Chairman, Farouk Y. Almoayyed announced that the company has generated a net profit of BD5.899 million compared with BD5.728 million achieved in the same period 2012, an increase of BD 171,641 or 3% for the first half of the year. In the second quarter the company achieved a net profit of BD3.049 million in comparison with BD 2.883 million achieved in the same period 2012, an increase of BD166,187 or 5.76%.
Almoayyed also said that the financial results of the first half of year 2013 matched expectations and that the group achieved gross operating revenue of BD16.284 million in comparison with BD16.469 million achieved in 2012.
He continued stating that after the record profit achieved in 2012 the results are matching with the improved expectations in the first half of 2013 even though the business climate remains extremely challenging.
Almoayyed praised the Management and all the subsidiaries, led by Chief Executive Officer, Aqeel Raees for their efforts in achieving such positive results in a challenging environment.
CEO Aqeel Raees said that upgrading of the Hotel’s HV intake is near completion which will provide the additional power required for future expansion including the new 2,500 square meter top-of-the-range spa for which planning and design phase is close to completion and construction is expected to commence in the later part of 2013 and will be completed by early 2015. Additionally, the new commercial laundry is expected to be operational very soon, and will make it possible for the hotel’s laundry facility to take in larger volumes of business and provide a higher level of service to its customers.
CEO expressed his satisfaction with the results stating that almost all the Group’s divisions showed positive turnaround which indicates that the Group has succeeded in overcoming the challenging business climate. He extends his appreciation to all Members of Staff and Management in the Gulf Hotels Group for their contribution in achieving the results.
Raees appreciated the Gulf Hotels Group’s valued customers saying that the success of any company is down to the continued support of its customer base.