The Sri Lanka Posts Department has set an ambitious revenue target of Rs. 21 billion for 2024, aiming to operate independently of Treasury funds and transform into a self-sustaining institution.
Postmaster General Ruwan Sathkumara elaborated on the department's new business-oriented approach, emphasizing strategic collaborations with the private sector to bridge the revenue gap and achieve breakeven.
Highlighting one such collaboration, Sathkumara announced an agreement with global logistics and package delivery company, United Parcel Service (UPS). This partnership signals a strategic move towards enhancing the department's revenue streams and service offerings.
The announcement came during the launch of commemorative stamps for Hatton National Bank's 135th anniversary, where the Posts Department issued its first-ever first-day cover stamp to a private bank.
Speaking to Mirror Business, Sathkumara emphasized the department's potential to capitalize on strategic partnerships, innovative services, and public awareness campaigns. While traditional postal services witness a global decline, there is a growing demand for business postal services, cash on delivery (COD), and EMS services.
Sathkumara highlighted the department's COD services, which have the potential to capture 20-25% of the market, and EMS services, offering international courier services at competitive rates. However, he noted that these services are often underutilized due to a lack of awareness.
Despite posting a revenue figure of Rs. 13.6 billion last year, the department recorded a loss of Rs. 3.2 billion.
