Record revenue inflows for Mailpac Express in December

 



Khary Robinson Executive Chairman, Mailpac Group Limited reports that the Christmas quarter, being the busiest period of the year and the traditional peak season for e-commerce, culminated in “the strongest revenue performance in the history of the business.”

Mailpac recorded revenues of J$839.42 million, almost double the J$469.86 million in the same quarter of 2023.

“This represents 78.7 per cent year-over year growth, driven by the acquisition of MyCart Express, the increased demand for the logistics and e-commerce solutions offered by the Group, and the enhancement of our customer experience and store locations,” Robinson outlined.

Gross profit for the quarter stood at $423.35 million, an increase from $218.10 million, or 94.1 per cent , compared to the corresponding period last year. Gross profit margin for the quarter under review was 50.4 per cent, which was a material improvement compared to the 46.4 per cent gross margin for the comparable period last year.

Management attributes this to increased operational efficiencies and negotiated cost reductions achieved through economies of scale.

The Company recorded net profit of $70.48 million for Q4 2024, up from $56.94 million in Q4 2023.

Net profit performance reflected a marginal year-over-year erosion in our net margins, due to a relative increase in one-time fixed costs from the combination of the Mailpac Services and MyCart Express divisions.

Net profit for the December quarter was $70.48 million, up from $56.94 million in Q4 2023.

For the 12 months ended December 2024 the company recorded net profit of $253.154 million down from $260.14 million at December 2023. EPS for both years came out at ten cents per share.

During the December quarter, Robinson stated that Mailpac continued to make significant investments in business expansion, which saw an increase of right-of-use assets to $185.81 million, up from $41.51 million and $97.68 million in Q4 2023 and Q3 2024, respectively.

As of December 31, 2024, total assets grew to $1.17 billion, compared to $674.93 million in 2023.

Cash and bank balances increased to $253.76 million, up from $198.85 million. Shareholders’ equity increased to $878.07 million.

“Our strategic focus will be on expanding our footprint and diversifying our service offerings,” Robinson concluded.



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