MÖVENPICK Hotels & Resorts completed the financial year 2008 with very good results, despite the economic challenges in the last quarter. For the sixth year in a row, both turnover and operating profit rose significantly, according to a statement from the group. It increased its overall sales to $770 million (previous year $727 million). The EBIT figure (earnings before interest and taxes) improved 27.8 per cent to reach $14.8 million relative to the prior year (11.6 million), meaning the compounded average growth rate (CAGR) since 2005 amounts to 30 per cent. In 2008 there were new openings in Crete, Izmir, El Sokhna, Al Khobar, Ho Chi Minh City and Hanoi as well as management agreements for new projects in Damascus, Abu Dhabi, Aqaba, Abu Soma, Tripoli and Arusha. Mövenpick is well on the way to reaching its goal of 100 properties by the year 2010, says the report.
