Emirates Post declares record net profit of Dhs. 133 million for 2005

Announcing the financial results at a press conference in Dubai, Mr. Abdullah Al Daboos, Director General of Emirates Post, said the corporation is aiming for a 6 per cent increase in net profit in 2006. A budget of more than Dhs. 109 million has been allocated for new projects.

Mr. Al Daboos said Emirates Post had not only succeeded in raising the bar on services, but also added a host of non-postal services and made moves towards further diversification, as part of a larger goal of turning Emirates Post into a holding company that will ultimately control various business units.

Emirates Post Corporation today announced record net profit of Dhs. 133 million for the year 2005, an increase of 6 per cent over the previous year.

Among the major highlights was the Dh. 48 million acquisition of 60% majority stake in Wall Street Exchange, a leading money transfer company with international operations. This marks a major diversification for Emirates Post, following amendments to Federal Law No. 8 by the UAE Government permitting Emirates Post to enter the field of financial services.

Another area of diversification was the launch of Emirates Marketing & Promotions (EMP), a new subsidiary dedicated to providing state of the art and integrated solutions in direct marketing and promotions. 'With a database of over 2.8 million individuals, backed by a strong network of P.O. Boxes, we are fully geared to providing focused direct marketing solutions. Our success with the Postcard Millionaire has given us a strong reputation in the field of promotions,' Mr. Al Daboos said.

'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. We believe that posts need to reinvent themselves, in order to survive in today's competitive marketplace. Emirates Post has, therefore, devised a business strategy that will see it entering new areas, such as logistics, cargo, financial services and others,'

Mr. Al Daboos noted.

The year 2005 also saw Emirates Post introducing several new services at post offices, including sale of eDirham, licence registration of the Department of Economic Development, applications for driving licences, DEWA bill payments at all post offices, banking services at 21 post offices in association with Union National Bank, traffic fines payment and attestation of educational certificates in association with the Ministry of Labour and IntegraScreen.

Emirates Post also succeeded in raising its international profile through a number of initiatives. The most significant development was the signing of an agreement with Universal Postal Union (UPU) for organising the UPU Strategy Conference in Dubai in November 2006. The UAE will be hosting around 1,000 delegates from 130 countries, including Ministers and directors-general of posts, during the three-day event.

Emirates Post shared the limelight at the 2005 Stevie Business Awards, by winning the award for the Best New Service (Training and Development Centre) and ending as a Finalist in the Best Turnaround Executive category (Abdulla Al Daboos).

'We also made history by entering the Guinness Book of World Records by establishing a new world record for the 'largest mosaic made from postal stamps.' The 4m x 6m portrait, made from 77,000 UAE postage stamps, featured a life-like image of the late President HH Sheikh Zayed bin Sultan Al Nayhan. The entire project was done in-house and required several months of hard work,' Mr. Al Daboos said.

The year 2005 witnessed record mail volumes. The Ramool Sorting Centre broke an all-time record by handling 1,850,911 pieces of mail on a single day, on January 24, 2005. Similarly, the Dubai Airport Mail Transit Hub handled record mail volumes during the year. The number of post offices across the country increased to 80.

The Board of Directors under the chairmanship of H.E. Sultan Saeed Al Mansoori, Minister of Communications, held two separate meetings to review the financial performance and chart future growth.

In the meeting held on November 30, 2005, the Board approved the financial budget for 2006 and discussed the projected revenues and profits for Emirates Post and its subsidiaries. It also approved projects for the redevelopment of post-office buildings across the country.

In the second meeting held on January 3, 2006, the Board set a new strategy for 2006 and gave the green signal for a number of important projects. It approved the new stamps to be issued during 2006. It also discussed the issue of Emiratisation, which has reached 100 per cent in higher management and 57 per cent in all other categories, and emphasized the need for enhancing the skills of UAE nationals.

For further information, please contact:
Anthony Francis (Public Relations Department). Tel: 2031420, Fax: 2031372.
Mobile: 4571624.

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