CEO: Russian Post to invest 34 bln rbl in logistics over 2 years

MOSCOW, Mar 25 (PRIME) -- Russian Post will invest around 34 billion rubles in logistics over the next two years, CEO Nikolai Podguzov said Monday at a meeting with President Vladimir Putin, as cited by the Kremlin’s website.

Russian Post also plans to spend 11.5 billion rubles to raise wages of 210,000 employees by 20%, with the increase starting from May 1 in 17 regions, he added.

In 2018, the company received 2.7 billion rubles of net profit and 190 billion rubles of revenue, Podguzov also said.

“Indeed, we achieved some success in 2018. The focus of the company’s work is on optimizing business processes and systematic work with costs. Such work has already yielded results. In 2018, the company’s revenue and net profit reached historically high figures of 190 billion rubles in revenue and 2.7 billion rubles in net profit,” he said.

In 2017, Russian Post’s net profit amounted to 758 million rubles, while revenue was 178.1 billion rubles, as calculated under Russian Accounting Standards (RAS).

(63.7705 rubles – U.S. $1)

End