Restructuring Hellenic Post

Several steps have been taken to restructure Hellenic Post (ELTA), the oldest state-owned company, founded in 1828. The absolute priority of the Hyperfund, which manages the state’s assets, is to strengthen its competitive advantage, as progress toward the complete restructuring of the company in the last four years has been small.

ELTA may have managed to show profits of 7.3 million euros in 2021 and to reduce its staff by 1,976 employees through voluntary exit, which cost the state approximately €280 million, but its services were not upgraded.

Seeking to turn the page at ELTA, which has been a “black hole” of liquidity for many decades, the Hyperfund, which owns the company, is attempting to reorganize it. It is, as they say in the market, the last chance that Hellenic Post has to move, albeit after a long delay, into the new era.

The Hyperfund is launching the addition of more branches with extended hours, the formulation of a competitive pricing policy, a digital postal service (postmen will have digital devices to manage shipments, collect bills etc) and strengthen the network of smart post boxes. ELTA customers will be able to make appointments and a special application will be created for corporate customers.