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Tuesday, August 11, 2020

Government Parastatal ZamPost records profit

Economy Government Parastatal ZamPost records profit

ZAMPOST Post Office Lusaka
ZAMPOST Post Office Lusaka

Zampost Master General McPherson Chanda says the company performed admirably last year as compared to the same quarter for the year ended 31st December 2014 in which a loss of K4.67 million was incurred reflecting 138 per performance improvement.

He said the drivers for the good performance were a revenue increase and cost reduction.

“The twin drivers of this favourable performance were a revenue increase of 11% and cost reduction of 15% in comparison to the quarter ended 31st December 2014. The highest monthly operating profit margin was achieved in December at 12%. Management is eager to replicate this favourable performance towards achieving a profitable 2015/2016 financial year,” he said

He added ” For state owned enterprises the concept of ‘profit’ is still largely mystical and yet we attempt to play a role in the economy. The consequences have very much been very harsh as a result. when we are profitable we will have funds to invest in new projects and companies which can create job opportunities for the many unemployed citizens in our country.”

Zampost master General McPherson Chanda has observed that parastatals are heavily encumbered with huge liabilities which comprise trade creditors, unpaid retirees and unremitted statutory obligations.

Mr Chanda also said the mindset in state owned enterprises is that government should be funding to pay for salaries and buy capital items something he said has negative repercussions for both the workers and the institution.

“This is however an irony because the rationale for the government policies that set up state owned enterprises between 1968-1971 was the SOE could be the engine for economic growth. Zampost as SOE acknowledges that when we operate as a loss making organization as we have done over the past 20 years the consequences are adverse for our employees especially when they retire and for our customers who experience poor customer service. We also desire to pay competitive salaries to our staff while they are still working,” said Chanda.

19 COMMENTS

    • It is a fallacy for zampost management to claim that the organisation has made a profit without producing audited accounts. The fact that they are not paying salaries to retrenched workers does not mean they are making a profit factor in the huge liabilities and you will see how insolvent this company is! How come over the years this company has not progressed to be a more formidable entity? It is because the company is dogged by the same systemic problems of: Poor Management, lack of innovation, poor work culture and attitude as well as not having a strategic blue print for reinvigoration.

    • Kwena pa Zed ifyamba na lutuku fya lipaya bongobongo!!

      He clearly says: “… in which a loss of K4.67 million was incurred reflecting 138 per performance improvement.”
      One wonders what the headline is all about?? It may be a lesser loss than last year – BUT it is still a LOSS – meaning , it is eating away at Investors investment!!! I.E. Zed is losing with Zamtel, whilst the private networks seem to be prospering – this Master or director or board chairman should go!!

    • Some times it is good to be thankful. One of our own government enterprises doing well is grand news :). Viva Jesus, Viva Zambia.

  1. He does not mention the fact that a big number of employees we’re retrenchment and are still owed their benefits. I am sure a forensic audit will find something quite different.

    • You are right, Gen Kanene, this guy is all talk. When amounts owing to retirees and statutory remittances to NAPSA and other institutions are factored in this so-called ‘profit’ is a warping loss.

      Chanda is a PF cadre who has brought ZamPost to its knees, and such an announcement is meant to hoodwink the PF into picking him for MP elections on August 11, 2016. Watch this space…

  2. Zampost Master General McPherson Chanda says the company performed admirably last year as compared to the same quarter for the year ended 31st December 2014 in which a loss of K4.67 million was incurred reflecting 138 per performance improvement.

    LT has done some injustice here. This is a hanging statement. The article should have started by telling me, the reader how much profit ZAMPOST has made but sadly, that figure is not appearing anywhere in the article

  3. Profit? What profit when these parastatals are being milked and mismanaged by the PF on a daily basis . These are just cooked up accounts inflated figures hiding the real picture on the ground by the double entry clueless cadre accounts officers who are a product of wako niko-nepotism!

  4. Where’s the profit promised by that headline? By the way all para-statals are government owned. How else can they be para-statal?

  5. This sounds more political than anything. Was the profit recorded in a year or in a quarter? If they have unremitted statutory obligations (for the last 20 years) as they rightly admit, have they liquidated them before declaring a profit? Actually merely running the statements does not sound as if it is true. Its an election year, so think through some of these statements coming from parastatals.

  6. Even good news has evil people trying to just spew hate and discontent. I feel for most of your wives and husbands. There is no way one stays that angry that long.

  7. Please show us the figures as excited as I am about this news I’m at the same time perplexed, where ZAMPOST is performing excellently which department? Postbus? Stamps? Money transfer?Banking?…you try sending a tracked parcel to Zambia from UK it takes 5 days to reach the country and two to four weeks lost in the local sorting system..that’s how appalling their service is!!

  8. Please GRZ control the stealing from callers by cartels in the cell phone industry. They are ripping off poor Zambians calling home from the diaspora. The rates have gone up by 300% that is unacceptable!

  9. Mr Chanda can you tell us how your tribal company will survive now that Shoprite can do money transfers for much less fees than you? The mobile phone companies also have their mobile money and there’s Zoona , too. Nobody sends letters any more, including Zesco and banks. Most communications are by email or text messages these days. And Zambians can no longer afford second hand Japanese cars because of the weak Kwacha. You did not see that coming, did you? So how are you going to continue reducing your losses in the face of these formidable challenges?

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