ADNH net profit jumps 100 percent
Abu Dhabi National Hotels (ADNH) has recorded record profits of AED 262 million ($71 million) for the first half of this year, a 100 percent increase over AED 131.5 million earned during the corresponding period in 2006.
H.E. Khalifa Nasser Bin Huwaileel Al Mansoori, Chairman of ADNH, attributed the sharp increase in earnings to the group’s improved performance across the main sectors of the hospitality industry, such as hotels, catering and transportation which posted a growth of 38 percent, 10 percent and 72 percent respectively, over the first half of last year. The financial report also shows that general expenses and consumptions have recorded a 27 percent decrease, helping the company achieve the record net profits.
Al Mansoori praised the company’s performance and attributed the impressive results to ADNH Board’s strategy, the management and employees’ commitment, and support received from government bodies particularly Abu Dhabi Tourism Authority (ADTA).
‘Room occupancy during this summer has increased significantly, and we expect this to reflect positively in our third quarter financial results. Catering is also experiencing a remarkable growth within and outside UAE,’ said Al Mansoori.
Al Mansoori added that the current financial results, together with the new hotel and resort projects undertaken by ADNH, such as JW Marriott Resort & Spa in Abu Dhabi, a five-star hotel and resort in Al Saadiyat Island and a business hotel in the Capital Center project in Abu Dhabi, all underline the company’s progression into a new era of profit and asset growth.
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‘The construction work of Sofitel Jumeira Hotel is about to be completed and will be handed over by the end of this year. ADNH has also signed a management contract for Al Diar Barsha Hotel in Dubai. Both these projects emphasize our strategy and commitment in promoting tourism across the country and our active contribution to the UAE economy,’ concluded Al Mansoori.
Abu Dhabi National Hotels was established more than 25 years ago and since then has grown in both size and diversity into a quality, broad-based hotel, tourism, transport and catering group. ADNH interests include a range of moderate to luxury hotels in addition to Sunshine Tours and its transportation business Al Ghazal. In addition, ADNH has a joint venture with the catering and services company Compass, covering its respective catering operations in the Middle East under the banner ADNH/Compass.
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