Dear Colleagues,

I hope everyone of you had a great summer holidays and you are ready for another challenging year. We’ll need your strength and fighting spirit.
Despite of lots of efforts over the first six months of the year, our 1st & 2nd quarters’ results were below our budget and obviously below the last year’s figures, – with the exception of our corporate transportation services. The economic world problems had a stronger effect than anticipated, and even though our Corporate, Leisure Tourism, Incentive, Airline and Conference departments managed to secure many additional accounts, this didn’t compensate the business decrease of our original clients’ base.
The bright side of the story is that we did better than many of the major players in the market and our percentage of decrease was less. Yet, many of our competitors managed to significantly decrease their overhead by reducing their labor cost through lay off of staff, which is a solution Emeco decided not to practice. And we are fully aware that our main asset is our staff. They are needed, when the business is back to normal. Therefore we are further investing in training, despite the limited resources the company has over this difficult period. In June 2009, the world economy experienced slightly ascending figures for the first time after 15 months. Hopefully, this will reflect positively in our last quarter of the year.
We should be aware that our competition is stronger than ever and we must be even better equipped and prepared to continue our success in the domains where we have always been the leader. Acquiring more knowledge, acting rather than reacting, being more service oriented and speaking the client’s language, – being presentable and quick in responding to clients’ needs are the tools of success in the current market environment. Emeco will continue to invest in trainings and further enhance our quality control activities that proved to be a very useful tool over the last 1 ½ years.

At present we are in our last stage of nominating our “Colleague of the Year”.
I congratulate all department winners, who are named in this Newsletter, and wish them the best of luck for the final stage, the election of the overall winner of the Emeco Group.

I hope that in our next edition of the Emeco News, I will be able to reconfirm my current assessment of the last quarter of the year and that each and everyone of you continues to excel in his/her performance, improving his/her knowledge and services to better represent our company and finally to impress the client.
Until then, I wish you a fantastic end of summer, the best of luck for the remaining part of the year and for our Moslem colleagues, a happy and blessed Ramadan.

Keep well,

Karim ElMinabawy