Revenue InPost Group in Poland in the second quarter of 2024 reached PLN 1.58 billion, 22 percent more than a year earlier. This is the result of a 20% increase in the number of parcels delivered. up to PLN 170.4 million.
In the case of deliveries to parcel lockers, there was an increase from 119.3 to 136.9 million, and in the area of express mail deliveries – from 22.3 to 33.5 million. The company at the end of June this year had 23,470 parcel lockers in our country, 14 percent more than a year ago (20 6520), and the total number of parcel lockers increased by 12%.
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At the adjusted EBITDA level, the margin decreased year-on-year from 47.8 to 46.2% and profit increased by 18%. up to PLN 730.2 million
Already 17 thousand parcel lockers abroad
The parcel locker network is being developed much more strongly by InPost nand foreign markets. Year on year, their number increased from 10,791 to 17,201, or 59%, and the number of caches increased by 70%.
The company Mondial Relay, which operates in France and Spain and was acquired by InPost a few years ago, recorded an increase in one year from 4,029 to 7,246 parcel lockers, while in Italy and Great Britain their number increased from 5,403 to 7,502.
Mondial Relay’s quarterly revenues increased by 3.3% year-on-year to PLN 738.9 million (with an increase in the number of delivered orders by 9% to 64.9 million), and adjusted EBITDA – from PLN 95.2 to PLN 125.3 million. While In Italy and Great Britain, the InPost group achieved positive profitability in terms of adjusted EBITDA (after an annual increase from a loss of PLN 24 million to a profit of PLN 31.8 million) and an increase in revenues of 133% to PLN 305.2 million.
– We are still dynamically expanding the InPost network. It is worth noting that in the UK market the InPost app was among the most downloaded apps this year. We consistently implement our strategy in each market, considering network expansion as a priority while maintaining cost discipline – noted Rafał Brzoska, founder and president of InPost, in a press release.
Adjusted EBITDA of the entire InPost group in the last quarter reached PLN 887.3 million, growing by 28.6% y/y. Operating profit increased by 25.4% to PLN 483.5 million, and net profit – from PLN 128 to PLN 336.4 million.
Profitability improved, among others, by decreasing financial costs from PLN 177.2 to PLN 74.4 millionthanks to a slightly lower amount of interest paid on the debt and a much more favorable result in exchange rate variations.
This net debt increased slightly this year: from PLN 6.07 billion at the end of December last year to 6.12 billion at the end of June, but taking into account the company’s higher profitability, its EBITDA-to-profit ratio for the last 12 months decreased from 2.22 to 1.95.
– InPost Group maintained strong growth dynamics in the second quarter of 2024, achieving very good operational and financial results. At the group level, this is another quarter in which we maintained above-market volume growth. Revenues and profits also grew dynamically. We also accelerated the expansion of the parcel delivery network – in the last quarter we broke a record for the number of machines deployed, launching more than 3 thousand new devices – commented Rafał Brzoska.
InPost invests more
Over the first half of 2024, the InPost group increased revenues year-on-year by 22.1%. to PLN 5.05 billion (Mondial Relay recorded a slight increase, but in Italy and Great Britain the dynamics were 131%), with an increase in the number of parcels delivered by 23%. to 507.1 million.
In terms of adjusted EBITDA, the margin increased from 30.2 to 32.6 percent, and profit – by 32.1 percent, up to PLN 1.65 billion.
The company allocated PLN 587.8 million for investments in the last half year, compared to PLN 467.1 million a year earlier. In the second quarter alone, expenses in this area increased by 39.9% year-on-year. up to PLN 342 million.
