In the first quarter of 2024, Swiss Post generated operating profit (EBIT) of 87 million francs, which is 17 million francs more than the previous year’s figure. Group profit is also up year-on-year. However, conditions remain volatile.
Swiss Post continues to face familiar challenges in its core business in the new year. The number of letters sent (–5.6 percent) declined again during the first three months, while over-the-counter payments fell further (–13 percent). Fewer parcels were also transported (–6.2 percent). Despite these developments, Swiss Post posted better results for the first quarter of 2024 than in the previous year, after declines in the last two years. At 87 million francs, operating profit (EBIT) was up by 17 million francs compared to the prior-year period. Meanwhile, at 84 million francs, Group profit was 43 million francs higher year-on-year. Operating revenue rose to 1,920 million francs – an increase of 151 million francs.
Customer requirements set course for the future
Despite the positive financial results overall, Swiss Post continues to operate in a challenging environment. The quarterly results do not allow a forecast to be made for the 2024 financial year due to uncertainty in the logistics and financial sectors. “Swiss Post is still operating in a volatile climate. In this context, we are satisfied with the start to the year,” says Alex Glanzmann, Head of Finance. Looking to the future, it remains vitally important that Swiss Post’s transformation is aligned with customer requirements to ensure it can continue providing products and services throughout Switzerland funded from its own resources. “Swiss Post needs the room for manoeuvre to ensure it’s fit for the future,” explains Alex Glanzmann. This is the only way Swiss Post can remain competitive.
More projects successfully implemented
More key projects have been implemented and services expanded during the first quarter of 2024 as part of the current “Swiss Post of tomorrow” strategy period. Following Bern and Zurich, Swiss Post has been delivering letters and parcels using exclusively electric vehicles in the city of Geneva and much of the canton since the start of the year. Voters in the cantons of Basel-Stadt, Graubünden, St. Gallen and Thurgau have also been able to cast their vote electronically in recent months thanks to e-voting. Additional partners are now present in the branches as network opening progresses. And PostFinance is the first systemically important bank in Switzerland to bring crypto trading directly to its customers. Swiss Post will continue building on these achievements in future: to provide a strong physical and digital public service that is both sustainable and self-financed.
Source: Swiss Post