Mailpac said its last quarter of 2024, being the busiest period of the year and the traditional peak season for e-commerce, culminated with the company realising its strongest revenue performance in the history of the business.
February 23, 2025
Record last quarter drives 2024 revenue for Mailpac
With yearly revenues largely driven by its acquisition of myCart Express and increased shopping activities over the usually busy Christmas period, courier company Mailpac Group Limited realised significant revenues of $2.6 billion in 2024 — 53 per cent above that earned in the previous financial year.
The company’s last quarter alone — which delivered over $839 million or $469.86 million more than that of the same quarter of 2023 — Mailpac’s Executive Chairman Khary Robinson said helped to drive the “strongest revenue performance in the history of the business”.
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Robinson said the record-breaking fourth quarter performance, which represents a 78.7 per cent year-over year growth, was further driven by the acquisition of myCart Express, along with the increased demand for the logistics and e-commerce solutions offered by the group, as well as the enhancement of its customer experience and store locations.
“Gross profit for the quarter stood at $423.35 million, an increase from $218.10 million, or 94.1 per cent, compared to the corresponding period last year. Gross profit margin for the quarter under review was 50.4 per cent, which was a material improvement compared to the 46.4 per cent gross margin for the comparable period last year. This improvement is attributed to increased operational efficiencies and negotiated cost reductions achieved through economies of scale,” he also noted.
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With strong profit out-turns of $70.48 million for the quarter, the company said it was also able to cushion deeper fallouts in its marginally reduced annual profit which totalled $253.2 million— down from $260.1 million in 2023. The slight erosion in the company’s net margins was attributed to a relative increase in one-time fixed costs stemming from a combination of the Mailpac Services and myCart Express divisions.
The company in maintaining a strong financial position, however, saw total assets climb to $1.17 billion, compared to $674.93 million in 2023.
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“Cash and bank balances increased to $253.76 million, up from $198.85 million as shareholders’ equity increased to $878.07 million. During the quarter, Mailpac continued to make significant investments in business expansion, which saw an increase of our right-of-use assets to $185.81 million, up from $41.51 million and $97.68 million in Q4 2023 and Q3 2024 respectively,” the executive chairman further noted.
Looking ahead, Robinson expressed optimism for the company’s continued growth in the new financial year.
“We are confident in our ability to sustain growth and further solidify our position as a leader in the ecommerce logistics space. Our strategic focus will be on expanding our footprint and diversifying our service offerings to meet the growing needs of our customers and the evolving dynamics of the global ecommerce and logistics industry.
“As we continue to ramp up our cost rationalisation, business expansion, and digital transformation efforts, we are confidently poised for another year of strong performance,” he said.
