16.04.2015, 12:25
GULF Hotels Group Financial results from January to March 2015
OREANDA-NEWS. Gulf Hotels Group (GHG) has reported the financial results for the first
quarter of 2015.
Chairman, Farouk Y Almoayyed announced that the Group achieved a total Gross Operating Revenue of BD 8.795 million compared to BD 8.972 million in same period 2014, slight decrease of BD 176,721 or 1.97%.
Mr. Almoayyed also announced that the company has generated a Net Profit of BD 3.112 million in comparison with BD 3.927 million achieved in the same period 2014; a decrease of BD 814,804 or 20.75% on 2014. He conveyed that the financial results mirror the effect of slight drop in business levels which is due to increased competition, overhead costs and reduced investment income but expressed his hope that in the coming quarters the management will overcome these and maintain healthy profit levels.
Mr. Almoayyed expressed his appreciation and thanks to Chief Executive Officer and Director, Mr. Aqeel Raees, and the Management of all subsidiaries, for their hard work and determination in these difficult times.
Mr. Almoayyed added that Gulf Hotels Group has already signed Hotel Management Agreements with Two Four-star Hotels in Seef and in Manama area which will be running from Mid-2015 and these will add more strength in developing Gulf Hotels Group as an international Chain.
On the expansion of the Group into the stand-alone 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.
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 located 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 Gulf Executive Residence is scheduled 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.
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 apartment-hotels will open in the 2nd half 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 construction 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 towards achieving these positive results in difficult times. He also stated that the success of any company comes down to its customer base, thanking the Groups valued customers for their continuous support.
Chairman, Farouk Y Almoayyed announced that the Group achieved a total Gross Operating Revenue of BD 8.795 million compared to BD 8.972 million in same period 2014, slight decrease of BD 176,721 or 1.97%.
Mr. Almoayyed also announced that the company has generated a Net Profit of BD 3.112 million in comparison with BD 3.927 million achieved in the same period 2014; a decrease of BD 814,804 or 20.75% on 2014. He conveyed that the financial results mirror the effect of slight drop in business levels which is due to increased competition, overhead costs and reduced investment income but expressed his hope that in the coming quarters the management will overcome these and maintain healthy profit levels.
Mr. Almoayyed expressed his appreciation and thanks to Chief Executive Officer and Director, Mr. Aqeel Raees, and the Management of all subsidiaries, for their hard work and determination in these difficult times.
Mr. Almoayyed added that Gulf Hotels Group has already signed Hotel Management Agreements with Two Four-star Hotels in Seef and in Manama area which will be running from Mid-2015 and these will add more strength in developing Gulf Hotels Group as an international Chain.
On the expansion of the Group into the stand-alone 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.
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 located 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 Gulf Executive Residence is scheduled 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.
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 apartment-hotels will open in the 2nd half 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 construction 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 towards achieving these positive results in difficult times. He also stated that the success of any company comes down to its customer base, thanking the Groups valued customers for their continuous support.
Комментарии