ADNH H1 net rises 17pc to $88m
Abu Dhabi, July 30, 2009
Abu Dhabi National Hotels (ADNH), a leading hospitality group in the UAE, posted a net profit of Dh324.2 million (88.3 million) for the first half of the year, a 17.1 per cent increase over the corresponding period of 2008.
The company's consolidated revenues for H1 were Dh950.6 million.
'Despite the challenging environment, ADNH has continued to thrive in all of its business operations. The hotel division achieved excellent results with respect to revenues and occupancy rates for both ADNH's international brands and the Al Diar Group. Catering and General Purchasing Divisions in particular have enjoyed significant increases in business as compared to the corresponding period last year,' said Saif Mohammed Al Hajeri, ADNH’s chairman.
This week ADNH inaugurated Al Diar Barsha Hotel Apartments, an 87-suite hotel close to Mall of the Emirates, Dubai Media City, and the American University in Dubai (AUD). The soft launch of ADNH's five-star 438-room Sofitel Jumeirah Beach Hotel, part of the dynamic residential and entertainment hub known as JBR, is about to take place.
“The construction of ADNH's Grand Canal Abu Dhabi, a JW Marriot hotel, is progressing very well and is on target for completion mid - 2010. In addition, construction of the Park Hyatt Saadiyat Island has commenced, scheduled for opening by early 2011,' added ADNH’s chief, Richard Riley.
“With strong performance for the first six months and a positive outlook for the remainder of the year, ADNH is confident of achieving record results for 2009,' Riley concluded.-TradeArabia News Service