Omniva's profits increase despite reduced annual turnover
Last year, Eesti Post, Estonia's universal postal service provider, which operates under the Omniva brand, saw its annual turnover fall by almost 15 percent to €122.9 million. Nevertheless, the company's net profit increased by 84 percent to €25.4 million, mainly due to the sale of subsidiary Maksekeskus AS.
"2022 was the third consecutive year of profitability for us, despite declining mail volumes, the changing economic climate and the war between Russia and Ukraine," said Omniva board chair Mart Mägi.
According to Mägi, the share of the company's turnover from its universal postal service fell to less than 10 percent, while e-commerce services accounted for more than 70 percent.
While €16.5 million of the company's annual revenue in 2021 came from universal postal services, last year, that amount dropped to €12.6 million. This equated to a loss of €1.8 million in 2021 and €2.7 million in 2022.
In the fourth quarter of 2022 (Q4), the company's revenue fell by almost 12 percent on year to €33.9 million, while its net profit for Q4 was €6 million.
The group's investments increased to nearly €18 million. The largest amounts were spent on the acquisition and expansion of its network of automatic parcel machines, the renewal of its fleet of vehicles and post offices, as well as developments related to international business.
At the end of 2022, the company had a total of 1,092 parcel machines, 327 of which are in Estonia, 346 in Latvia and 419 in Lithuania. Omniva installed 230 new automatic parcel machines throughout the Baltics last year.
In order to expand its international activities, preparations began for the construction of a new sorting center in Kaunas at a cost of €40 million. Omniva is also preparing to expand its logistics in Estonia by connecting its sorting center in Tallinn with the one in and Rae municipality.
Eesti Post is completely owned by the Estonian state, and has subsidiaries in all three Baltic countries.
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Editor: Michael Cole