- ParcelPal Technology (PKG) turned a profit in October 2020 for the first time in the courier company’s history
- The company has undergone various changes this year, including adjustments to the new environment brought about by the COVID-19 pandemic
- ParcelPal’s CEO attributed the profitable month to cost-cutting measures, bigger contracts, ventures into new industries, and a stronger balance sheet
- While the company cannot guarantee profits in every month, hopes are high that this success will carry into 2021
- ParcelPal Technology is up 26.67 per cent and is currently trading for C$0.095 per share
ParcelPal Technology (PKG) turned a profit in October 2020 for the first time in the courier company’s history.
The company has undergone various significant changes this year, such as the appointment of its CEO Rich Wheeless in April. Also, like countless other companies this year, ParcelPal has had to adapt and make adjustments to the new environment brought about by the COVID-19 pandemic.
The company’s share price slumped from a high of 16 cents on January 6 to a low of six cents on March 18, likely in response to COVID-19’s early impacts. However, after the promotion of its CEO, ParcelPal’s share price gradually began to recover, eventually returning to a pre-COVID price of 16 cents in early June.
In addition to changes implemented by Rich, the increased demand for home delivery services during virus-related lockdowns also played a role in the company’s success.
ParcelPal’s CEO, Rich Wheeless, described the achievement as a major milestone and turning point for the company, especially against the backdrop of a challenging global environment.
“This has also been a personal mission of mine since the day the board promoted me to CEO in April, and while no one can guarantee every month to be a profitable one, this remains a significant positive event for our company,” he said.
“A combination of cost-cutting measures (right-sizing the business), signing more profitable contracts, moving into new industries and markets and a renewed focus on what the company does best has led to this and has additionally strengthened our balance sheet,” he added.
Rich went on to say that he looks forward to finishing up the quarter and year strong, and to carrying this success into 2021.
ParcelPal Technology is up 26.67 per cent and trading for C$0.095 per share, as of 11:34am EST.