MMI announces record results for 2003 at company meeting

Mr. Gary Chapman, MMI Chairman and Chief Director Support & Development at Emirates Group, and Mr. Kerem Camcigil, CEO of MMI, made the announcement to staff at the company's annual meeting, held at Le Meridien hotel Dubai, last week, at which the company also presented its long service and achievement awards.

Kerem Camcigil, MMI CEO, commented: "2003 was another momentous year for MMI and in terms of financial performance, it was the best year in MMI's long history. Sales turnover and profit before tax increased ahead of target and all MMI's business divisions - MMI Beverages, MMI Consumer, MMI Leisure/Retail, MMI Travel and the MMI managed companies in Oman - performed strongly, well ahead of the overall economy and relevant market segments in the region.

"MMI's strategy of emphasizing its activities towards direct consumers is proving successful, demonstrated by our Leisure/Retail division, which performed especially strongly in 2003, driven by new Costa Coffee outlets in Dubai airport and our new Seasons restaurant at Century Village. Sales turnover in this division increased by more than 100 per cent and the profit contribution rose by more than 1100 per cent, compared to 2002.

"As for the longer term, MMI remains committed to regional expansion. Our experience in Oman has proved to be very positive and has reaffirmed the soundness of the strategy. MMI will explore opportunities for further potential alliances and we are well-positioned to attract prospective partners, being based in Dubai and actively supported by the Emirates Group."

MMI, a subsidiary of the Emirates Group, is a marketing services company providing marketing and distribution support to the leisure, corporate and consumer retail markets of the UAE and Oman. The company represents and retails some of the world's best-known consumer brands and is also the franchise holder for Costa Coffee in the UAE, as well as managing its own-brand restaurant chain, 'Seasons'. MMI also creates, manages and supports some of the biggest entertainment and community events in the UAE.