JOHANNESBURG - For the first time in six years, the South African Post Office (SAPO) has received an unqualified audit opinion.
Yet the Auditor-General warns the future remains uncertain.
The Auditor-General found the Post Office’s financial statements fairly reflect its position.
This is an improvement from last year, when no audit opinion was issued.
However, the audit flagged material uncertainty over the Post Office’s ability to keep operating.
It cites falling mail volumes, weak revenue, ageing infrastructure, and ongoing reliance on government support.
The Post Office is still waiting for the rest of a government funding package promised in its business rescue plan.
Losses have narrowed and the balance sheet has improved, but the organisation says recovery is far from complete, and major hurdles remain.