Gulf Hotels books highest yearly profit in 2012
Manama, February 28, 2013
Gulf Hotels Group yesterday announced record net profit of BD10.106 million ($26.81 million) for last year, the highest results achieved by the group since its inception 45 years ago.
The group achieved a total gross operating revenue of BD32 million including BD9.1 million for the fourth quarter, said a report in our sister publication, the Gulf Daily News.
That compared to the BD28.9 million reported in 2011 when the fourth quarter contributed BD8.5 million.
"The business environment has shown significant improvement during 2012, although the previous year's events continue to have a negative impact on the tourism sector," said chairman Farouk Almoayyed.
"The positive results achieved by the Gulf Hotels Group in 2012 is the product of the concentrated efforts exerted by the management and staff of the various divisions of the group and these results have not only matched and exceeded expectations, but also created a new record for the group's profitability."
He said the financial results indicate a considerable growth in business levels with major events, conventions and conferences that took place in 2012, such as the Formula One Grand Prix, contributing to these results. He further announced that the positive profit levels achieved in 2012 have produced an earning per share of 61 fils compared to 47 fils last year.
The board has recommended a cash dividend of 35 per cent or 35 fils per share on the paid-up capital for the approval of the shareholders. "The group has introduced several new products during 2012," said chief executive Aqeel Raees.
"Café Delices, the new patisserie and coffee shop, was opened on the ground floor of the Gulf Executive Residence. The Gulf Hotel also launched the brand new Hawar Meeting Rooms comprising five executive meeting rooms located on a private floor, bringing the hotel's meeting and events inventory to 27 venues.
"Construction of the new commercial laundry is underway, expected to be complete by mid-2013. The K Hotel continues to achieve excellent results under the management of Gulf Hotels Group. The Group's management team is presently working on implementing plans to complete the Amwaj Waves Hotel Apartments, which are expected to be launched in the second half of 2013 and will be operated by Gulf Hotels Group." – TradeArabia News Service