Solomon Islands Postal Corporation

Accountable Ministers

Minister for Finance and Treasury and Minister for Communication and Aviation

Responsible Minister
Minister for Communication and Aviation

Board of Directors

Director Position Expiry
Joseph Huta  Member 01/11/2025
William Parairato Member 01/11/2022
James Apaniai Chairman 27/03/2025
Denton Rarawa Member 6/07/2024
Gideon Zoleveke Member Decease


Activities
Solomon Islands Postal Corporation (SIPC) is a state-owned enterprise established by an Act of Parliament in 1996 to provide postal services within Solomon Islands and to other countries.

As a state-owned enterprise, it is also subject to the State-owned Enterprises Act 2007 and State-owned Enterprises Regulations 2010.

SIPC is governed by a board of directors that is responsible to the Accountable Ministers, being the Responsible Minister and the Minister of Finance. The Responsible Minister is the Minister for Communication and Aviation, currently Minister.

Vision and Mission
SIPC’s vision is to “be a trusted leading provider of world-class postal services and other related innovative services and to be recognized as the best model of SOE in the South Pacific”. Its mission is to “provide high quality and modern postal services within Solomon Islands and other countries, carry on any business or activity relating to postal services to bridge customers, provide telecommunications, value added services including electronic mail, electronic data interchange, internet services, electronic funds transfer services, financial services, e-commerce services and any other appropriate or related services for customers’ better life”.

Community Service Obligations

SIPC received SBD1.9 million in 2015, 2016 and SBD2 million in 2018 and 2019 on CSO payments, while in 2017 there were no CSO payments to SIPC. These CSOs are for the provision of postal services to 8 provincial post offices (Auki, Buala, Gizo, Kirakira, Lata, Munda, Tulagi and Taro). The CSOs were subject to a contract with the Ministry of Finance.

Financial Highlights

(SBD ‘000)   2015 2016 2017 2018 2019 5-yr Average
Revenue 10,753 13,345 17,922 88,325 26,938  31,836
Net Profit After Tax -1,487 962 3,669 61,469 4,336 14,170
CSO payments 1,900 1,930 – 2,000 2,000  1,186
Total Assets 29,249 29,333 36,430 105,707 107,732  61,690
Total Liabilities 78,136 77,258 80,606 88,376 127,995  90,474
Shareholders Funds -51,963 -51,963 -44,175 17,331 -20,263 –28,784
ROE % – – – 355% – 89
ROA % -19.2% -10.2% 10% 58% 4% 15%
Asset Utilization 37% 45% 49% 84% 25% 49%
Cash / Current liabilities 0.012 0.015 0.061 0.6359 0.5580 0.2565

sipc 2 (2)

Looking at the revenue trend for Solomon Island Postal Corporation for the beginning of the 5-year period is very low compared to the last 2 years 2018 and 2019. However, the average revenue collected for SIPC during this 5-year period is total of $31.84 Million SBD. Highest revenue collected was in 2018 as reflected on the above chart. Based on profits, SIPC profits is quite lower compared to other bigger SOEs. High profit was record in 2018 which attribute to the result from high revenue in 2018. Similar to ROE and ROA, in 2018 both ROE and ROA percentage is very high which related to high profit and revenue because they are more efficient in maximizing their profit by fully utilizing their equity capital and assets.

 

Important Documents

Statements of Corporative Objectives

Website