MANAMA: Bahrain-based Gulf Hotels Group (GHG) has reported healthy financials for Q1 with gross revenues of BD8.9million.
Chairman, Farouk Y Almoayyed said that the Group achieved total gross operating revenue of BD8.972 million compared to BD 8.066 million in same period 2013, an increase of BD 905,564 or 11.23%.
Almoayyed also announced that the company has generated a Net Profit of BD 3.927 million in comparison with BD 2.851 million achieved in the same period 2013; an increase of BD 1.076 million or 38% on 2013. He conveyed that the financial results indicate a considerable growth in business levels and continued emphasis on cost management had the effect of maximizing revenue conversion in maintaining healthy profit levels. With all positive contributors, he added that Gulf Hotels Group has improved its profit levels as a record quarter in its history.
Almoayyed also stated that the company has commenced the development of the 230 room, five star Gulf Hotel Business Bay in Dubai. This waterfront property, located 1.5km from Burj Khalifa and Dubai Mall, is now in design stage with construction expected to commence mid-2015 and be completed mid-2017.
Almoayyed praised the Management and all the subsidiaries, led by Chief Executive Officer and Board member, Aqeel Raees for their efforts in achieving such positive results in a challenging environment.
Almoayyed’s comments, CEO and board member Aqeel Raees said that the construction of a new 3,100 square meters Spa was also underway with completion scheduled for mid-2015.
Raees added that a new 100 seat Indian Restaurant is under development within the Gulf Hotel and when opened in the 2nd half of 2014, will undoubtedly set new standards for Indian cuisine within Bahrain. Refurbishment of the South Wing building and the Gulf Executive Residence is scheduled to commence in the later part of the year. In addition, the soft refurbishment of the Tower Block rooms will also commence in the 2nd half of 2014.
He added that the development of the Gulf Residence Amwaj in conjunction with Lona Real Estate is nearing completion and the 173 unit, 4 star apartment-hotels will open beginning of 2015.
He continued stating that GHG is currently developing a 78 unit Serviced Apartment facility in Juffair, with construction expected to commence in the 2nd half of 2014 and take 18 months to complete.
CEO and Board Member expressed his satisfaction with the results and extended his appreciation to all Members of Staff and Management in the Gulf Hotels Group for their contribution in achieving the results.
Raees conveyed his appreciation to the Gulf Hotels Group’s valued customers saying that the success of any company is down to the continued support of its customer base.