Ghana Post Company Limited saw profit before tax of GH¢1,000,600 in 2009 up from GH¢262,610 in 2008, accounts presented at its Fourth Annual General Meeting (AGM) on Tuesday stated.
Profit after tax came to GH¢750,525 in 2009, compared to GH¢201,784 in 2008.
Mr Abdul Rafiu Abdulai, Managing Director of Ghana Post, said the good performance was due to cost control measures and management's focus on improving revenue, harmonising relations with staff and improving productivity.
He said: "In spite of the challenges, the performance for 2009 could be described as modest and a turning point in growing profits for the future."
Mr Abdulai said management was pursuing the computerisation of counters in order to improve efficiency and also to strengthen the internal control system to safeguard assets.
Mr John Sey, Chairman of Board of Directors of the company, said the organisation had put in place a five-year strategic plan to ensure competent and effective operations.
He said measures were being put in place to review all agreements, which were not in the interest of the company, and that internal controls had been strengthened to reduce cost and ensure that leakages in the financial operations were eliminated.
Mr Sey stated that the company needed patience, experience and maturity to be able to gradually overcome its current challenges and be more lucrative in the future.
"The board is confident in the future of the company in view of the measures being implemented. We are eliminating the negative and unproductive elements and actions which impede our progress," he added.
Mr Sey said the government had approved a loan facility of GH¢5.0 million to equip the company to become efficient in mail delivery.
He observed that the system of delivery of mails and parcel left much to be desired, saying that complaints from customers over slow and unusual delay of mails and parcels needed to be improved in the coming years.
He said the Company was in the process of establishing complaint centres to enable it to monitor concerns and views of customers, which to a large extent would facilitate the design of products and services to meet the specific needs of customers.