14.04.2016, 08:48
GULF HOTELS GROUP: FINANCIAL RESULTS FROM JANUARY TO MARCH 2016
OREANDA-NEWS. Gulf Hotels Group (GHG) has reported the financial results for the first quarter of 2016.
Chairman, Farouk Y Almoayyed announced that for the Quarter ended 31st March 2016 the Group achieved a total Gross Operating Revenue of BD 8.578 million compared to BD 8.795 million in same period 2015, a decrease of BD 216,873 or 2.47%. He stated that the difficult trading conditions will continue in 2016 along with recent changes in the Service Charge and Government Levy and increases in utility costs.
Mr. Almoayyed also announced that the company has generated a Net Profit of BD 2.736 million in comparison with BD 3.112 million achieved in the same period 2015; a decrease of BD 375,370 or 12.06% on 2015.
Mr. Almoayyed also commented about the major future projects viz.
The development of the 224 room, five star Gulf Hotel Business Bay in Dubai. This waterfront property, located 1.5 km from Burj Khalifa and Dubai Mall, is now in design stage with construction expected to commence end-2016 and be completed end-2018.
Submission of an Offer to the Shareholders of Bahrain Tourism Company B.S.C (BTC) indicating its potential interest in acquiring 100 per cent of BTC’s shares through a share-swap offer. The proposed acquisition is expected to result in synergies that would benefit the shareholders of GHG and BTC. The process is in advanced stage.
Mr. Almoayyed expressed his thanks and appreciation to Chief Executive Officer and Director, Mr. Aqeel Raees, and executive management for continuously upholding an excellent standard of service, while diversifying the Group’s activities.
Adding to sentiments of the Chairman CEO & Director Aqeel Raees expressed his satisfaction with the results taking into consideration these testing market conditions. He also commented about the future projects viz:
The Group entered into the stand-alone restaurant market by acquiring Block 338 in Adliya Tourism Zone for developing it into a multi-unit restaurant and leisure facility. Construction is expected to commence in the first half of 2016.
Construction of the new Spa is almost complete.
Construction of 108 unit Gulf Executive Residence Juffair has commenced and is expected to be completed in late 2017.
On the operated properties 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 soon.
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 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 for the Quarter ended 31st March 2016 the Group achieved a total Gross Operating Revenue of BD 8.578 million compared to BD 8.795 million in same period 2015, a decrease of BD 216,873 or 2.47%. He stated that the difficult trading conditions will continue in 2016 along with recent changes in the Service Charge and Government Levy and increases in utility costs.
Mr. Almoayyed also announced that the company has generated a Net Profit of BD 2.736 million in comparison with BD 3.112 million achieved in the same period 2015; a decrease of BD 375,370 or 12.06% on 2015.
Mr. Almoayyed also commented about the major future projects viz.
The development of the 224 room, five star Gulf Hotel Business Bay in Dubai. This waterfront property, located 1.5 km from Burj Khalifa and Dubai Mall, is now in design stage with construction expected to commence end-2016 and be completed end-2018.
Submission of an Offer to the Shareholders of Bahrain Tourism Company B.S.C (BTC) indicating its potential interest in acquiring 100 per cent of BTC’s shares through a share-swap offer. The proposed acquisition is expected to result in synergies that would benefit the shareholders of GHG and BTC. The process is in advanced stage.
Mr. Almoayyed expressed his thanks and appreciation to Chief Executive Officer and Director, Mr. Aqeel Raees, and executive management for continuously upholding an excellent standard of service, while diversifying the Group’s activities.
Adding to sentiments of the Chairman CEO & Director Aqeel Raees expressed his satisfaction with the results taking into consideration these testing market conditions. He also commented about the future projects viz:
The Group entered into the stand-alone restaurant market by acquiring Block 338 in Adliya Tourism Zone for developing it into a multi-unit restaurant and leisure facility. Construction is expected to commence in the first half of 2016.
Construction of the new Spa is almost complete.
Construction of 108 unit Gulf Executive Residence Juffair has commenced and is expected to be completed in late 2017.
On the operated properties 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 soon.
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 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.
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