CTT – Correios de Portugal saw revenue jump by 12.4% year-on-year (YoY) in 2024, as its Express and Parcels business delivered a record performance but declines in the mail and financial services unit hit the operator’s bottom line.
In the 2024 financial year (FY24), revenues at CTT reached €1,107.3 million (+12.4% YoY), with Express and Parcels contributing the most with revenues of €479 million (+40.6% YoY).
Recurring EBIT reached €85.1 million (-2.7% YoY), with a margin of 7.7%, while net profit was down €15 million YoY to €45.5 million.
CTT noted said that its profit was penalised by declines in its Financial Services and Retail business unit, which saw recurring EBIT drop by 60.6% to -€22.0 million, and its Mail & Other unit, which achieved recurring EBIT of -€2.3 million (-22% YoY).
Express and Parcels growth
