Gulf Hotels Group has achieved net profit of BD1.075 million during the third quarter of 2024, an increase of 57.6 per cent when compared to BD682,000 in the third quarter of the previous year.
Earnings per share were 5 fils compared to 3 fils in the third quarter of last year.
Total comprehensive income was BD136,000 compared to BD129,000 for the third quarter of the previous year, with an increase of 5.4pc.
Revenue for the third quarter was BD7.757m, compared to BD7.390m for the same period last year, with an increase of 5pc.
For the first nine months of 2024, the company has posted net profit of BD5.873m compared to BD4.874m in the same period of the previous year, with an increase of 20.5pc.
The earnings per share are 26 fils compared to 22 fils in the nine months of last year.
Total comprehensive income was BD4.651m compared to BD4.010m for the nine months of the previous year, with an increase of 16pc.
Revenue was BD26.125m, compared to BD23.732m for the same period last year, with an increase of 10pc.
The total equity (excluding minority interests) for the period ended September 30, 2024 was BD103.354m compared to BD104.353m for the year ended December 31, 2023, with a decrease of 1pc.
The total assets as of end-September 2024 reached BD110.504m compared to BD110.502m as of end-2023, an increase of BD2,000.
Group chief executive Ahmed Janahi stated: “We are pleased to report continued growth and strong performance across our key financial and operational metrics. Our total revenues have exceeded the 2023 figures by 10pc, reaching BD26.1m compared to BD23.7m, and our net profit has shown a remarkable increase of 20.5pc over the same period. This growth was driven by a notable 14.4pc rise in room revenue, which grew from BD7.4m to BD8.5m, reflecting enhanced occupancy rates across our hotel portfolio. Additionally, our food and beverage segment has shown robust performance compared to the previous year.”
He added: “These results underscore the dedication of our team in driving revenue growth while effectively managing expenses. The hospitality sector in Bahrain continues to flourish, as evidenced by a year-on-year occupancy increase of 5.5pc, rising from 50.9pc to 53.3pc. This growth reflects the ongoing efforts to boost tourism in Bahrain by hosting key events and conferences, as these initiatives are crucial for driving our success and long-term growth.”
Mr Janahi further said: “We have signed two strategic agreements with Marriott International and Accor. The integration of the Gulf Hotel Bahrain into Marriott’s Autograph Collection Hotels will expand our reach through Marriott Bonvoy loyalty programme, attracting a larger, global guest base. Additionally, our agreement with Accor to rebrand the Gulf Court Business Bay Hotel in Dubai to ‘Grand Mercure Dubai Downtown’ will strengthen our position in Dubai’s competitive market, while we continue to manage and operate the hotel.”
He added: “We look forward to ending this year with greater growth in the group’s portfolio, which includes a diverse range of hotels, restaurants, and companies.”
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