18 July 2023
According to Nova Poshta owner Vyacheslav Klymov, valuation of the company has already crossed the $1 billion mark.
In an interview to the Business Breakfast project with Volodymyr Fedorin (Forbes Ukraine Editor in Chief), Nova Poshta co-owner Vyacheslav Klymov talked about the state of affairs in the company at the end of the first half of 2023.
In H1 of the current year, the group's revenue exceeded the figure for the corresponding period of 2021, which was one of the most successful for Nova Poshta in its entire history (H1 2022 was not proper benchmark because of full-scale invasion happened).
Currently, the company has more than 10,000 branches, more than 14,000 post machines. Nova Poshta has entered the markets of Poland, Lithuania, the Czech Republic, Romania and Germany. The share of foreign business in the total volume of Novaya Poshta is still insignificant (about 1%), but the company plans to further increase its presence in the European market, bringing it into a separate business unit.
If Nova Poshta's plans for 2023 include just entering the European market (no matter what), the company plans to be profitable there already in the next year.
In Ukraine, according to the owner, Nova Poshta has become more efficient compared to the years before the full-scale invasion, primarily in the speed of parcel delivery and reliability of work.
As of now, the group has not released its consolidated financial statements for 2022. According to a separate financial report of the Nova Poshta company, its turnover in 2022 was UAH 23.7 billion (vs. UAH 20.8 billion in the previous year), operating profit – UAH 2.5 billion, net profit – UAH 2.4 billion (UAH 2.8 billion in 2021).
It should be noted that operating expenses do not include expenses for renting offices, which are part of the cash flow from financial activities (in 2021, rent payments amounted to about UAH 1 billion).
The net profit of the sister company Novapay in 2022 was UAH 2.4 billion (in 2021 – UAH 1.6 billion).
According to Vyacheslav Klymov, the value of the company at the moment already exceeds $1 billion (though the figure is quite questionable, since the company is not public, and during a full-scale war it is difficult to estimate the value of the company based on its earnings because of absence of reliable earnings multipliers – it was admitted by Mr. Klymov).