Corona also hit Israel Post: The company posted a net loss of NIS 643 million

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by Ifi Reporter Category:Financial Mar 28, 2022

Israel Post today (Monday) approved the financial statements for 2021, against the background of the advanced negotiations for a recovery plan with the Workers' Committee. The reports show that the company is facing a loss of no less than NIS 175 million, after the company recorded a huge loss of NIS 643 million in 2020, 383 of which were set aside for expenses for retirement.

Israel Post ended 2021 with revenues of NIS 1.62 billion, which is an increase of 2.5% compared to the company's revenues in 2020, when compared to 2019, it is a decrease of 11% in the period before the Corona crisis.
The company's operating loss before employee retirement expenses stands at NIS 179 million, compared to NIS 228 million compared to 2020 and an operating profit of NIS 46 million in 2019, the last year in which the post office posted a net profit.
According to Globes, the mail's reports were accompanied by a "live business" note written by accountants. This is a warning sign that reflects concern about the company's ability to meet its obligations in the near term.
This means that without a significant and comprehensive recovery plan, in which hundreds of millions of shekels will be transferred from the state to the company, while dismissing thousands of employees. It will not be possible to promote the privatization plan, which includes the sale or issuance of 40% of the postal shares on the stock exchange.

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