Gulf Hotels revenue rises 26% |
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The Kingdom's leading hospitality group, Gulf Hotels GroupGulf Hotels Group
, yesterday said its gross operating revenue rose to BD20.930 million for the first nine months of the year from BD16.509 million in 2007, up by 26.78 per cent. Owner and operator of the Gulf Hotel, Gulf Convention Centre, Gulf Executive Residence and Gulf Brands International, the company posted a net profit of BD6.507 million in comparison with BD4.178 million for the corresponding period last year, an increase of 55.74 per cent. The significant growth in revenues and net profit was reflected in the rise in earning per share to 48 fils from 34 fils for the same period last year.
The GroupGroup
Chairman, Farouk Y. Almoayyed said the financial results for the nine-month period of the year 'exceeded expectations'. He thanked the executive management of the Gulf Hotels GroupGulf Hotels Group, the Gulf Hotel and Gulf Brands International and all the employees for their continuous efforts to improve the services of the group and diversify sources of income.Aqeel Raees, Chief Executive Officer, Gulf Hotels GroupGulf Hotels Group
, said the impressive performance was a direct result of the development and modernisation of the hotel facilities, as well as sustained efforts to maximie business levels and control expenses.He said the construction of the multi storeyed car park and offices was on in full swing and expected to open in September 2009. He said the decision to construct the new building was to meet the growing demand for car park space for the hotel's patrons and to plan for the future expansion of the Gulf Hotel, as well as catering for high demand for office spaces brought in by the boom in the Kingdom's economy.
He also announced that the renovation work in the Men's Health Club was in progress and that the renewal of all facilities and increase of the total space of the Club were part of the GroupGroup
's policy to provide the best and latest services to the customers of the Hotel. The renovation works were scheduled for completion by the year-end.
© Bahrain Tribune 2008
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