State ended the year with a negative balance of R$597 million; in 2022, it was R$768 million
Correios had a loss of R$597 million in 2023, compared to a negative balance of R$768 million in 2022. The variation represents a 22% increase in the state-owned company’s net result. The data is contained in a statement released by the company this Thursday (28 March 2024).
The document shows a gain of R$80 million in EBITDA (profit before discounting taxes, interest, depreciation and amortization losses) for the state-owned company in 2023. Even so, the value ended the year in the negative, with a loss of R$ 140 million.
The company’s cash flow stood at R$3 billion in the 2nd half of the year. The amount, according to Correios, is enough to not require new contributions from the federal government.
“The reduction of losses inherited from the previous management by around R$200 million was possible through efficient management measures that resulted in improved processes, providing savings of R$1.3 billion during 2023. One example was the adoption of technologies to optimize internal processes, increasing efficiency and productivity”says the state-owned company.
Correios credits the difficulty of remedying the negative values in the report to the privatization project of the state-owned company initiated by the administration of Jair Bolsonaro (PL) and the arrival of the Remessa Compliance Program, which deals with the taxation of purchases made by consumers on websites outside the country. . According to the survey, the drop in import revenue was R$530 million.
“In view of the scenario found, the company’s current management adopted, during 2023, a series of cleaning and structuring measures. One example was the elaboration of the Postalis Defined Benefit Plan, the pension fund for Correios employees, which should have been carried out by the previous management in accordance with sector standards”says the company.
In April 2023, President Luiz Inácio Lula da Silva (PT) excluded Correios and 6 other state-owned companies from the PND (National Privatization Program). Another 3 companies were removed from the PPI (Investment Partnership Program). Bolsonaro had included state-owned companies in the privatization programs in 2019. The bill, however, had been stuck in the Senate’s CAE (Economic Affairs Committee) since 2021.
On his 2nd day in government, Lula signed an order for the Civil House and other ministries to adopt measures to revoke the inclusion of 8 state-owned companies in the PPI or PND. The Post Office was one of them.
