MANAMA: Bahrain-based Gulf Hotels Group, which announced a net profit of BD11.277million in 2014, the highest in the Group’s history, is investing over BD50million on ongoing projects, according to the Chairman Farouk Almoayyed.
Alomayyed who chaired the annual general meeting attended by over two-thirds of the shareholding approved the cash dividend of 40% and bonus shares 5% for the year 2014, following the ratification of the financials of 2014.
Addressing the Group’s 45th AGM the Chairman said the Group has reported a net profit of BD 11.277 million, an increase of BD 816,428 or 7.24% on 2013, and the Group managed to achieve a total Gross Operating Revenue of BD 33.311 million compared to BD 31.940 million in 2013, an increase of 4.29 % for the year. Almoayyed further announced that the positive profit levels achieved in 2014 have produced earnings per share of 68 fils compared to 63 fils last year.
Almoayyed added that based on the results, the Shareholders approved a dividend payout of 40% or 40 fils per share, totaling BD 6,613,540 and 5% bonus shares (one for every 20 shares). In addition Director’s fees of BD 217,500, Charity Reserve Expenses of BD 279,144 and BD 10,000 towards National Promotional activities were also approved.
Almoayyed expressed his thanks to Chief Executive Officer and Director, Aqeel Raees, and the Management of all subsidiaries, for their hard work and determination which have led to these positive results.
Almoayyed also detailed the Group’s expansion strategy which will see it expanding the existing hotel portfolio and establishing a number of stand-alone restaurants. He confirmed that the company has commenced the development of the 230 rooms, five star Gulf Hotel Business Bay in Dubai, a waterfront property located 1.5km from Burj Khalifa and Dubai Mall, which is now in design stage with construction expected to commence late -2015 and be completed late-2017. He further added that the opening of the Gulf Residence Amwaj later is expected by mid-2015.
On the expansion of the Group into the stand-alone restaurant market, he further added that the company has acquired Block 338 in Adliya Tourism Zone and is developing plans for a multi-unit restaurant and leisure facility. Construction is expected to commence in the 2nd half of 2015.
Aqeel Raees, CEO and Director expressed his satisfaction with the results, announcing that a new 130 seat ‘Rasoi by Vineet’ Indian Restaurant, developed within the Gulf Hotel in conjunction with Michelin star chef Vineet Bhatia, was opened in January 2015 and has already set new standards for Indian cuisine within Bahrain.
Raees added that the Refurbishment of the Gulf Hotel’s Awal Ballroom will take place in the summer of 2015. Work has already started to create a new lounge located off the Hotel’s Al Andalus Lounge, the fit out of which will start soon and it will be ready to take customers mid-2015. Refurbishment of the South Wing building was completed and work is going on for the Gulf Executive Residence which is also scheduled to be completed by middle of the year. In addition, the soft refurbishment of the Tower Block rooms will also be undertaken in the 2nd half of 2015.
Raees also enthused about the Group’s success in the operation of the K Hotel in Juffair which produced excellent results in 2014 and is now firmly established as the leading four star Hotel in Bahrain
He further stated that the development of the Gulf Residence Amwaj in conjunction with Lona Real Estate is nearing completion and the 173 unit; four star apartment-hotels will open in the middle of 2015.
He continued stating that the construction of the new Spa is underway with completion scheduled in 3rd quarter of 2015. GHG is currently developing a 108 unit serviced apartment facility in Juffair, with construction expected to commence in the 2nd half of 2015 and take 18 months to complete.
Raees expressed his appreciation towards the management and staff of all of the Group’s divisions whose hard work and efforts have contributed towards achieving these positive results. He also said that the success of any company comes down to its customer base, thanking the Groups valued customers for their continuous support.