IFA Hotels & Resorts (IFA HR) has recorded year end profits of KD30.85 million ($108 million), which is 77.75 fils per share (27 cents per share), on revenues totalling KD52.8 million ($184.67 million).

Shareholders’ equity increased to KD101.4 million ($354.6 million), an increase of 50 per cent compared to the same period last year.

The company’s total assets also increased to KD338.26 million compared to KD277.88 million for 2008. The board of directors has announced dividends of 10 per cent  bonus shares for this period.

“2009 was no doubt a challenging year for many companies around the world.  We are very happy with our profits during these times,” stated Ibrahim S Al-Therban, chairman of IFA HR.

“Our diversification and commitment to developing superior and differentiated international projects is the key to our continued success. We have focused on maintaining lucrative businesses in our existing markets and delivering quality products to our customers,” added Talal Jassim Al-Bahar, vice chairman and chiefof IFA HR.

In the Middle East, Yotel, a hotel company in which IFA HR is the majority shareholder, has announced the introduction of two Yotels in Abu Dhabi, in collaboration with Abu Dhabi National Hotels.

The company opened its first restaurant and leisure facilities in Dubai with Gusto restaurant and the Al Shalal Beach Club located in The Palm Residence on Palm Jumeirah.

Continuing in Africa and the Indian Ocean region, IFA HR launched two significant projects in South Africa – the Zimbali Lakes Resort and the Zimbali Office Estate. The $685 million Zimbali Lakes Resort development comprises 2.73 million sqm and is designed to feature over 1,000 residences with shopping and retail areas, restaurants, entertainment facilities, offices and hotels.

As for Asia, the IFA Yacht Ownership Club expanded its operations by adding a home port in Phuket.  Raimon Land, the Thai luxury condominium and real estate Development Company in which IFA HR is a shareholder, continued developing its properties in Bangkok, Phuket and Pattaya and recently handed over The Heights Phuket residences to its customers.

“The year ahead is critical as we will open and hand over many residences and resorts in Dubai, Lebanon, Thailand and South Africa,” Al-Bahar concluded.-TradeArabia News Service