Bahrain hotel group optimistic on growth
Manama, March 31, 2014
Bahrain-based National Hotels Company has an optimistic outlook for the hotel sector and the economy in general, said its top official.
The company's chief executive Abdulrahman Morshed told the Gulf Daily News, our sister publication, on the sidelines of the Annual General Meeting (AGM) that he expected occupancy levels at the Diplomat Radisson Blu Hotel Residence and Spa to be more than 50 per cent during the year, based on the trends of the first quarter.
"The completion of the refurbishment of the Grand Ballroom in August will further assist in improving results," he said.
Last year the company saw occupancy rise to 46 per cent from 41 per cent in 2012. Total company revenue increased by 15 per cent compared to the previous year.
Net profit for the year increased by 25 per cent and earnings per share rose to 26fils from 21fils in 2012.
During the meeting, the members of the board pointed out that last year's report has proven, without a shadow of a doubt, the gradual recovery of the Bahrain market in general and the tourism and hotel sectors in particular.
The increase in hotel revenues through higher room occupancy and other revenues resulting in an improved net profit of the company compared to last year is a clear proof of this fact, they said.
Chairman Faisal Al Zayani said that on the office building front, the signing of a lease agreement with the Social Insurance Organisation gave a significant boost to the building occupancy, raising it to 35 per cent.
The company was negotiating similar agreements with other government agencies, the chief executive said.-TradeArabia News Service