Slowed by a change in new consumer patterns, courier and delivery service provider Mailpac Limited is hoping for another year of growth as the company seeks to steady earnings by the end of its second quarter this financial year.

The company, which experienced exponential growth in revenues at the height of the novel coronavirus pandemic, since the resumption of global travel and the relaxation of most safety measures, has witnessed a decline in sales as the previous spike in online shopping activities subsides and is replaced by consumers wanting to re-engage in face-to-face activities.

“People are excited to actively visit malls and stores again and not to be stuck at home shopping online. Accordingly, we anticipate that by mid-2022, travel and life trends will return to some level of normality, and we would revert to a steady and measured annual growth of online shopping and our business,” said Khary Robinson, executive chairman of the company, in responding to questions from the Business Observer on Monday.

Following the declines seen in revenues across the last two quarters of its 2021 financial year, the company is hoping for better growth this year. Its recently released audited numbers for the 12-month period ended December 31 shows net profits of $397 million down from $443 million earned in the previous year and following slightly improved revenues of $1.8 billion.

Robinson ,in anticipating better results this year, indicated some upcoming plans which he believes will help to strengthen growth for the company.

“Innovation is ingrained in the DNA of the Mailpac Group, we have several strategic initiatives tailored to increase the penetration of online shopping in the region. With that said, 2022 is expected to be an interesting year for us with new services, products and even acquisitions. We are well-positioned to execute on all three levers and are focused on delivering further growth for the group through these initiatives,” he stated.

The company, which during the pandemic bolstered its presence in the e-commerce market and forged delivery service partnerships with global retailer Pricesmart Inc, said that through these segments it will also seek to recoup lost earnings. To this end the company is hopeful that the opening of Pricesmart’s second store in Portmore this month will contribute positively to its business.

“We expect the delivery business to return to its equilibrium point about mid-year and grow organically from there,” Robinson said.

The junior market company, which has been punching above its weight since listing in 2019, has in several quarters surpassed expectations as it builds a strong market position. Over the last year the company has invested heavily in establishing its online grocery store, an e-pay mastercard as well as rolling out a number of new lockers and stores.

“We expect to launch a number of new products and new services this year and we are pursuing a few acquisitions as well. All are positioned to ‘move the needle’ for the top and bottom line of Mailpac Group,” Robinson said.