THE Gulf Hotels Group (GHG) has announced a net profit of BD5.72 million ($15.2 million) for the first six months of 2012 as against BD3.6 million ($9.5 million) achieved in the first half of 2011, marking an increase of 58.87 per cent. Chairman Farouk Y Almoayyed said after the tumultuous 2011 for Bahrain which had a major impact on the hospitality industry and the economy in general, the situation had shown signs of improvement from the later part of 2011.
The results matched improved expectations in the first half of 2012. The return of the Formula 1 Grand Prix also helped achieve better results.
The group managed to achieve a gross operating revenue of BD16.469 million ($43.6 million) against BD13.73 million ($36.4 million) last time.
“Ground work for the construction of a commercial laundry has already commenced with the completion expected at the beginning of 2013,” said chief executive Aqeel Raees.
“Café Delices, a new patisserie and café outlet will open on the ground floor of the Gulf Executive Residence in the second half of 2012.”
He added that The K Hotel too have continued achieving excellent results under the management of GHG. In addition, the group’s management is working on implementing plans to complete work at the Amwaj Waves Hotel Apartments which will be managed by GHG and is expected to be ready and open in the fourth quarter of 2013.
“Almost all the group’s divisions showed a positive turnaround which indicates that it has succeeded in overcoming the challenging business climate,” he added.