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
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
The Money Show’s Bruce Whitfield interviews Sibanye-Stillwater Chief Executive Officer Neal Froneman.
The Money Show’s Bruce Whitfield interviews Benguela Global Fund Managers Chief Investment Officer Zwelakhe Mnguni.
It’s time to start thinking about how to keep your business relevant next year, says small business guru Pavlo Phitidis.
The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.
What does the outspoken CEO of the SAPO believe about money? What does he fear, and hope for? How much is, for him, enough?
The (in)famous newly appointed CEO of Sapo has an unenviable task to perform, but he’s more than up for the challenge.
Ndlozi explains the significance of the the first chapter of his thesis: 'Trauma in the archives'.
The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.
50 years ago the retailer started out when Raymond Ackerman bought three tiny stores from Click founder Jack Goldin.
Urologist Dr Shingai Mutambirwa says penile curvature is only a concern if it impedes a man's ability to have penetrative sex.
The EFF lawyer stole the show during the state capture report court battle.
Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) about how it all began and where it’s going.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...
Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?