Gulf Hotels gains jump 38pc to top $10m
Manama, April 22, 2014
Bahrain-based Gulf Hotels Group (GHG) has posted a 38 per cent increase in net profit at BD3.927 million ($10.41 million) for the first quarter this year when compared with BD2.851 million achieved in the same period last year.
The group achieved a total gross operating revenue of BD8.972 million compared to BD8.066 million earlier, an increase of BD905,564 or 11.23pc, reported the Gulf Daily News, our sister publication.
"The financial results indicate a considerable growth in business levels and continued emphasis on cost management had the effect of maximising revenue conversion in maintaining healthy profit levels," chairman Farouk Almoayyed said.
With all positive contributors, he added that Gulf Hotels Group has improved its profit levels as a record quarter in its history. Almoayyed also stated that the company has commenced the development of the 230-room, five star Gulf Hotel Business Bay in Dubai. This waterfront property, located 1.5km from Burj Khalifa and Dubai Mall, is now in design stage with construction expected to commence mid-2015.
The project is expected to be completed by mid-2017, he said.
Chief executive and board member Aqeel Raees said the construction of a new 3,100sqm spa at the Gulf Hotel Bahrain was also underway with completion scheduled for mid-2015.
Raees added that a new 100-seat Indian restaurant was under development within the Gulf Hotel and was due to open in the second half of the year.
Refurbish-ment of the South Wing building and the Gulf Executive Residence is scheduled to commence in the later part of the year.
In addition, the soft refurbishment of the tower block rooms will also commence in the second half.
The development of the Gulf Residence Amwaj in conjunction with Lona Real Estate was nearing completion and the 173-unit, four star apartment-hotel will open early next year, he said.
GHG is also currently developing a 78-unit serviced apartment facility in Juffair, with construction expected to commence in the second half with the project expected to take 18 months to completion. – TradeArabia News Service