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GHG registers net profit of BD12.3m

Bahrain Business
Thu, 27 Oct 2016

MANAMA: Gulf Hotels Group (GHG) announced that it achieved a net profit of BD12.347 million at the end of the third quarter ended September, including a one-time provisional bargain profit of BD4.967m.

A statement said the results consolidate the financials of Bahrain Tourism Company (BTC) which has been merged with  GHG.

Consolidated gross operating revenue at the end of the quarter was BD26.055m.

On a standalone basis, GHG achieved a total gross operating revenue of BD24.332m for the nine months ended September,  a decrease of 0.90pc compared with BD24.553m achieved in same period last year.

Net profit for the nine months was BD7.146m as against BD7.788m achieved in the same period last year; a decrease of 8.24pc on 2015.

GHG’s third quarter total gross operating revenue on a standalone basis was BD8.229m, an increase of 10.57pc compared with BD7.442m in the same quarter last year.

Standalone net profit was BD2.332m compared with BD1.778m achieved in the same period last year; an increase of 31.16pc.

Chairman Farouk Almoayyed said that although the third quarter was looking better in comparison, the difficult trading environment would continue for the rest of the year, due to changes in service charges and increases in utility costs.

On upcoming projects, he said construction work on the 224-room, five-star Gulf Hotel Business Bay in Dubai is expected to begin by end of the year and it is expected to be completed by end-2018.

This waterfront property is located 1.5km from Burj Khalifa and Dubai Mall.

Chief executive and director Aqeel Raees expressed satisfaction with the results taking into consideration testing market conditions.

He said the group has entered into the standalone restaurant market by acquiring Block 338 in Adliya Tourism Zone for developing it into a multi-unit restaurant and leisure facility, which is in the advanced design stage. 

Construction of 108 unit Gulf Executive Residence Juffair has commenced and is expected to be completed in late 2017, added Mr Raees.

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