MANAMA: Gulf Hotels Group (GHG) has announced its financial results for the first quarter ended March 31.
During the first quarter of 2019 the group achieved revenues of BD10.082 million, compared with BD8.711m in the first quarter 2018, achieving an increase of BD1.371m, or 15.74 per cent.
Gross operating profit was BD3.555m, compared with BD3.074m in first quarter 2018, an increase of BD481,000, or 15.65pc.
Net profit during the quarter was BD2.299m compared with BD2.892m in first quarter 2018, a decrease of BD593,000 or 20.51pc.
Earnings per shares was 10 fils in first quarter 2019 compared with 13 fils in the first quarter last year.
The decrease in the net profit for the first quarter in comparison to last year resulted from increased depreciation (BD400,000) from the new Dubai property and major projects executed in 2018, together with pre-opening expenses of the newly opened Gulf Executive Residence Juffair (BD134,000) which opened in January 2019 and interest costs (BD243,000), which are offset by better revenues which helped to reduce the overall shortfall.
Chairman Farouk Almoayyed stated that the group is now focusing on enhancing the hotel operations in Dubai, beverage operations in Sri Lanka and Gulf Executive Residence Juffair in Bahrain in addition to the existing properties.
Chief executive Garfield Jones said that the overall first quarter business in the kingdom was supported by the Formula One event, boosting hotel occupancies and directly benefiting the Gulf Hotel which carries out catering activities at Bahrain International Circuit.
He further added that steps are also underway to further expand operations in Saudi Arabia during 2019. This year also represents the 50th anniversary of the Gulf Hotel which will enjoy a year full of celebratory events.
The full set of financial statements and the Press release are available on Bahrain Bourse’s website.
(Mr Almoayyed)
(Mr Jones)
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