Abu Dhabi National Hotels boosts profits
Abu Dhabi National Hotels has announced profits of Dhs332 million (US$90.39 million) for the year 2005, an increase of 40 per cent compared to 2004. The annual general assembly also approved the recommendation of the board to allow expatriates to buy shares of the company, up to a maximum of 25 per cent of issued share capital.
The basic earning per share reached Dhs0.92 compared with Dhs0.66 in 2004. Total shareholders’ equity reached Dhs2.6 billion compared to Dhs1.7 billion in 2004, representing growth of 50 per cent.
The group’s international hotels achieved profit growth of 43 per cent. The occupancy at Al Diar hotels reached 90 per cent, which helped generate a 55 per cent leap in profits for the Al Diar brand.
ADNH signed a hotel management agreement in 2005 with ACCOR to operate its 450-room property in Jumeirah, Dubai under the Sofitel brand. Plans to build a new property on the site of the Gulf Hotel in Abu Dhabi were also announced last year. The project is valued at Dhs500 million.
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