Abu Dhabi hotels posts record profit

Abu Dhabi National Hotels (ADNH) has reported annual net profit of AED 477 million for 2007, registering a 63 percent year-on-year increase, from AED 292.5 million earned in 2006.  The company has attributed the sharp increase in profits as well as revenues to the Group’s excellent performance in all divisions and sectors.

Announcing the preliminary financial results for 2007, which ended on 31st December, ADNH said total revenue increased 12 per cent from AED 1.2 billion in 2006 to AED 1.3 billion. Net annual operating profits jumped more than 36 per cent from AED 265 million in 2006 to AED 363 million in 2007. Non-operational profits increased from AED 27 million in 2006 to AED 114 million last year. Earning per share grew from 0.41 fils in 2006 to 0.66 fils.

ADNH noted the company’s achievements in 2007 and said that there are several positive indicators that the current year will bring more outstanding results and more value to the company’s shareholders.
ADNH is going through a phase of significant growth now with several new hotels under development. Sofitel Jumeirah and Al Diar Barsha are scheduled to open this year in Dubai and three world-class hotels are being developed in Abu Dhabi—JW Marriot Resort & Spa, Saadyat Island and Capital Centre. These projects will reinforce ADNH’s commitment to developing the hospitality sector and raise the profile of UAE as a regional hub for tourism and business alike.