Emirates Post records 59 per cent increase in profit

The diversified postal corporation earned an income of Dhs. 117.7 million in the first four months of the current calendar year, against Dhs. 89.6 million in the corresponding period last year. Profits during the same period stood at Dhs. 64.5 million, against Dhs. 40.5 million in 2005.

Mr. Sultan Saeed Al Mansouri, Minister of Public Sector Development and Chairman of Emirates Post, who reviewed the results at a recent board meeting, said:

"This dramatic increase in revenue and profits was the result of introducing newer value-added services through our subsidiary companies. This was powered by the deployment of technology to upgrade our services. The results show that Emirates Post is poised to contribute more strongly to the national economy."

Mr. Al Mansouri complimented Emirates Post on its diversification strategy that saw the launch of subsidiary companies such as Emirates Marketing & Promotions (EMP) and Wall Street Exchange Centre.

Mr. Abdulla Al Daboos, Director General of Emirates Post, said: "The horizontal expansion of our services is reflected in the launch of improved parcel and money remittance services to all parts of the world. Stronger partnerships with the private sector and dedication of our staff point to a robust financial performance during 2006."

Emirates Post is poised for a dramatic transformation, as part of a strategy of becoming a holding company controlling different business units. Late last year, it completed a Dh. 48 million acquisition of 60% majority stake in Wall Street Exchange, a leading money transfer company with international operations. It also launched EMP, a new subsidiary dedicated to providing state of the art and integrated solutions in direct marketing and promotions.

"These developments reflect Emirates Post's ambitious drive towards adopting a business model that uses the vast postal network to launch a variety of non-postal services. Emirates Post has, therefore, devised a business strategy that will see it entering new areas, such as logistics, cargo and financial services," Mr. Al Daboos noted.