02 Jul 2018

BotswanaPost has posted  P4.1 million profit before tax in the financial year 2017/18, a first for the organisation since the Icon of Excellence Strategy.

Sharing the results on June 29  BotswanaPost CEO Mr Cornelius Ramatlhakwane pointed out that the organisation balance sheet growth stood at 2.9 per cent with year-on-year revenue growth of 3.8 per cent, 98.7 per cent cost to income ratio and controllable cost reduction of 5.3 per cent.

Mr Ramatlhakwane added that 2017/2018 financial year closed with an improved business performance as compared to 2016/17 which ended at revenue growth of 6.8 per cent, controllable costs reduced by 7.9 per cent and losses reduced by 51.9 per cent.

Resuming duty as BotswanaPost CEO in 2015, Mr Ramatlhakwana said he promised the board of directors that the organisation would be profitable in three years’ time, provided there was optimised operational efficiency and in turn, reduced operational costs.

He said the board of directors embarked on an organisational transformation journey that carried out an operational efficiency scan with the aim of identifying solutions to the challenges which prevented the entity from being profitable.

Mr Ramatlhakwana said the organisation took advantage of the 141 opportunities which were identified by the scan which resulted in the significant improvement of the business.

Executing innovative excellence strategy, he said was a three-year turnaround strategy enrolled in 2017 undertaken by the organisation in the quest to achieve efficiency, sustainability and profitability.

Mr Ramatlhakwana identified leveraging new technology and partnerships as additional revenue sources and continuously increased efficiency and decreased controllable cost as key priorities in unleashing profitability.

He expressed gratitude to his team for the hard work in ensuring achievement of set targets and standards.

“In fact with my staff on my side, I am confident that indeed we are fit-to-serve and fit-for-growth,” he said.

For his part, BotswanaPost chairperson Mr Polokoetsile Motau added that the Icon of Excellence strategy transformed BotswanaPost from a traditional post office into a diversified service provider.

Mr Motau mentioned that board of directors and BotswanaPost executive management had a collaborative working relationship resulting in a better business performance.

He thanked all involved parties in supporting the business during their tenure which ended on June 30. Ends