Financial year 2020 has been the most challenging for the Samoa Post’s since its Corporatization in 2008. The financial impacts of operational restrictions, international partnership suspensions and the pandemic’s economic uncertainties affected the company to a great extent.
The annual report for the Samoa Post overall financial performance remains tenuous signifying increasing risks and volatile postal trading environment.
Total revenue increased to $2.31 million, however, the increase was triggered by a nonrecurring income of $892,362 included in the report, in accordance with International Financial Reporting Standards.
Nevertheless, if the nonrecurring income is excluded, then total revenue was just as the revised covid budget.
Total Expenditure was $2.38 million and the increase was caused by doubtful debt provision that linked to nonrecurring income reported in revenues and the increase in expenses instigated a recorded loss before tax of $75,095.
A dividend of $261,758 from UTOS investments, strengthen the Samoa Post financial position and liquidity, offsetting a huge backdrop from internationally generated revenues, during the last six months of the financial year.
Total investment at UTOS as of 30 June 2020 at $5.28 million inclusive of the unrealized gain reported as ‘other comprehensive income’ arising from the variation in units repurchase price and included in the statement of financial performance.
A proportion of these invested funds are related to payables to international postal administrations under our e-commerce business, and will be settled when due in accordance.