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Bahrain's Gulf Hotels Group's Net Profit Tops $17.6 million;
a 7% Increase in First Half of 2010

By Arthur Macdonald, Gulf Daily News, Manama, BahrainMcClatchy-Tribune Regional News

July 14, 2010--MANAMA -- Gulf Hotels Group had a strong start to the year with a more than seven per cent increase in first-half profit.

The group, which owns and operates the Gulf Hotel, Gulf Convention Centre, Gulf Executive Residence, Gulf Executive Offices and Gulf Brands International, posted a net profit of BD6.533 million ($17.63m) for the first half of the year, up from BD6.092m in the first six months of last year.

The growth in revenues and net profit has increased the earning per share to 43 fils compared with 41 fils for the same period last year.

Chairman Farouk Almoayyed said that the financial results of the first six months of the year had exceeded expectations and that the group achieved a gross operating revenue of BD17.585m in comparison with BD15.917m achieved last year, an increase of BD1.668m or 10.48pc.

Chief executive officer Aqeel Raees said the results were achieved in a very difficult trading environment which was affected by the global financial crisis.

"With the opening of the new multi-storey car park with 600 parking bays at the Gulf Executive Offices, the management has permanently solved the parking problems of peak times and given the hotel a major advantage over competitors," he said.

"There is good demand from the business community in and outside Bahrain for the Gulf Executive Offices which has given the Gulf Hotel 7,000sqm of prime office space for rental and enables the hotel to be a one-stop-shop for new businesses coming into Bahrain, offering office space, apartment rental and unrivalled entertainment options, all under one roof."

He added that the total refurbishment of the Lebanese Zahle Restaurant has commenced and is expected to be completed by September.

This will improve the inventory of the Gulf Hotel's fine dining restaurants and retain the hotel's strong reputation, he added.

Mr Raees thanked the Gulf Hotels Group's customers saying that the success of any company is down to the continued support of its customer base.


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Copyright (c) 2010, Gulf Daily News, Manama, Bahrain

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