IFA Hotels profits soar 130pc
Dubai, November 3, 2008
IFA Hotels & Resorts (IFA HR) has reported a profit of KD15.01 million ($ 56.41 million) for the first quarter of its financial year, an increase of 130 per cent compared to the same period last year.
Earnings per share increased by 134 per cent, from 16.09 fils (6 cents) last year to 38 fils (14 cents) this quarter.
Shareholders’ equity also increased to KD90.53 million ($340.21 million) compared to KD56.07 million ($201.45 million) during quarter one 2007. The company’s total assets increased by 27 per cent to total KD301.84 million ($1.134 billion).
Talal Jassim Al-Bahar, vice chairman and CEO of IFA HR, stated: “We are very happy with our first quarter results. We can confidently say that our profits and revenues have grown healthily despite the recent unsteadiness in the global market. Following a positive start to the year, we anticipate a continued growth moving into the second quarter.”
Werner Burger, president and COO of IFA HR, said: “We believe that our positive growth resulted from strength in our core business. The majority of our existing developments have already been sold with fixed building contracts in place. We have a very strong customer base which has been re-purchasing and investing in properties across our international portfolio.”
The company currently has three major projects in Dubai that are scheduled for hand over during 2009: The Palm Golden Mile, the Laguna Tower and the Fairmont Palm Residence. “We are concentrating heavily on our delivery dates and on schedule to deliver these projects. We look forward to welcoming more of our customers into their properties next year,” added Burger.
In September, IFA HR opened a YOTEL at Amsterdam’s Schiphol airport, the company’s first project in The Netherlands. The 57 cabin YOTEL is located inside Schiphol’s terminal and is the third YOTEL property to be opened.
IFA HR’s current assets under management are valued at approximately KD3 billion ($10 billion). The company has a staff of 522 global employees, with 40 projects completed or being developed, spanning 14 countries on four continents.
At present, the Middle East makes up the majority of the company’s assets and investments with 56 per cent, followed by Africa and the Indian Ocean with 19 per cent, Asia with 18 per cent and finally Europe and the Americas with 7 per cent. – TradeArabia News Service