The Correos Group has reported its financial results for 2019. The group’s revenues grew by 11.0% year-on-year to reach €2,400m. This was due to an increase in parcel volumes, new national and international business, and an improvement in the efficiency of key processes. The company’s EBITDA has grown much faster at 92% year-on-year, to reach €50m.
The group’s net profits reached €14.8m in 2019, compared to the €153m loss seen the previous year. This is the company’s first positive net profit since 2014.
The Correos Group distributed 196.5m packages in 2019, of which 129.3m were managed by Correos, and 67.2m by Correos Express, the urgent package subsidiary. This represents a volume growth of 22% year-on-year for Correos, compared to 14% in Correos Express.
Excluding Express, total revenues grew by 9.5% to reach €2,090m. Correos Express increased its revenues by 24.1% in 2019, to reach €298.6m, of which €24.5m are attributed to its Portuguese subsidiary. The net profit of Correos Express grew to €20.6m, compared to the €5.7m obtained in 2018.
Correos Group’s operating expenses grew by 8.5%, with personnel expenses being the fastest growing item. This was due to an increase in the workforce to guarantee adequate provisions for the Universal Postal Service and three electoral processes. The average workforce in this period of 2019 reached 53,041 employees.
The investments committed in the year amounted to almost €100m, focusing primarily on operational distribution units and treatment centres, technology and modernisation of machinery.
Source: Correos
