Gulf Hotels Group Announces a Net Profit of BD 9.197 Million in 2015
Chairman Mr. Farouk Almoayyed Announces the Financial Results
At the Annual General Meeting
Shareholders Approve a Cash Dividend of 30%
Manama, Kingdom of Bahrain: Gulf Hotels Group’s forty sixth Annual General Meeting was held on Monday March 14, 2016 at 12:00 noon in Awal 3 Ball room of the Gulf Hotel.
The Annual General Meeting was presided by the Group’s Chairman, Mr. Farouk Y. Almoayyed, while representatives from the Ministry of Commerce, Central Bank of Bahrain, Auditors Ernst and Young and Share Registrars Karvy Computer Share were also present.
The Chairman stated that the Group has managed to achieve a net profit of BD 9.197 million in 2015, a decrease of BD 2.080 million or 18.44% on 2014 and the Group managed to achieve a total Gross Operating Revenue of BD 32.370 million compared to BD 33.311 million in 2014, a decrease of BD 0.941 million or 2.82 % for the year.
Mr. Almoayyed added that based on the results, the Shareholders approved a dividend payout of 30% or 30 fills per share, totaling BD 5,208,163. In addition Director’s fees of BD 205,000, Charity Reserve Expenses of BD 225,823 and BD 10,000 towards National Promotional activities were also approved.
Mr. Almoayyed expressed his thanks to Chief Executive Officer and Director, Mr. Aqeel Raees, and executive management for continuously upholding an excellent standard of service, while diversifying the Group’s activities.
Mr. Almoayyed stated that GHG is pleased to announce the submission of its voluntary conditional offer for the acquisition of 100% of the shares of Bahrain Tourism Company BSC (BTC). The offer was submitted to BTC’s Board of Directors on Sunday March 13, 2016 and was prepared in compliance with the Central Bank of Bahrain’s Takeovers, Mergers & Acquisitions (TMA) Module of Rulebook Volume 6.
Mr. Almoayyed confirmed that the company has commenced the development of the 224 rooms, five star Gulf Hotel Business Bay in Dubai, a waterfront property located 1.5km from Burj Khalifa and Dubai Mall, which is now in design stage with construction expected to commence late -2016 and be completed late-2018.
CEO Director Mr. Aqeel Raees added to Mr. Almoayyed’s comments and expressed his satisfaction with the results taking into consideration these testing market conditions. On the expansion of the Group into the stand-alone restaurant market, he further added that the company has acquired Block 338 in Adliya Tourism Zone and is developing plans for a multi-unit restaurant and leisure facility. Construction is expected to commence very soon.
He further stated that the development of the Gulf Residence Amwaj in conjunction with Lona Real Estate is nearing completion and the 173 unit; four star apartment-hotels will also open soon.
He continued stating that the construction of the new Spa is almost ready and it is ready to welcome the guests soon. GHG is currently developing a 108 unit serviced apartment facility in Juffair, with construction expected to commence by the end of quarter one of 2016 and take 18 months to complete.
He continued stating that with a target to remain competitive in the market, the renovation of Gulf Executive Residence, Tower block and South wing were completed and opened for business and the feedback on the refurbishment has been very positive.
He also stated that The K Hotel cemented its position as the leading 4 star hotel in Bahrain, recording high occupancy levels and a strong average rate, resulting in a Net Operating Profit that exceeded 2014.
Mr. Raees concluded by expressing his appreciation towards the management and staff of all of the Group’s divisions whose hard work and efforts have contributed towards achieving these positive results in difficult times. He also stated that the success of any company comes down to its customer base, thanking the Groups valued customers for their continuous support.
GULF HOTELS GROUP B.S.C. PRESS RELEASE