Israel Postal Company

The Israel Postal Company has its roots in the postal system from the British Mandate period (1920-1948). In 1948, after the establishment of the State of Israel, the Ministry of Transportation was given responsibility for the provision of postal services in the country. In 1951, the Ministry of Postal Services was established, which later became the Ministry of Communications. Close to the British model, the services included delivery of letters, parcels, and telegrams, as well as telephone services. The Israeli Postal Bank opened in 1951. The Israel Postal Authority was created in 1986.

Postal services in Israel have historically operated at a loss. In 2002, the loss was NIS 150 million, and in 2003 it was NIS 200 million. In 2002, in the wake of these losses, political scandals and technological developments in communications, major reforms were implemented. A new government company, the Israel Postal Company Ltd., was founded and went into operation in March 2006. Since 2007, the financial situation has improved, and Israel Post is now making a small profit.

In June 2013, Israel Post signed an agreement to deploy the latest version of Escher's Group Riposte retail software, a peer-to-peer network technology.

In October 2014, Israel Post announced that it would be laying off 1,200 employees and dropping mail delivery to twice a week. Additionally, several branches were closed, while hours of those branches that remained were extended, to reduce waiting times. In March 2015, Israel Post added the ability to make appointments online or via an app, in another effort to reduce waiting times.

In February 2023, the general license under which Israel Post operates was updated. In the first half of 2023, the company's revenues, led by Chairman Mishael Vaknin and CEO David Laron, grew to NIS 849 million, an increase of 12% compared to the first half of 2022. At the same time, the cost of sales decreased by approximately 12% to NIS 725 million – partly as a result of branch closures and the reduction of approximately 1,000 employees from the company (out of approximately 5,000) as part of a recovery plan. As a result, the company reported a profit of NIS 29 million, compared to a loss of NIS 176 million in the corresponding period the previous year.

In May 2024, the tender for the privatisation of the company ended and it was acquired for NIS 468 million by a group that included the companies Milgam (51.7%), Phoenix Insurance Company (21.1%), Phoenix Pension and Provident (13.2%), and Layman Schlissel (15%). The Competition Authority approved the acquisition on the condition that Milgam would not use information about Rav Kav held by Israel Post, and would not open a printing press without the authority's approval. The deal was completed on 14 November 2024. After the privatisation was completed, Mishael Vaknin announced his resignation from the position of Chairman of the Board of Directors of Israel Post.