Emirates Post Group announced a 30% increase in net profits for last year. According to preliminary results, in 2008 the group’s net profit rose to Dh247m.
The company has said it will increase the number of post offices to 113 by the end of the year, and upgrade existing facilities to cope with increased demand.
“The increased revenues are indications that the postal business is buoyant, as witnessed in the rising volumes of postal items. This gives us confidence that the coming years will see us achieving all the goals we have set,” said Abdullah Al Daboos, president of Emirates Post Holding Group.
The postal service provided by Emirates Post, a key subsidiary of the group, recorded an increase of 17% in volume of items such as letters and parcels, a total of more than 305m.
The group also holds a 60% stake in the Wall Street Exchange Centre, a currency exchange and money order service provider, which opened 10 new branches last year, and contributes to the group’s revenues through foreign exchange and remittances for foreign workers.