BotswanaPost has turned profitable again after a decade of recording losses. Speaking at a press conference recently, the Chief Executive Officer Cornelius Ramatlhakwane said this was a fruitful result of the Company’s Operational Efficiency Execution Plan that saw it necessary to stop the bleeding while implementing the turnaround strategy.
“I am happy to declare a profit before tax of P4.1m which is a first in 10 years, representing 132.7% Year-on-Year improvement on our bottom line,” said Ramatlhakwane. “This translates into a 2.9% growth of our balance sheet.”
BotswanaPost has recorded a cost-to-income ratio of 98.7%; an improvement from 102.6% (5.3%) last year. “We now have a BotswanaPost that is operationally efficient, profitable, Fit-To-Serve and Fit-For-Growth,” stated Ramatlhakwane.
Also at the event, the Chairman of the BotswanaPost Board of Directors, Polokoetsile Pedro Motau highlighted that BotswanaPost was united by the determination that the hard-earned financial stability be sustained into the future.
He added that this marked the end of the cycle of loss making — and crossing that crucial tipping-point has been their greatest achievement of the past decade.
Speaking on the participation of the Board in ensuring that the Company has a strategy that works in real life, the Chairman said their active participation provided the necessary support and oversight to ensure that the strategy was executed.
“I’m proud of the strong relationship that we’ve been able to build between the Board and the C-Suite,” said Motau.
He further stated that, “Together, we have fine-tuned a constant system of feedback with strong reporting mechanisms which breeds a strong environment for goal-setting, accountability and professional growth.”
Informing the media of the conclusion of the Board’s tenure at the end of June, the outgoing Chairman thanked the BotswanaPost customers and other stakeholders for supporting the business even in hard times; and assured them that the best was yet to come.