Executive chairman of Mailpac Group Khary Robinson said his company has seen a significant expansion of its business as a result of the unique demand created by the pandemic.
“A year since our IPO, our business has significantly surpassed expectations, and our stock has provided over 175 per cent in capital appreciation for our shareholders as a result”— Khary Robinson, executive chairman, Mailpac Group
For 2020, the comapny generated revenue of JM$1.7 billion and net income for the year came in at JM$443.1 million.
While the company does not have an annual comparative, since it was formed in September 2019, revenues for Q4 2020 rose to JM$518.9 million or 43.2 per cent higher than JM$362.3 million achieved in the same quarter of the previous year.
“Though it is difficult to differentiate the growth that came from the effect of the pandemic versus the organic growth we experienced, the team at Mailpac has worked feverishly to continue to differentiate ourselves in the ever-growing and highly competitive e-commerce market,” Robinsons stated.
Over the last 15 months, the company has pursued new initiatives including the expansion of its warehouse and processing facilities to increase throughput, as well as enhanced processing technology to reduce the number of touchpoints for online users and expanded its customer service team and technology to increase responsiveness.
Mailpac also expanded the number of pickup locations across the island to deepen market reach while introducing online payments that made delivery faster.
In addition, the company introduced pickup lockers, to enable alternative self-service collection, and the Mailpac Mastercard to create wider access.
In the US, Mailpac secured a unique ‘free zone’ licence to enable tax-free shopping for customers. It also upgraded its customer app for better tracking, pre-alerting and interfacing.
During the year as well, Mailpac implemented an exclusive API integration with Amazon and eBay to enhance customer experience.
It also implemented a ‘Free Returns’ solution. Mailpac also introduced same-day grocery delivery with Mailpac Local.
“A year since our IPO, our business has significantly surpassed expectations, and our stock has provided over 175 per cent in capital appreciation for our shareholders as a result,” Robinson commented.
The company has also paid JM$225 million of dividends during the period.
He pointed out that during the year Jamaican consumers enjoyed deliveries from international sites such as Amazon and eBay, and from local retailers such as PriceSmart and Hi-Lo through the Mailpac Local platform.
Coming out of the pandemic, he said, the company has significantly increased its scale and capacity and “is poised to efficiently expand in volume, scale, and geography.”