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Almoayyed and Jones

Gulf Hotels Group Q4 net profit up 46.7pc

MANAMA, February 20, 2020

Gulf Hotels Group achieved a net profit of BD1.734 million ($4.5 million) during the fourth quarter of 2019, an increase of 46.7 per cent compared to the BD1.182 million ($3.1 million) recorded during Q4 2018.

The earnings per share achieved during the fourth quarter of 2019 are 7 fils compared to 6 fils in the fourth quarter of 2018.

Total comprehensive income for the fourth quarter of 2019 was BD1.764 million ($4.6 million) compared to BD 1.397 million ($3.6 million) in the fourth quarter of 2018, an increase of 26 per cent.
 
The increase in the net profit for Q4 2019 in comparison to Q4 2018 mainly relates to an increase in income but is also due to preopening expenses at the Gulf Convention Centre earlier booked in 2018.
 
With regards to the year-to-date financial results, the company achieved a net profit of BD 5.950 million ($15.6 million) compared to BD6.922 million ($18.4 million) in 2018, a decrease of 14 per cent and earnings per share were 26 fils compared to 31 fils in 2018. Total comprehensive income for 2019 was BD8.070 million ($21.2 million), compared to BD7.432 million ($19.5 million) in 2018, an increase of 8.6 per cent.
 
The total equity for the year 2019 was BD114.979 million ($303.1 million) compared to BD 113.685 million ($299.7 million) last year, an increase of 1.1 per cent.
 
The total assets for the year-to-date reached BD136.727 million ($360.4 million) compared to BD141.645 million ($373.3 million) in 2018, a decrease of 3.5 per cent.

The gross profit from hotel operations achieved in Q4 2019 was BD8.071 million ($21.2 million), compared to BD6.285 million ($16.5 million) in the fourth quarter of 2018, an increase of 28.4 per cent.

The gross profit from hotel operations achieved in 2019 was BD17.191 million ($45.3 million), compared to BD15.048 million ($39.6 million)in 2018, an increase of 14.24 per cent.
 
In regards to revenue, the company achieved BD10.455 million ($27.5 million) during the fourth quarter, compared to BD 10.286 million ($27.1 million) in the fourth quarter of 2018, with an increase of 1.6 per cent.

With regards to year-to-date revenue, the company achieved revenue of BD38.570 million ($101.6 million) in 2019, compared to BD35.111 million ($92.5 million) in 2018, an increase of 9.9 per cent.

The year-to-date decrease in the net profit resulted from a full year of operation of Gulf Court Hotel Business Bay Dubai in 2019 compared to only five months in 2018.

There was a decrease in profits from associates and share investments down to BD160,000 ($421,815).

On the other hand, the Group total revenue had increased by BD4.459 million ($11.7 million) compared to 2018.
 
Chairman Farouk Almoayyed announced that the board of directors have recommend 25 per cent cash dividend to the shareholder annual general meeting. Almoayyed commented that the newly added business with initial years’ load, had affected the Group bottom line; nevertheless, those businesses will mature and make a positive contribution in the future. He shed the light on numerous challenges impacting the hospitality industry in Bahrain and the region, which continues to face declining room rates from an oversupply of rooms.
 
Garfield Jones, Gulf Hotels CEO, said: “The Gulf Hotel is currently preparing the opening of the refurbished Fusion Restaurant with an expanded terrace facility, and will open under the guidance of the talented Bahraini Chef Tala Bashmi."

"A JV (joint venture) has also been signed with Gulf Air Group to develop and manage the Bahrain Airport Hotel, Which has 84 rooms and is scheduled to open this year," he added. - TradeArabia News Service




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