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Financial reports of Uganda Post Limited

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Added 24th February 2019 08:59 PM

Historical distortions within the company caused some considerable dent which has been repaired over the time, but Posta Uganda still experiences challenges

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Historical distortions within the company caused some considerable dent which has been repaired over the time, but Posta Uganda still experiences challenges

On behalf of the Board of Directors and the esteemed employees of Posta Uganda, I am quite pleased to publish the company’s audited accounts as well as the Statement of Financial Responsibility for the year ended 30 June 2018. Posta’s financial statements scored an UNQUALIFIED EXTERNAL AUDIT OPINION, a well-deserved reward for the effort being spent on transparency and accountability in the management of public funds.

Posta Uganda would boast of the following observations for the financial year that was audited:

(a) A solid asset base worth Ugx95.64bn
(b) An increase in shareholders’ equity from Ugx76.57bn (2016/17) to Ugx76.82bn (2017/18)
(c) A 6.3% reduction in Total Liabilities, reflecting management’s commitment to operate frugally
(d) Zero long-term borrowing, making Posta Uganda one of the state enterprises credited for good performance and low borrowing ratios (Published in “The New Vision” dated 19.02.2019, Page 42)

Historical distortions within the company caused some considerable dent which has been repaired over the time, but Posta Uganda still experiences challenges in its ambition to expand and flourish in this highly dynamic communications sector. During the current financial year, the company has planned for the following key strategies in its bid to further its competitive positioning:

I. Digitization. The company shall automate as many internal processes as the budget shall allow. This may involve entering strategic partnerships with already established operators and businesses, with the primary objective of making postal services accessible on a mobile telephone platform. This seems to be the desired method of transacting for the young turks.

II. Courier and Logistics. Significant efforts have been directed at the courier arm of the company (EMS) to enable door-to-door delivery throughout the country. Posta’s valued clients and readers are invited to apply for Premium Services where our highly efficient customer care officers will come and serve you at the comfort of your home or office. Secondly, the company has acquired some capacity to offer fairly-priced but highly reliable transportation and storage services for all your valuables anywhere in the country. Please contact the nearest Post Office and use the company’s well established goodwill to take care of your valuable items.

III. Cost Containment. It is the established ethic of management that Posta Uganda shall NOT operate beyond the approved expenditure budget. This is done to keep liabilities within check, but also to mainstream efficiency in daily operations.

I thank the leadership for the trust put in us to govern this important government institution, and also thank our esteemed cleints for the support we are receiving. God Bless You.

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