Bahrain Hotels posts record profit
THE Bahrain Hotels Company (BHC), which owns the Gulf Hotel, last year made a record net profit of BD3.9 million ($10.34 million), the highest since its inception, the company announced. It also hopes to expand across the GCC and into India.
The net profit increased by BD618,000, or 18.6 per cent, compared with 2004. Gross operating revenue of BD18.3 million also increased by 8.1pc compared with 2004. The results were announced recently at the company’s annual and extraordinary general meeting at the Gulf Hotel by BHC chairman Farouk Almoayyed.
Shareholders approved a 20 per cent dividend payout of BD2,053,244 and 10 per cent bonus shares – one for 10 shares. “It has been an outstanding year for BHC. Trading results have been among the best on record,” says Almoayyed. He attributed the positive performance of the company last year to the strong economy and overall business growth in the country as well as to the high price of oil.
The number of guests who visited the Gulf Hotel's restaurants, conferences and banquets facilities reached 587,600, says Almoayyed. “This is by far the highest within the five-star market and representing 29 per cent of the total market.”
The BD5 million Gulf Executive Residence Serviced Apartment block opened its doors on March 5 ahead of schedule, says Almoayyed. The project features 97 apartments comprising 162 rooms. The board has approved the internal and external rooms renovation for Tower Block extension, the complete renovation of two restaurants and of the public areas at an estimated cost of BD5.9 million, besides adding a new multi-storey car park.
BHC managing director Mohammed Buzizi added the record net profit achieved this year exceeded the figures achieved during the Gulf War time. “The Gulf International Convention and Exhibition Centre contributed substantially towards the profit, with 90 per cent occupancy registered during working days, except public holidays and weekends. The company is currently studying the possibility of managing, with possible equity participation, hotel projects in India, Abu Dhabi, Dubai, Doha and Yemen.”