Page 158 - Thailand Post Annual Report 2024

Part 1
Overview of the Organization
Part 2
Business Trends
Part 3
Business Model
Part 4
Strategies and Resource Allocation
Part 5
Risk
Part 6
Corporate Governance
Part 7
Operating Results
Part 8
Other Information
Overall, the revenue of THP, which decreased from 2021 to 2022, began to increase in 2023 and 2024. In 2024, revenue increased slightly from 2023, at 0.3%. In terms of expenses, however, especially personnel expenses, which exceed 50% of total expenses. It is also one of THP’s main fixed costs and resulted in a net loss of 187 million baht. Furthermore, EBITDA was 2,215 million baht. Therefore, in terms of cost management, it is necessary to adjust the work process to boost personnel productivity. The Postman Cloud project has been undertaken to harness the potential of personnel who serve as a nationwide delivery network that reaches all areas nationwide to provide new types of services, such as storing and surveying data in target areas according to the needs of customers or partners, etc., including the use of digital technology to help develop personnel competence to enable accurate and precise delivery of news and goods to recipients through the use of D/ID codes, which are the address data codes of recipients with location coordinates that are standardized infrastructure based on the country’s central address database. In addition, another important part of THP's expenses is transportation expense, which should be characterized as a variable cost that varies according to the volume of goods delivered. In the management of THP, however, part of transportation expense is fixed cost for which THP must maintain a certain number of postal trucks, so as to provide uninterrupted service provision. This expense continues to increase due to the fluctuating cost of fuel prices in line with the global market. Therefore, THP has an operational plan for modifying the vehicles used in the transportation and distribution of goods to vehicles that use alternative energy instead of fuel, which can reduce fuel costs. At the same time, business operations that take into account environmental sustainability issues, which will also reduce the amount of greenhouse gas emissions.
Cash and Investments in 2024
7,910
Unit : million baht
7,463
Q4/ 2024
6,948
Q4/ 2023
7,255
Q1/ 2024
Q2/ 2024
7,322
Q3/ 2024
Concerning financial status, as at 31 December 2024, THP had cash and an investment balance of 7,463 million baht, an increase from 515 million baht as at 31 December 2023 due to cash flow from operations in the first and second quarters. The special operations included the activity of result prediction of the European Football Championship (EURO) 2024 matches and the delivery of senate member election ballots. And THP was able to continually generate more revenue from operations in the third and fourth quarters than in 2023.
In the long term, if THP manages to effectively apply the digital technology that has been invested and developed in the postal system, it can help increase productivity and facilitate speedy work operations with the use of data to help analyze and develop various aspects to maximize benefits. In addition, if the investment in the modification of vehicles using alternative energy and the renovation of office buildings to use solar energy can be carried out according to the plan, the expenses can be reduced. This will enable the overall growth of the organization in a sustainable manner along with the ESG+E dimension.
156 Thailand Post Company Limited