Gulf Hotels Group (GHG) has reported net profit of BD2.985 million for the fourth quarter of 2024 compared to a net profit of BD1.911m in the fourth quarter of 2023, with an increase in profit of 56.2 per cent.
Earnings per share is 13 fils compared to 8 fils in the fourth quarter of last year.
Total comprehensive income of BD2.178m compared to a total comprehensive income of BD2.39m for the fourth quarter of the previous year, with a decrease of BD212,000.
Revenue for the fourth quarter was BD10.602m, compared to BD9.268m for the same period last year, with an increase of 14.4pc.
For the full year of 2024, net profit of BD8.857m compared to a net profit of BD6.786m in the twelve months of 2023, with an increase of 31pc.
The earnings per share are 39 fils compared to 30 fils in the twelve months of last year.
Total comprehensive income of BD6.829m compared to a total comprehensive income of BD6.400m for the twelve months of the previous year, with an increase of 7pc.
Revenue of BD36.727m, compared to BD32.999m for the same period last year, with an increase of 11pc.
The total equity (excluding minority interests) for 2024 was BD105.53m compared to BD104.36m for 2023, with an increase of 1pc.
The total assets for the YTD reached BD112.87m compared to BD110.83m for 2023, with a increase of 2pc.
Gulf Hotels Group chairman Fawzi Kanoo
Gulf Hotels Group chairman Fawzi Kanoo commented: “We are proud of concluding the year with exceptional financial performance, achieving double-digit growth across all financial metrics. The strong financial results for 2024 reflect our steadfast commitment to operational excellence, innovation, and sustainable growth across all business segments.”
He continued: “In line with this performance, we are pleased to announce the declaration of a robust cash dividend of BD5,649,872, equivalent to 25 fils per share 25pc of share nominal value, for all our valued shareholders for the year 2024. This dividend reflects our continued commitment to delivering strong returns and sustained growth. With earnings per share rising to 39 fils, this distribution underscores the company’s solid financial performance and dedication to maximising shareholder value. The dividend is subject to approval by the company’s shareholders at the upcoming annual general meeting scheduled for March 24, 2025.”
Group chief executive Ahmed Janahi remarked: “We are very pleased to report record-breaking financial results for the full year 2024, achieving a net profit of BD8.9m, making a remarkable 31pc growth compared to 2023, exceeding pre-Covid performance in 2018-19. The positive results reflect the strength of our core operations, the diversification of our revenue streams, and the effectiveness of our strategic asset management approach.”
He added: “Looking ahead to 2025 and beyond, we remain committed to expansion and long-term value creation. Our focus will be on expanding our footprint, particularly in Saudi Arabia, where we see tremendous potential for growth. With a robust pipeline of opportunities, supported by solid balance sheet and strong cash flow capabilities, we are confident in our ability to drive sustainable growth and long-term value for our shareholders. Our outlook remains positive, and we look forward to another strong year ahead.”
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