business-data | Edakulathur Michael Johnson

Empost's profit rises 59% Staff Report Dubai: Postal services company Emirates Post has announced a 31 per cent increase in first quarter revenue and a 59 per cent increase in profits. The UAE's official postal service company earned an income of Dh117.7 million from January to April this year and made a profit of Dh64.5 million. Sultan Saeed Al Mansouri, Chairman of Empost, attributed the company's improved performance to the successful launch of its value-added services through its subsidiaries. The company's diversification strategy saw the launch of subsidiary company Emirates Marketing and Promotions. It also completed a Dh48 million acquisition of a 60 per cent stake in the money transfer company Wall Street Exchange Centre. Empost Director-General Abdullah Al Daboos said, "The horizontal expansion of our services is reflected in the launch of improved parcel and remittance services to all parts of the world. Stronger partnerships with the private sector and dedications of our staff point to a robust financial performance during 2006." On Empost's diversification, he said it reflects the company's aim to use its vast postal network to launch a variety of non-postal services including logistics, cargo and financial services.