Gulf Hotels H1 net surges 55.4pc
Manama, July 22, 2008
Gulf Hotels Group's (GHG) net profit rose 55.4 per cent in the first half of the year, up from BD3.503 million for the first half of last year to BD5.4 million.
The company, which owns and operates the Gulf Hotel, Gulf Convention Centre, Gulf Executive Residence and Gulf Brands International, saw gross operating revenue ahead by 23.09 per cent, from BD12.024 million to BD14.801 million.
Earnings per share increased to 40 fils compared with 26 fils during the same period last year.
Gulf Hotels Group chairman Farouk Almoayyed said the results had exceeded all expectations.
He attributed this large increase in profit to the significant growth in the income of the hotel as a direct result of the overall renovation work carried out in the chambers of the Tower Block and many other facilities of the Gulf Hotel at the end of last year as well as the significant growth in the economy of the region due to the high oil prices.
He also praised the executive management and all the employees for their continuous efforts to improve the services of the group and diversify sources of income due to development and marketing plans laid by the management.
Chief executive officer Aqeel Raees said the results were a direct result of the development and modernisation of the hotel facilities.
The construction of the multi-storey car park and offices has started and is expected to open in July next year, he said.
The group's decision to construct this building was in order to meet the growing demand for car park spaces for the hotel's patrons and to meet the high demand for office spaces brought in by the boom in the kingdom's economy.
"Renovation work in the men's health club is in progress and the renewal of all facilities and an increase of the total space of the club are part of the group's policy to provide the best and latest services to the customers of the hotel," he added.
"The renovation works completion is scheduled for the end of October 2008. The group will soon start with the construction of a Mexican restaurant, which will be a distinct addition to the Gulf Hotel's food and beverage facilities and is expected to open towards the end of the year."-TradeArabia News Service