MaltaPost plc has reported a sizeable profit before tax in 2024 at €4.7 million, a 106 per cent increase since the previous year. 

The national post company, owned by Lombard Bank Group, said that the financial year ending 30th September 2024 was a successful one with planned objectives mostly achieved. In a rapidly evolving postal and logistics landscape, both locally and globally, MaltaPost plc continued to adapt by making strategic investments, with particular emphasis on enhancing the last-mile delivery network. 

Additionally, the bank said, customer service remained a priority, alongside the continued growth of the insurance and document management business. MaltaPost remains an important contributor to the Lombard Bank plc’s financial performance, which also saw a 34 per cent increase for the year 2024, at €19.4 million.

Postal sales and other revenues increased to €39.2 million from €38.7 million in 2023, mainly attributable to growth in inbound volumes as well as tariff revisions. The company said a focus on furthering total last-mile parcel volume deliveries remained contributed to its successful year. Other revenues were generated from document management, bill collection, financial and insurance services.

In September 2007 the government sold 25 per cent of its shareholding in MaltaPost to Lombard Bank plc, which effectively became the majority shareholder in the company with 60 per cent shareholding. The other 40 per cent were sold to the public in January 2008.