Kingdom Hotel revenues surge 53pc.
DUBAI Dubai (dbī`), sheikhdom (1995 pop. 674,101), c.1,500 sq mi (3,890 sq km), part of the federation of seven United Arab Emirates, SE Arabia, on the Persian Gulf. : Dubai-based Kingdom Hotel Investments (KHI khi
Variant of chi1. ) made a strong start to the year from both existing hotels and acquisitions.
This was underpinned by continued diversification Diversification
A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance.
Diversification is possibly the greatest way to reduce the risk. into high growth markets, particularly Asia, the company said yesterday.
Revenue for the first half of the year increased by 53 per cent to $115.5 million from $75.4m for the same period last year.
Net profit was up by 8pc from $19.1m to $20.6m.
"KHI has delivered a strong financial performance in the first half as we continue to actively manage the group's portfolio in selective high growth markets," said chief executive officer Sarmad Sarmad,سرمد, whose name derives from Farsi, word for eternal(Sar+Amad)or everlasting, was a Persian mystic, poet and saint in India of Armenian origin during the 17th century. Zok.
"Our diverse product portfolio across assets and regions has enabled us to deliver strong revenue and profit growth despite the challenges affecting the worldwide economy.
"I am particularly pleased by the considerable progress and contribution from our real estate sales.
"KHI will continue to leverage its asset base in line with market opportunities to maximise Verb 1. maximise - make the most of; "He maximized his role"
exploit, tap - draw from; make good use of; "we must exploit the resources we are given wisely"
2. shareholder value," he added.
Copyright 2008 Gulf Daily News
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