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Kingdom Hotel revenues surge 53pc.

DUBAI: Dubai-based Kingdom Hotel Investments (KHI) made a strong start to the year from both existing hotels and acquisitions.

This was underpinned by continued diversification 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 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 shareholder value," he added.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Aug 30, 2008
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