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Sri Lanka’s Posts Department Aims for Financial Independence with Projected Revenue of Rs.21 Billion in 2024

The Sri Lanka Posts Department has expressed its ambition to achieve a revenue target of Rs.21 billion in 2024, signaling a shift towards financial self-sufficiency independent of Treasury funds. Postmaster General Ruwan Sathkumara elaborated on the department’s transformation from a public service provider to a business service provider, highlighting strategic collaborations with the private sector as a key initiative to close the revenue gap and attain financial sustainability.

Sathkumara disclosed a significant milestone, revealing a recent agreement with the global logistics and package delivery giant, United Parcel Service (UPS).

This announcement was made during the launch of a commemorative stamp for Hatton National Bank’s 135th anniversary, where the Posts Department issued its inaugural first day cover stamp to a private bank.

In an interview with Mirror Business, Sathkumara underscored the department’s potential to leverage strategic partnerships, innovative services, and heightened public awareness. He acknowledged the global decline in traditional postal services but emphasized a growing demand for business postal services, cash on delivery (COD), and EMS services. Particularly, he highlighted the potential capture of 20-25 percent of the market through COD services and the competitive rates offered by EMS services for international courier services, which often remain underutilized due to a lack of awareness.

In the previous year, the department reported a revenue of Rs.13.6 billion but incurred a loss of Rs.3.2 billion, emphasizing the need for strategic shifts and collaborations to achieve financial stability.

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