Emirates Post records net profit of Dhs 190m for 2007

Announcing the financial results, H.E. Sultan Saeed Al Mansouri, Minister for Public Sector Development and Chairman of Emirates Post Holding Group, said the net profit of Dhs 190,258,653 (USD 51.74 million approx.) reflected Emirates Post Holding Group’s continuing pursuit of business diversification and excellence in delivery of services.

Mr. Abdulla Al Daboos, President of Emirates Post Holding Group, said the establishment of the holding company under Federal Law No. 14, 2007 issued by HH Sheikh Khalifa bin Zayed approved, has set the foundation for evolving into a major business entity under the Ministry of Public Sector Development. Emirates Post, the postal corporation, has thus become one of the subsidiaries of the holding group.

He said the highest ever net profit of over Dhs190m was the result of a strategic plan that was driven by diversification, new alliances and acquisitions.

Mr. Al Daboos revealed that the postal network continued to expand during 2007, and a large number of new services were added to the Emirates Post portfolio. Overall, mail and parcel volumes rose by 10 pct. Overall mail volumes in 2007 stood at 258,808,231, against 233,767,518 in 2006, with a daily average of 715,545 pieces per day.

Commenting on expansion plans, Mr. Al Daboos said over Dhs. 277 million (USD 75.4 million) has been allocated for construction projects in 2008. Among the projects already nearing completion is a new purpose-built postal operations hub at Ramoul.

The Board also approved Emirates Post Holding Group plan to launch postal business centres across the UAE and GCC in the next phase, in partnership with leading business groups.

A new addressing systems being developed in association with other departments was also approved. The Board also reviewed plans for the IPO. It also approved new employee rules for holding group.

Announcing the financial results, H.E. Sultan Saeed Al Mansouri, Minister for Public Sector Development and Chairman of Emirates Post Holding Group, said the net profit of Dhs 190,258,653 (USD 51.74 million approx.) reflected Emirates Post Holding Group’s continuing pursuit of business diversification and excellence in delivery of services.

‘The year 2007 saw increased mail volumes and introduction of new postal and non-postal services at post offices. Emirates Post Holding Group continued to show dynamism and innovation in a highly competitive environment, serving as a model for other public sector companies. The group has entered a new era and the years ahead will see it reaping the fruits of a carefully planned business strategy,’

Mr. Abdulla Al Daboos, President of Emirates Post Holding Group, said the establishment of the holding company under Federal Law No. 14, 2007 issued by HH Sheikh Khalifa bin Zayed approved, has set the foundation for evolving into a major business entity under the Ministry of Public Sector Development. Emirates Post, the postal corporation, has thus become one of the subsidiaries of the holding group.

He said the highest ever net profit of over Dhs190m was the result of a strategic plan that was driven by diversification, new alliances and acquisitions.

Mr. Al Daboos revealed that the postal network continued to expand during 2007, and a large number of new services were added to the Emirates Post portfolio. Overall, mail and parcel volumes rose by 10 pct. Overall mail volumes in 2007 stood at 258,808,231, against 233,767,518 in 2006, with a daily average of 715,545 pieces per day.

Commenting on expansion plans, Mr. Al Daboos said over Dhs. 277 million has been allocated for construction projects in 2008. Among the projects already nearing completion is a new purpose-built postal operations hub at Ramoul.

Among the highlights of 2007 was the Memorandum of Understanding signed with Noor Islamic Bank to launch banking services for the low-income segment. Also, Emirates Post and its subsidiary Wall Street began disbursing workers salaries through post offices and mobile units.

The Board of Directors under the chairmanship of H.E. Sultan Saeed Al Mansouri, Minister Public Sector Development, approved the financial budget for 2008 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 2008. It also discussed the issue of Emiratisation, which has reached 100 pct in higher management and rose by 7 pct in other categories.

The Board also approved Emirates Post Holding Group plan to launch postal business centres across the UAE and GCC in the next phase, in partnership with leading business groups.

A new addressing systems being developed in association with other departments was also approved. The Board also reviewed plans for the IPO. It also approved new employee rules for holding group.