Manama: Mahmood Rafique, Editor: Gulf Hotels Group (GHG), announced a net profit of BD 4.112 million for the nine months compared to BD 202,187 for the same period of the previous year, an increase of BD3.910 million.
The increase in the net profit for the nine months in comparison to the same period last year resulted mainly from an
Increase in revenue of BD 6.618 million from the core business of the group, increase in profit from associates of BD 756,646, increase in dividend income of BD 67,116 and BD 300,134 from management fees and rental. While last year had a government support of BD 365,145., Operational expenses have increased proportionately of BD 3.923 million with the increase in revenue and depreciation reduced by BD 421.616
The earnings per share are 18 fils compared to 1 fils in the nine months of last year. Total comprehensive income of BD 4.027 compared to a profit of BD 331,230 for the nine months of the previous year, with an increase in profit of BD 3.696 million.
Revenue of BD 21.946 million, compared to BD 15.328 million for the same period last year, with an increase of BD 6.618 million or 43.2 %. The total equity (excluding minority interests) during the nine months was BD 101,325 million compared to BD 101,829 million at the end of last year, with a decrease of 504,4451 million or 0.5 %.
The total assets for the YTD reached BD 111.752 million compared to BD 113.446 million at end of the last year, with a decrease of 1.695 million or 1.4 %.
“As the hospitality industry rebounds from the Covid-19 pandemic, the Group is recording strong growth on 2021 performance and is coming close to 2019’s pre-pandemic figures, despite a significant increase in competition in Bahrain and Dubai and the economic challenges globally,” Farouk Almoayyed, the Group’s Chairman said.
“The Group is expanding with the opening of the Gulf Aquamarine Hotel in Georgia and the Group’s management are focusing on the further expansion of the Group in Bahrain and Saudi Arabia. As part of that expansion, from 1st January 2023, the Group’s management will take over the operation of the Crowne Plaza Hotel, which will be converted to a franchise agreement with IHG, in place of the existing management agreement. This change will create many synergies with our hospitality operations, streamline many processes and reduce costs.”
“In addition to pursuing a number of expansion opportunities, our team has been working closely with leading interior designers, Hirsch Bedner Associates, on the refurbishment of the lobby and lounges at the Gulf Hotel which will commence in Q2 2023 and in parallel, we will also be working on the refurbishment of key areas of our Crowne Plaza property. Our restaurant operations are showing a strong bounce-back from the Covid period and we congratulate our chef, Tala Bashmi on being included in the top 100 chefs globally in the World ‘Best Chef’ awards,” Garfield Jones, Chief Executive Officer at GHG added.
