Gulf Hotels net profit surges to $21m
Manama, October 29, 2013
Bahrain-based Gulf Hotels Group (GHG) has reported 5.6 per cent growth in net profit at BD8.076 million ($21 million) for the first nine months of the year, compared with BD7.6 million in the same period last year.
For the third quarter, the company achieved 13.39 per cent growth in net profit at BD2.176 million, compared with BD1.919 million achieved in the same period last year, reported the Gulf Daily News, our sister publication.
Chairman Farouk Almoayyed said the financial results matched expectations.
Almoayyed added that in pursuit of regional expansion, the group has purchased a plot of land in the Business Bay area in Dubai directly on the creek where it proposes to develop a deluxe five-star hotel.
The group achieved gross operating revenue of BD23.089 million, down a tad from the BD23.405 million achieved last year as the business climate remained extremely challenging.
"However, almost all the group's divisions showed positive turnaround which indicates the group's success in overcoming the challenges," chief executive Aqeel Raees said.
Upgrading of the hotel's high voltage intake is near completion which will provide the additional power required for future expansion including the new 2,500 sqm top-of-the-range spa, he added.
The planning and design phase for the spa is close to completion and construction is expected to commence later this year with completion expected by early 2015.
Additionally, the new commercial laundry is expected to be operational very soon, and will make it possible for the hotel's laundry facility to take in larger volumes of business and provide a higher level of service to its customers.
The K Hotel continues achieving excellent results under the management of the Gulf Hotels Group, he said.
In addition the group's management is working on implementing plans to complete the works in the Gulf Residence Amwaj which will be managed by the Gulf Hotels Group and is expected to be ready to open next year. – TradeArabia News Service