 2023 was a time of reassessment, preparation and setting ambitious goals; 2024 will take the company towards its strategic goals.