On February 21, 2025, "Mongol post" JSC, registered in the I classification of "Mongolian Stock Exchange" JSC, presented its operational and financial results for the year of 2024.
In the reporting period:
Financial results for the year of 2024:
|
№ |
Items |
2024.12.31 (Non audited) |
||
|
Planning /mil.MNT/ |
Execution /mil.MNT/ |
Fulfillment % |
||
|
1 |
Income |
22,657.4 |
23,894.3 |
105.5 |
|
2 |
Sales income |
21,750.0 |
21,896.1 |
100.7 |
|
3 |
Total income |
907.4 |
1,998.2 |
220.0 |
|
4 |
Rent income |
169.2 |
164.1 |
97.0 |
|
5 |
Interest income |
300.3 |
333.1 |
110.9 |
|
6 |
Operating expense (selling & administrative) |
1700.0 |
1,660.0 |
97.6 |
|
7 |
Other operating expense |
250.0 |
388.3 |
155.3 |
|
8 |
Foreign exchange gains and losses |
623.2 |
(282.5) |
- |
|
9 |
Fixed assets gains and losses |
|
4.0 |
- |
|
10 |
Profit before tax |
50.0 |
168.4 |
337.2 |
|
11 |
Income tax expense |
5.0 |
32.6 |
652.0 |
|
12 |
Total extraordinary gain and loss |
45.0 |
136.0 |
302.2 |
- Highlighted operation of 2024
1. In 2024, which began with an operation loss, the company implemented cost optimization, delivery optimization, and structural optimization in stages, with the primary goal of ensuring operational profitability while expanding its main business activities. According to the unaudited report for 2024, the company increased sales from main operations by 1.2 billion tugrug and achieved a net profit of 136 million tugrug during the reporting period, tripling the target set by the Board of Directors.
2. The Board of Directors of the company agreed and decided to allocate a dividend of 30.36% of the net profit for 2023, equivalent to 6.0 tugrug per share. This distribution totals 597.5 million tugrug and has been credited to the savings account of the shareholders.
3. By the decision of the company's board of directors on February 26, 2024, an open selection process for the position of Chief Executive Of de de by ficer was announced for the first time. A total of 7 candidates participated in the selection process, which was conducted in 3 stages. As a result, G.Telmen was appointed as the Chief Executive Officer effective from April 1st, 2024.
4. The newly appointed G.Telmen, CEO, presented the company's special measurement for implementation in 2024, along with the medium-term strategic plan for its further development, to the Board of Directors. The board of directors subsequently approved an amendment proposal to the investment and budget for 2024, submitted by the new CEO.
5. The shareholders' meeting was successfully held on 29 April 2024, during which the Board of Directors reviewed and approved the company's 2023 annual report.
For the first time, a third-party professional organization conducted the company's employee satisfaction survey, IT audit, and occupational safety and health assessment. Following the assessment results, the company started working on without the delay maintenance service across its postal branches, employee training and development, and improving and upgrading IT infrastructure.
6. The company focused on expanding its business operations, with a particular emphasis on domestic postal logistics and fostering international business and cooperation.
7. The Asia-Pacific Regional Strategic Forum of Universal Postal Union, UPU, was held for the first time in Ulaanbaatar in 2024. Additionally, the CEO participated in the Asia-Pacific Business Forum for the first time and held discussions in both multilateral and bilateral frameworks with postal organizations such as the China Post Group, Korea Post, Japan Post, and India Post.
8. In 2024, with funding from the Japanese government, thru UPU project, the modern 150 pieces of POS devices were distributed with enabling postmen to provide government and private sector’s digital services at the soum level of provinces of Mongolia.
9. A total of 8 employees have been trained at the Indian Postal Academy through 3 training sessions, fully funded by scholarships provided by the Government of the Republic of India.
10. Successful bilateral negotiations were held with China Post Group to enhance cross-border e-commerce delivery through official postal channels and expand transit postal services between the People’s Republic of China - Mongolia, and Russia. Additionally, an e-packet agreement for e-commerce delivery was signed. A successful test delivery of transit mail was conducted in December 2024.
11. Various pieces of equipment, delivery vehicles and lifting machines were distributed to improve operations, and seamless operation at the provisional branches and city branches.
12. In 2024, the company allocated investments towards labor saving tools, delivery vehicles, and lifting machinery as part of its strategy for medium term business expansion. The company also aims to boost investment in this area in 2025.
13. During the reporting period, the company engaged in several meetings not only with the Ministry of Digital Development Innovation and Communication but also with the Communications Regulatory Commission, actively participating in communication and postal discussions and focused on enhancing the development policies, regulations, and legal framework of the sector.
14. In 2024, Mongol Post, which fulfills the Universal Service Obligation on behalf of the Mongolian government, majority owned by the state, and designated operator of the UPU, actively held meetings with relative agencies of Government of Mongolia on key topics, including the company's legal status, investment policy, and strategies for improving the financing of universal service obligations.
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