Hotels group bucks trend with impressive profit announcement
Gulf Hotels Group (GHG) has announced a net profit of BD7.529 million ($19.969m) for the first nine months of 2009, up 16 per cent on last year.
This figure includes a rise of 35 per cent in the third quarter and represents a substantial increase in shareholders’ dividends.
Announcing the figures chairman, Farouk Y Almoayyed said the financial results have matched expectations and the GHG, which includes Gulf Hotel, Gulf Convention Centre, Gulf Executive Residence and Gulf Brands International, achieved a gross operating revenue of BD21.890 million ($58.058m) in comparison with BD20.457 million ($54.258m) achieved in 2008, an increase of BD1.433 million ($3.8m).
Adding to Almoayyed’s comments, GHG CEO Aqeel Raees thanked the management of Gulf Hotel and Gulf Brands International and expressed his great pleasure with the results, which were achieved in a very difficult trading environment.
Speaking of new developments, Raees said the Gulf Hotel has recently opened the 84 seat Margarita Mexicana Restaurant, a fine dining venue which boasts both a chef and manager who are actually Mexican.
He also welcomed the refurbishment of the Gulf Convention Centre and Exhibition Hall, which took place over the summer, and said construction on the new 12-story car park and office block is going well.