Egypt Post reports EGP 4.4bn surplus for FY 2022/23

Sherif Farouk, Chairperson of Egypt Post, announced on Tuesday that the Authority’s Board of Directors ratified the budget for the fiscal year 2022/23, showcasing a remarkable net surplus of EGP 4.4bn.

Under Farouk’s leadership, Egypt Post has achieved significant milestones in the past three years. The Authority has embraced financial inclusion and digital transformation across all operations, significantly enhancing service quality and variety. Moreover, the renovation of existing post offices and the establishment of new ones, complemented by mobile kiosks and vehicles, have made postal services more accessible to the public.

The Authority has recorded a net profit of EGP 4.4bn, marking a net profit growth rate of 21%. Service revenues have also seen a substantial increase, reaching EGP 5bn with a similar growth rate of 21%. Additionally, the savings fund deposits have accumulated to an impressive EGP 266.3bn.

Farouk attributes these successes to strategic development plans, prudent investment of the Authority’s assets, and a focus on human capital through ongoing training and efficiency enhancement. These initiatives have significantly bolstered Egypt Post’s position in the market, restoring customer confidence and reclaiming its deserved market share.