IFA Hotels & Resorts has announced a 64% rise in annual profits to US$143 million and company assets up 35% to US$1.057bn. The board of directors also announced to its shareholders share dividends of 20 % bonus shares for this period.
The growth can be attributed to the expansion into several key markets in the Middle East and South Africa, with a good outlook for its investments made last year in the Indian Ocean region, Europe and the United States.
Talal Jassim Al-Bahar, Chairman of IFA Hotels & Resorts said: “These record results were achieved through completing the first phase of our strategy of concentrating on emerging markets and ensuring strong presence in those markets. The future will see IFA Hotels & Resorts entering additional new markets.”
Last year, in the Middle East, another joint venture was formed with Nakheel with the acquisition of two plots of land adjacent to IFA’s Kingdom of Sheba resort.
In August 2007, IFA expanded its South African portfolio by entering the wildlife hospitality market after acquiring a 50% stake in the Legend Golf & Safari Resort, located in South Africa’s Limpopo Province. The Big Five (lions, elephants, buffalos, leopards and black rhinoceros) roam freely on the 220 million square metre development, which also includes an 18-hole championship golf course with each hole endorsed by the signature of one of the world’s top professional golfers, a golf academy and an internationally branded five-star hotel. The company also re-opened its Fairmont Zanzibar property.
In Europe, IFA HR opened its second YOTEL hotel in the UK’s Heathrow Airport, announced the entry of YOTEL into Amsterdam Airport Schiphol, its first project in the Netherlands set to open during September this year. Global expansion continued by entering North America by completing a $300 million dollar hotel deal to be built in Central Manhattan.