ADNH net jumps 100pc to $71m
Abu Dhabi National Hotels (ADNH) has reported a 100 per cent increase in first-half profit to Dh262 million ($71.33 million) from Dh131.5 million during the same period last year.
ADNH chairman Khalifa Nasser Bin Huwaileel Al Mansoori attributed the sharp increase in earnings to the group’s improved performance across the main sectors of the hospitality industry.
The sectors like hotels, catering and transportation posted a growth of 38 per cent, 10 per cent and 72 per cent respectively over the first half of last year. The financial report also shows that general expenses and consumptions have recorded a 27 per cent decrease, helping the company achieve the record net profits.
“Room occupancy during this summer has increased significantly, and we expect this to reflect positively in our third quarter financial results. Catering is also experiencing a remarkable growth within and outside UAE,” said Al Mansoori.
He added that the current financial results, together with the new hotel and resort projects undertaken by ADNH, such as JW Marriott Resort & Spa in Abu Dhabi, a five-star hotel and resort in Al Saadiyat Island and a business hotel in the Capital Center project in Abu Dhabi, all underline the company’s progression into a new era of profit and asset growth.
“The construction work of Sofitel Jumeirah Hotel is about to be completed and will be handed over by the end of this year. ADNH has also signed a management contract for Al Diar Barsha Hotel in Dubai. Both these projects emphasise our strategy and commitment in promoting tourism across the country and our active contribution to the UAE economy,” said Al Mansoori.