Emirates Post increased net profits by 20% to a record 190 million dirhams (EUR 35.7 million) in2007, according to preliminary financial results.
Mail and parcel volumes increased by 10% to 258.8 million items last year. No revenue figureswere disclosed.
Chairman Sultan Saeed Al Mansouri said the record profit was generated by diversification,new alliances and acquisitions. “Emirates Post Holding Group continued to show dynamism andinnovation in a highly competitive environment, serving as a model for other public sectorcompanies. The group has entered a new era and the years ahead will see it reaping the fruits of acarefully planned business strategy,” he commented.
For 2008, over 277 million dirhams have been allocated for construction projects. The Boardof Directors approved Emirates Post Holding Group plan to launch postal business centres across theUAE and GCC in the next phase, in partnership with leading business groups.
Also the Board has reviewed plans for the IPO. Discussions with financial advisors on thelong-planned IPO already started in January, however no timescale was mentioned.
Meanwhile, one of the largest Indonesian logistics companies, Pandu Siwi group, announcedplans for an IPO in early March 2008 following the finalization of the divestiture of a 40% staketo Emirates Post by the end of the month. The alliance with Emirates Post is aimed to strengthenPandu Siwi’s network on regional and global level.
