Post Office tries to rise from the ashes, sets sights on banking license

Let’s be blunt; the reason we’re on track is because we’ve had deferred expenditure.

Mark Barnes, Sapo CEO

Our future isn’t in post. It lies in financial services and ecommerce.

Mark Barnes, Sapo CEO

It’s been all gym, but none of the weight loss yet.

Mark Barnes, Sapo CEO

South African Post Office (Sapo) CEO Mark Barnes expects it to make a net loss of R1.1 billion this year.

This is slightly better than the R1.2 billion loss provisioned for in the turnaround plan.

Revenue came in at R3.6 billion; against the plan’s expected R5 billion.

Telecommunications and Postal Services Minister Siyabonga Cwele says Sapo needs another recapitalisation over and above the R600 million it got last year.

This year Sapo will focus on getting a banking licence for Postbank.

According to Barnes, the Postbank is "profitable, well capitalised and the corporatisation process is on track".

The Money Show’s Bruce Whitfield interviewed SA Post Office CEO Mark Barnes.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Corporates have to reverse from their alternative strategies to the Post Offices. It’s a case of trying to persuade them we’re back.

Mark Barnes, Sapo CEO

The state of the nation at the Post Office is worse than I expected.

Mark Barnes, Sapo CEO

We’re pretty confident we’ll be profitable next year.

Mark Barnes, Sapo CEO

If, in the next three months, we don’t see a turnaround in our revenues, we’ll have to focus on costs.

Mark Barnes, Sapo CEO

Our deadline for a banking license is at the end of July.

Mark Barnes, Sapo CEO

It’s not easy [saving the Post Office].

Mark Barnes, Sapo CEO

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Article brought to us by Old Mutual.

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