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Gulf Hotels posts $20m net for nine months.

Byline: Manama

Gulf Hotels Group (GHG) posted a net profit of BD7.529 million ($19.974 million) for the first nine months of this year, an increase BD1.023 million or 16 per cent over the BD6.506 million achieved in the same period last year.

The significant growth in net profit was achieved by the increase in the net profit by 35 per cent in the third quarter, chairman Farouk Almoayyed said.

This increased the earning per share to 55 fils for the first nine months of this year compared with 48 fils for the same period last year.

The financial results for the first nine months of this year matched expectations, Almoayyed said.

The group achieved a gross operating revenue of BD21.890 million in comparison to BD20.457 million in the same period last year, an increase of BD1.433 million, he said.

Almoayyed praised the GHG executive management and all the employees for their continuous efforts to improve the services of the group and develop the company's income streams.

GHC chief executive officer Aqeel Raees thanked the management of Gulf Hotel and Gulf Brands International and said the results were achieved in a very difficult trading environment, negatively affected by the lengthy global financial crisis.

The Gulf Hotel had opened the 90-seat Margarita Mexicana restaurant which was proving popular, he said.

He added that, one of Bahrain's leading conference venues, the Gulf Convention Centre along with the Exhibition Hall, were fully refurbished during the summer months of this, to maintain its position as the preferred venue of choice in the MICE market.

Additionally, the construction of the 12-storey car park and office block (Gulf Executive Offices) at the Gulf Hotel is progressing well, with completion expected during December this year, he said.

This will boost the hotel's car parking capacity with an additional 600 bays and create 7,000 sq/m of prime office space.

Raees also hailed the GHG's valued customers, saying that the success of any company is down to the continued support of its customer base.- TradeArabia News Service

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Publication:TradeArabia (Manama, Bahrain)
Article Type:Financial report
Date:Oct 20, 2009
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