Emirates Post declares record net profit of Dhs. 161 million for 2006

Announcing the financial results, H.E. Sultan Saeed Al Mansouri, Minister for Public Sector Development and Chairman of Emirates Post, said the net profit of Dhs. 161,346,897 reflected Emirates Post's continuing pursuit of business diversification and excellence in delivery of services.

'The year 2006 saw increased mail volumes and introduction of new non-postal services at post offices. Emirates Post continued to show dynamism and innovation in a highly competitive environment, serving as a model for other public sector companies. Emirates Post is entering a new era and the years ahead will see it reaping the fruits of a carefully planned business strategy,'

H.E. Al Mansouri added.

Mr. Abdulla Al Daboos, Director General of Emirates Post, said the highest ever net profit of over Dhs. 161 million was the result of a strategic plan that was driven by diversification, new alliances and acquisitions.

Mr. Al Daboos revealed that the postal network expanded by 4 per cent to 83 branches. Overall mail rose by 16 per cent, and the parcel segment increased by 15 per cent. The number of total services went up to 52, an increase of 18 per cent. There was a huge increase in the number of Government services provided at post offices. For example, the Ministry of Labour transactions rose by 108 per cent. Remittances rose by 95 per cent.

Commenting on expansion plans, Mr. Al Daboos said over Dhs. 270 million was allocated for new projects in 2007. The projects already nearing completion are a new purpose-built postal operations hub at Ramoul, a new post office building at Naif Road and the Al Mussafa Post Office in Abu Dhabi.

The projects being executed during 2007 include Al Satwa Post Office Building, Jebel Ali Post Office and a commercial building housing the Ajman Central Post Office.

Mr. Al Daboos also revealed that the plan for establishing the Emirates Post holding company was at an advanced stage. The holding company will oversee the management and operations of different business units and provide direction for converting them into profit centres.

Highlighting the achievements of the past year, Mr. Al Daboos said Emirates Post considerably enhanced its global profile through various events and activities.

'The UPU Strategy Conference brought together over 700 delegates from 140 countries to discuss major issues affecting the postal sector and laid the groundwork for the postal strategy that would be unveiled at the Nairobi UPU Congress in 2008.'

'The 19th Asian International Stamp Exhibition and the 12th GCC Stamp Exhibition highlighted Emirates Post's commitment to encourage philately in the region. The event featured over 600 stands, with participation of stamp collectors from over 30 Asian, Pacific and South African countries,' he added.

He said Emirates Post signed several new agreements with regional and international players to upgrade services and added new services. Direct marketing and financial services continued to growth dramatically during the year.

The Board of Directors under the chairmanship of H.E. Sultan Saeed Al Mansouri, Minister Public Sector Development, approved the financial budget for 2007 and discussed the projected revenues and profits for Emirates Post and its subsidiaries. The board gave the green signal for a number of key projects. It approved the new stamps to be issued during 2007. It also discussed the issue of Emiratisation, which has reached 100 per cent in higher management and rose by 10 per cent in all other categories.