The South African Post Office Post destroyed R9.2 billion in value in three years

[mylesillidge]

Post Office destroys R9.2 billion

The South African Post Office (SAPO) destroyed R9.2 billion in shareholder value in three years and is now facing bankruptcy.

Former SAPO CEO Mark Barnes said there had been a significant decline in the value of the entity over the last three years.

 

[sefeddt]

Another failed state enterprise.

 

[Grant]

Former SAPO CEO Mark Barnes said there had been a significant decline in the value of the entity over the last three years.

Self inflicted.

Incompetence & indifference - the hallmarks of SAPO.
You reap what you sow.

 

[Sideshow Bob]

Self inflicted.

Incompetence & indifference - the hallmarks of SAPO.
You reap what you sow.

Indeed. DHA is much worse though so SAPO still has some negative levels to catch up.

 

[G'Wobblez]

They owe me money

 

[RonSwanson]

Lekker Equity, AA and BEE!

 

[Blue]

shareholders - aka Tax payers

 

[Supervan II]

ANC: "Hold my beerKFC !"

 

[borro]

Pretty impressive!! Nice 1

 

[SubtleBeast]

Another failed state enterprise. ANC success story.

Ftfy

 

[OCP]

Another failed state enterprise.

Another National Crisis

 

[r00igev@@r]

I think they should nationalize KFC if they want to continue to eat.

 

[Fuzzbox]

Absolutely Nobody Cares.

Marc Barnes left it as functional.
Then the CLOWNS ran it into the ground.

 

[My_King]

It truly is amazing.

It is quite a show to watch from the sidelines.

I wonder what next can bestroyed.

 

[Glock26]

Years ago, I used to buy and sell on eBay several times a week. Hundreds or thousands of parcels going in and out. Once they started wobbling, I had to stop, and haven't shipped a single parcel in or out for many years.
That's all they had to do. Receive parcels, send them to a post office. Take others...ship them out in a decent timeframe. And NOT steal the contents.
ALL they had to do. And they would have been successful. But that simple task was too much for them. Combined with a greedy and useless customs, they led to their own downfall. It has nothing to do with email taking over or people not supporting them. ALL they had to do was provide an efficient in and out service...much the same as every other country out there.
But they were too useless to do even that. So everyone loses out. I wish them nothing good.

 

[RonSwanson]

Marc Barnes left it as functional.

I'm not so sure about that, it was bleeding money like an extra in a Charles Bronson movie before him, and under him too. Too far gone to be rescued, or to execute on Barnes' vision at the time.

 

[G'Wobblez]

Big part of the problem is where the parcel lands at customs. They are as useless as the roaches in parliament

 

[deweyzeph]

The Post Office will never be a profitable business because it simply doesn't sell any products that anyone wants. Economics 101.

 

[_kabal_]

I blame JvR

 

[Wut]

Big part of the problem is where the parcel lands at customs. They are as useless as the roaches in parliament

I received four parcels yesterday that were sent almost 9 months ago. They cleared customs five days after being sent and then vanished. I had already received refunds for them, so it was a surprise when a dude from the PO rocked up with a notification and invoices for customs duty that I had to pay when collecting them.