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GHG posts net profit of BD9.2m

Bahrain Business
Fri, 19 Feb 2016

Manama: Gulf Hotels Group (GHG) has reported the financial results for last year, announcing a net profit of BD9.197 million for the year.

The group also operates The K Hotel, Asdal Gulf Inn in Bahrain and the Ocean Paradise Resort (Zanzibar) and will open the Gulf Residence Amwaj in the middle of
the year. 

Chairman Farouk Almoayyed said last year was very challenging where the group had managed to achieve a total gross operating revenue of BD32.37m compared with BD33.311m in 2014, a decrease of 2.82 per cent for the year.

Total gross operating revenue amounted to BD7.817m for the fourth quarter last year against BD8.777m in 2014, a decrease of 10.94pc.

He said overall business level in Bahrain with competition levels extremely challenging can be seen in the results where the major impact was on the hospitality industry.

Mr Almoayyed also said the group’s net profit of BD9.197m was a decrease of BD2.08m or 18.44pc on 2014.

The net profit for the fourth quarter was BD1.409m against BD1.811m in 2014, a decrease of 22.19pc influenced by year end provisions.

Based on the results, the board of directors have recommended a cash dividend of 30pc or 30 fils per share on the paid up capital, he added.