Emirates Post's net profit crosses Dhs 100 Million

Emirates Post today announced a profit of Dhs 100 million for the year 2002, an increase of 11 per cent over the previous year, on revenues of Dhs. 243.7 million.

The results were announced at a press conference attended by Mr. Abdulla Ahmed Lootah, Undersecretary, Ministry of Communications and Mr. Abdulla Al Daboos, Director General of Emirates Post.

The corporation has projected a profit of Dhs. 110 million for the year 2003 and allocated Dhs. 78.4 million for developmental and expansion projects across the UAE.

In a message, His Excellency Ahmed Humaid Al Tayer, UAE Minister of Communications and Chairman of Emirates Post, said: "The Emirates Post administration achieved remarkable progress in all fields, leading to upgrading of standards of service. Through prudent investment and innovative marketing strategies, the corporation diversified the spectrum of activities, which had a healthy impact on revenues and profits."

Speaking on the occasion, Mr. Lootah said Emirates Post had spent more than Dhs 57 million in opening new facilities and redeveloping existing post offices across the country during 2002. Total revenues for the year stood at Dhs 243.70 million, an increase of Dhs. 13.7 million over 2001, signifying a 6 % rise. Of this, postal income comprised Dhs 211 million, a 5 per % increase. Non-postal revenue stood at 32.39 million.

Mr. Abdulla Al Daboos said Emirates Post had succeeded in consolidating its market position and expanded its customer base in spite of stiff competition posed by the presence of 24 courier companies and hundreds of cargo agencies.

"Today's business scenario demands that government corporations and private companies modernize and innovate continuously if they want to gain an edge over competition. Emirates Post successfully achieved the objectives of the mandate given in the Federal Law No. 8 in May 2001, while at the same time retaining its community-centric aims. It also successfully opened its doors to young UAE nationals for gainful employment. As a result, Emiratisation reached 49 % in the general category, and 100 % at the management levels," Mr. Daboos said.

Mr. Daboos said the impressive results of Emirates Post showed that the corporation had the right infrastructure and expertise to beat competition and function along the lines of successful independent corporations, like the Etisalat, with majority Government shareholding.

Among the highlights of the year were strategic partnerships with leading global players to launch innovative services, like the International Express, which allows customers to send express documents and parcels from the UAE to any part of the globe through the DHL network. Emirates Post also tied up with Western Union to offer a money transfer option to and from any part of the world within minutes.

"The major achievement of the year was the launch of Electronic Document Centre (EDC) LLC, a joint venture with Abba Electronics, to provide a new service for electronically printing and delivering statements from private companies and government departments. EDC has attracted an impressive list of clients, such as Citibank, Standard Chartered Bank, HSBC, Airmiles and Skyward," Mr. Daboos said.

The Airport Transit Hub, which was launched in 2002 with a capacity to handle 500 tonnes of mail every day, has been a great success. Emirates Post also signed agreements with major global postal corporations such as British Royal Mail, Deutsche Post and GATTS (Swiss Post) to distribute their mail to over 20 destinations in the Middle East and the Indian Subcontinent.

Emirates Post strengthened its focus on enhanced services such as private post boxes in commercial buildings, E-shaar, an electronic mail receipt alert service through EMS or email, accepting admission applications for the UAE University. In addition, the corporation continued to create innovative promotions, such as the "Win-a-Million Dirhams" postcard promotion, to boost revenues.

"Emirates Post has laid a solid foundation for higher growth in the years to come, and its ambitious plans are reflected in the results we have just announced. We assure you will continue to pursue our objectives of excellence in service, while exploring new avenues for expansion."

At the end of the function, Mr. Abdulla Lootah launched the new website of Emirates Post www.emiratespost.com, which, besides giving information on all aspects of the corporation, will provide facilities like renewal of post box subscription, track and trace, rate calculator and office locator.