Sharp Daily
No Result
View All Result
Monday, June 23, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Struggling Posta Kenya receives KES 3 billion boost for revamp

Derrick Omwakwe by Derrick Omwakwe
June 13, 2024
in News
Reading Time: 1 min read

The struggling state-owned Postal Corporation of Kenya (PCK) has secured a Kes 3 billion cash infusion from Parliament to support its turnaround strategy amid ongoing financial difficulties.

According to the National Assembly’s Budget and Appropriations Committee (BAC), KES 1 billion of the allocation will be used to fund the implementation of a new corporate structure, while KES 2 billion will be dedicated to modernizing the corporation’s ICT infrastructure.

The BAC report for the 2024/25 budget details the allocation: “An additional KES 1 billion (recurrent) towards PCK for the implementation of the new corporate structure. An additional KES 2 billion (development) towards PCK for ICT infrastructure modernization.”

Posta aims to reduce its wage bill ratio from 82 percent of its revenue to 50 percent by the end of its new Corporate Strategic Plan, which spans from 2023 to 2027. As of December last year, the company employed 2,360 staff, exceeding the required 1,860 staff according to the approved structure, resulting in a surplus of 500 employees.

RELATEDPOSTS

Posta pays KES 435 million to settle wage delays

December 14, 2023
KBC

KBC And Posta Lined Up For Bailouts In Turnaround Plan

June 6, 2023

In addition to restructuring, Posta is focused on modernizing and optimizing its facilities in response to the rapidly digitizing world. This financial support comes at a critical time, as the company had accumulated losses totalling KES 6.28 billion by June 2022.

The corporation’s total liabilities have surged to KES 8.3 billion, while its asset base stands at just KES 1.6 billion, leading to a negative working capital of KES 6.7 billion as at December 2023.

Previous Post

Why laminated flooring is winning over developers and homeowners

Next Post

Police officer opens fire in court, injuring magistrate

Derrick Omwakwe

Derrick Omwakwe

Related Posts

Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025

LATEST STORIES

Parliament slashes tax on digital asset trades: What this means for investors

June 23, 2025

Understanding Joint Ventures: A strategic tool in modern business

June 23, 2025

How bushy can a bush safari get?

June 20, 2025

Understanding SPVs

June 20, 2025

Why small investments are a power move

June 20, 2025

Social consequences of the tax relief for gamblers

June 20, 2025

How E-Tendering can reshape public procurement in Kenya

June 20, 2025

Unlocking long-term wealth with the power of compounding

June 19, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024