CEO Mark Barnes: Post Office to return to profit in 2018
The South African Post Office (SAPO) should return to profit in 2018, says its CEO, Mark Barnes, who was appointed in 2015. SAPO is expected to record a loss of over R1 billion in the 2015/16 financial year. In the previous financial year it lost R1.5 billion.
- CFO of Post Bank and Acting CFO of the Post Office, Nichola Dewar, was a keynote speaker at our recent public sector CFO event. Read what she had to say here.
Speaking to Reuters, Barnes said:
"Our ambitions here are to get back to where we were (profitable) in two years' time in terms of revenue. We expect to turn profitable in 2018."
According to Barnes, SAPO is in talks with banks in an effort to secure bridge loans pending a R650-million capital injection from government. He added the organisation is awaiting a full banking licence from the SARB, which would be boosted by new financial services products. The licence would allow SAPO to use its 1500 nationwide branches to provide credit and other financial services to millions of people without assets as part of the government strategy to extend banking to the poor.