12.03.2015, 12:49
Gulf Hotels Group Announces a Net Profit of BD 11.277 Million in 2014
OREANDA-NEWS.
Gulf Hotels
Group
’s
forty
fifth
Annual General Meeting
was
held
on Tuesday
March
1
0
, 201
5
at 1
2
:00
noon
in
Awal 2 meeting room of the Gulf Hotel.
The Annual General Meeting was presided by the Group’s Chairman, Mr. F
arouk Y. Almoayyed,
while representatives from the Ministry of Commerce, Central Bank of Bahrain, Auditors Ernst
and Young, and
Karvy Computer Share
were also present.
The Chairman stated that the Group has reported a net profit of BD 11.277 million, an in crease of BD 816,428 or 7.24% on 2013 , and the Group managed to achieve a total Gross Operating Revenue of BD 33.311 million compared to BD 31.940 million in 2013, an increase of 4.29 % for the year. Mr. Almoayyed further announced that the positive profi t levels achieved in 201 4 have produced earnings per share of 6 8 fils compared to 6 3 fils last year.
Mr. Almoayyed added that based on the results, the Shareholders approved a dividend payout of 40% or 40 fils per share, totaling BD 6,613,540 and 5% bonus shares (one for every 20 shares). In addition Director’s fees of BD 217 , 5 00, Charity Reserve Expenses of BD 279,144 and BD 10,000 towards National Promotional activities were also approved.
Mr. Almoayyed expressed his thanks to Chief Executive Offi cer and Director, Mr. Aqeel Raees, and the Management of all subsidiaries, for their hard work and determination which have led to these positive results.
Mr. Almoayyed also detailed the Group’s expansion strategy which will see it expanding the existing hotel portfolio and establishing a number of stand - alone restaurants. He confirmed that the company has commenced the development of the 230 rooms, five star Gulf Hotel Business Bay in Dubai, a waterfront property located 1.5km from Burj Khalifa and Dubai Mall, which is now in design stage with construction expected to commence late - 2015 and be completed late - 2017. He further added that the opening of the Gulf Residence Amwaj later is expected by mid - 2015.
On the expansion of the Group into the stand - alon e restaurant market, he further added that the company has acquired Block 338 in Adliya Tourism Zone and is developing plans for a multi - unit restaurant and leisure facility. Construction is expected to commence in the 2nd half of 2015.
CEO & Director Mr. Aqeel Raees added to Mr. Almoayyed’s comments and expressed his satisfaction with the results, announcing that a new 130 seat ‘Rasoi by Vineet’ Indian Restaurant, developed within the Gulf Hotel in conjunction with Michelin star chef Vineet Bhatia, was opened in January 2015 and has already set new standards for Indian cuisine within Bahrain.
Mr. Raees added that the Refurbishment of the Gulf Hotel’s Awal Ballroom will take place in the summer of 2015. Work has already started to create a new lounge loc ated off the Hotel’s Al Andalus Lounge, the fit out of which will start soon and it will be ready to take customers mid - 2015. Refurbishment of the South Wing building was completed and work is going on for the Gulf Executive Residence which is also schedul ed to be completed by middle of the year. In addition, the soft refurbishment of the Tower Block rooms will also be undertaken in the 2nd half of 2015.
Mr. Raees also enthused about the Group’s success in the operation of the K Hotel in Juffair which produc ed excellent results in 2014 and is now firmly established as the leading four star hotel in Bahrain.
He further stated that the development of the Gulf Residence Amwaj in conjunction with Lona Real Estate is nearing completion and the 173 unit; four star a partment - hotels will open in the middle of 2015.
He continued stating that the construction of the new Spa is underway with completion scheduled in 3rd quarter of 2015. GHG is currently developing a 108 unit serviced apartment facility in Juffair, with co nstruction expected to commence in the 2nd half of 2015 and take 18 months to complete.
Mr. Raees concluded by expressing his appreciation towards the management and staff of all of the Group’s divisions whose hard work and efforts have contributed towar ds achieving these positive results. He also stated that the success of any company comes down to its customer base, thanking the Groups valued customers for their continuous support.
The Chairman stated that the Group has reported a net profit of BD 11.277 million, an in crease of BD 816,428 or 7.24% on 2013 , and the Group managed to achieve a total Gross Operating Revenue of BD 33.311 million compared to BD 31.940 million in 2013, an increase of 4.29 % for the year. Mr. Almoayyed further announced that the positive profi t levels achieved in 201 4 have produced earnings per share of 6 8 fils compared to 6 3 fils last year.
Mr. Almoayyed added that based on the results, the Shareholders approved a dividend payout of 40% or 40 fils per share, totaling BD 6,613,540 and 5% bonus shares (one for every 20 shares). In addition Director’s fees of BD 217 , 5 00, Charity Reserve Expenses of BD 279,144 and BD 10,000 towards National Promotional activities were also approved.
Mr. Almoayyed expressed his thanks to Chief Executive Offi cer and Director, Mr. Aqeel Raees, and the Management of all subsidiaries, for their hard work and determination which have led to these positive results.
Mr. Almoayyed also detailed the Group’s expansion strategy which will see it expanding the existing hotel portfolio and establishing a number of stand - alone restaurants. He confirmed that the company has commenced the development of the 230 rooms, five star Gulf Hotel Business Bay in Dubai, a waterfront property located 1.5km from Burj Khalifa and Dubai Mall, which is now in design stage with construction expected to commence late - 2015 and be completed late - 2017. He further added that the opening of the Gulf Residence Amwaj later is expected by mid - 2015.
On the expansion of the Group into the stand - alon e restaurant market, he further added that the company has acquired Block 338 in Adliya Tourism Zone and is developing plans for a multi - unit restaurant and leisure facility. Construction is expected to commence in the 2nd half of 2015.
CEO & Director Mr. Aqeel Raees added to Mr. Almoayyed’s comments and expressed his satisfaction with the results, announcing that a new 130 seat ‘Rasoi by Vineet’ Indian Restaurant, developed within the Gulf Hotel in conjunction with Michelin star chef Vineet Bhatia, was opened in January 2015 and has already set new standards for Indian cuisine within Bahrain.
Mr. Raees added that the Refurbishment of the Gulf Hotel’s Awal Ballroom will take place in the summer of 2015. Work has already started to create a new lounge loc ated off the Hotel’s Al Andalus Lounge, the fit out of which will start soon and it will be ready to take customers mid - 2015. Refurbishment of the South Wing building was completed and work is going on for the Gulf Executive Residence which is also schedul ed to be completed by middle of the year. In addition, the soft refurbishment of the Tower Block rooms will also be undertaken in the 2nd half of 2015.
Mr. Raees also enthused about the Group’s success in the operation of the K Hotel in Juffair which produc ed excellent results in 2014 and is now firmly established as the leading four star hotel in Bahrain.
He further stated that the development of the Gulf Residence Amwaj in conjunction with Lona Real Estate is nearing completion and the 173 unit; four star a partment - hotels will open in the middle of 2015.
He continued stating that the construction of the new Spa is underway with completion scheduled in 3rd quarter of 2015. GHG is currently developing a 108 unit serviced apartment facility in Juffair, with co nstruction expected to commence in the 2nd half of 2015 and take 18 months to complete.
Mr. Raees concluded by expressing his appreciation towards the management and staff of all of the Group’s divisions whose hard work and efforts have contributed towar ds achieving these positive results. He also stated that the success of any company comes down to its customer base, thanking the Groups valued customers for their continuous support.
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