The South African Post Office is still recording a poor mail delivery success rate, and the auditor-general warns it is in “severe financial distress”.
The South African Post Office’s delivery performance has dropped substantially from 89.3% at the end of March 2020 to 68.36% by March 2022.
“The mail delivery performance was severely affected by the Covid-19 pandemic, disrupting the progress made during the previous financial year,” Sapo said in its“The mail delivery performance stood at 89.3% by the end of March 2020, and this had regressed to 52.95% by the end of March 2021.” “A clear sign of improvement, however, is that the performance picked up by 15.41% from the previous year to 68.36% in the current financial year — still below the target of 92%,” Sapo said.The Auditor-General of South Africa said it could not confirm whether Sapo will remain a going concern for the foreseeable future — painting a picture of uncertainty for the state-owned company.
“I was unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated and separate financial statements,” Auditor-General Tsakani Maluleke said.One of the AG-flagged issues in Sapo’s financial statements include the R2.1 billion net loss during the financial year ending 31 March 2022 and the fact that the Post Office’s liabilities exceed its assets by R4 billion.
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