16,8 million
In the annual report, it is stated that e-Boks' profit before tax is 16.8 million DKK and the revenue is 186.8 million DKK
Our position in Denmark is solid, bolstered by significant collaborations across the banking, pension, and insurance industries. We've renewed several of our existing contracts such as our partnership with BOKIS, which encompasses a broad spectrum of Denmark's banks and financial institutions.
Throughout the year, we've made substantial advancements, particularly with our multi-year initiative that focused on transitioning e-Boks' entire technical infrastructure from a mainframe-based system to a modern private cloud setup. We have successfully migrated to the new platform, resulting in a more favorable cost structure and enhanced development speed.
As stated in our annual report, e-Boks reported a revenue of DKK 186.8 million and a profit before tax of DKK 16.8 million. This outcome reflects a year in which our operations progressed according to plan, with revenue performance aligning with projections.
Strong Home Market Despite Competition
Our Danish home market continues to show strong performance. Several clients have expanded their collaboration with e-Boks including numerous pension providers like PFA, AP Pension, Norli Liv & Pension, AkademikerPension, as well as Mastercard which has broadened its engagement with us.
The success in Denmark is largely due to e-Boks ability to provide a sustainable platform enriched, with new functionalities, that meets the needs of our customers and users. Our ongoing dialogue with customers and the feedback we receive from our users is highly appreciated. Despite increased competition in digital postal services, we are pleased to see that the number of unique users and logins to e-Boks has continued to increase throughout 2023.
2023 also brought new innovations, including the possibility of communicating in e-Boks without having Social Security Number (SSN) on the recipients. Previously the SSN was needed to be able to identify and reach the right recipient in e-Boks. This new opportunity has opened a range of new customer segments, from the utility sector to parking companies and debt collections, who now send through e-Boks. We expect continued growth from both existing customers and new sectors over the coming years.
Promising International Pipeline for 2024
Activities on the international markets have been characterized by great interest. In 2023, we successfully extended our contract for providing public digital post in Ireland, and we are currently exploring a robust pipeline filled with numerous concrete prospects which positions us with a positive outlook for 2024 and beyond. Many countries are set to digitalize much more than today, and here our platform is a relevant and well-tested solution on how to digitalize a society in a healthy and democratic manner. We have yet to finalize the deals, but we expect to land more international customers in 2024. Our strategy remains to be directly present in the nearby markets, while countries that are further away are handled through partnership collaborations. In 2023, we established a new partnership with Cumulu9, a company with a significant presence in markets like New Zealand, Australia, and various other nations within the APAC region. This collaboration extends our reach and opens new pathways for future growth.
