Correios records losses of R$2.6 billion in 2024

The Post Office had a loss of R$2.6 billion in 2024, a result four times worse than that recorded in 2023, which reached R$633 million. The state-owned company released the financial statements for last year this Friday (9) in the Official Gazette of the Union (DOU).

This is the first time that the Post Office has reported a billion-dollar decline since 2016 , when it had a negative performance of R$1.5 billion. According to the company, only 15% of its agencies are in surplus, that is, they generate profit.

The Brazilian Post Office is going through a serious financial and administrative crisis , with records of late payments to suppliers and default on employees' health insurance . The company's last profit was reported in 2021, when the result was positive at R$2.3 billion during the Bolsonaro (PL) government.

“Taking the total expenditure perspective as a reference; even though 85% of the units are considered to be in deficit, Correios guarantees universal access to postal services for everyone, with fair rates, in each of the 5,567 municipalities served”, says the report.

Net revenue from sales and services was R$18.9 billion, a drop of 1.74% compared to 2023. The company's product and service costs increased by 4.7%, reaching R$15.9 billion. Gross profit, the difference between revenue and costs, was almost R$3 billion, a drop of 26% compared to 2023.

“The scenario presented reveals negative financial performance, with a loss of R$2.6 billion. The Company's total assets amounted to R$16 billion, representing a drop of 11.20% compared to 2023, mainly due to the reduction of R$3 billion in financial investments. Net equity was also negative, with a value of R$4.4 billion,” said the state-owned company.

At the beginning of the year, the state-owned company reported that the “blouse tax” generated an estimated loss of R$2.2 billion in 2024. The reduction in revenue occurred after taxation on international shipments, especially goods originating from China.

“In terms of total revenue, there was a reduction of 0.89%, going from R$21.67 billion in 2023 to R$21.47 billion in 2024. The 1.74% drop in sales and services revenue was impacted mainly by the International service, due to changes in the regulation of imported products; and Message, which showed decreases of R$531 million and R$157 million, respectively”, according to the report.

“However, the Parcels service performed positively, with an increase of R$157 million compared to 2023,” the document says. Correios also invested R$830 million throughout 2024 and R$1.6 billion since 2023. According to the company, total expenses grew by 7.91%, going from R$22.30 billion to R$24.06 billion in the period evaluated.