Manama: Mahmood Rafique, Editor: Owners and operators of Bahrain’s one of largest Groups remains upbeat on growth of tourism sector and seeks further expansion in 2023.
“We are hoping to see the further growth of tourism and hospitality sectors in line with the steps taken by the Kingdom to boost tourism sector yield this year,” Farouk Yousif Almoayyed, Chairman of Gulf Hotels Group (GHG) on sidelines of the AGM told The24X7News Bahrain (www.twentyfoursevennes.com), adding that the hospitality sector in Bahrain is bouncing back to the pre-pandemic levels.
Earlier, the shareholders of (GHG) during the 53rd annual general meeting, have approved the payment of the cash dividend of BD5.65 million for the year 2022 as well as ratifying the financial statements.
The AGM was held on Monday, at the Gulf Hotel Bahrain and chaired by Farouk Yousif Almoayyed, Chairman and attended by members of the board, the executive management and the meeting held under the supervision of Bahrain Clear representatives.
The representatives from the Ministry of Commerce, the Central Bank of Bahrain, Bahrain Bourse, and auditors KPMG were also present.
GHG achieved a total Gross Operating Revenue of BD 31.395 million compared to BD 23 million in 2021, with an increase of BD 8.394 million or 36.5%. The Group generated a Net Profit of BD 6.669 million in comparison to BD 3.396 for the previous year, recording an increase of BD 3.273 million or 96.4%.
“We are delighted with our performance, which is testament to the great efforts put forward by the Board and Executive Management whose strategy significantly reduced the pandemic’s impacts,” Farouk Almoayyed told the general assembly.
Additionally, he continued, as earlier announced, we are in the process of acquiring the Novotel Al Dana Resort and the transaction will be completed by 30th April 2023; this acquisition demonstrates our determination to carry out the expansion strategy on a local, regional, and international level. “Following the completion of the purchase, we will be carrying out a full renovation of the resort,” he said.
“Continuing on the Chairman’s comments about the expansion of the business, our hotel in Tbilisi, Georgia, the Gulf Aquamarine Hotel, which Is located next to one of the largest waterparks in the region, Gino Paradise, will have its official opening in early May and we are already seeing a strong influx of bookings from Bahrain and the Gulf region during the summer season,” Garfield Jones, the Group’s Chief Executive, added.
