Written by Nayla Barakat
Manama, Mar. 27 (BNA): Gulf Hotels Group shareholders approved, during the fifty-third annual general assembly meeting, the payment of cash dividends amounting to 5.65 million Bahraini dinars for the year 2022.
The General Assembly meeting was chaired by the Chairman of the Board of Directors, Farouk Yousef Almoayyed, and was attended by members of the Board of Directors and the Executive Management.
GHG achieved total operating income of BD 31.395 million compared to BD 23 million in 2021, an increase of BD 8.394 million or 36.5%. The group achieved a net profit of BD 6.669 million compared to BD 3.396 for the previous year, recording an increase of BD 3.273 million or 96.4%.
Farouk Almoayyed told the General Assembly, “We are pleased with our performance, which is evidence of the great efforts made by the Board of Directors and the Executive Management, whose strategy significantly reduced the effects of the epidemic.”
In addition, he continued, as previously announced, we are in the process of acquiring the Novotel Al Dana Resort and the transaction will be completed by April 30, 2023.
This acquisition demonstrates our intention to implement an expansion strategy at the local, regional and international levels.
“After the purchase is completed, we will do a complete renovation of the resort,” he said.
Group CEO Garfield Jones said: “Continuing on the Chairman’s comments about business expansion, our hotel in Tbilisi, Georgia, Gulf Aquamarine Hotel, which is located next to one of the largest water parks in the region, Gino’s Paradise, will officially open in early May and we are already seeing A strong influx of bookings from Bahrain and the Gulf region during the summer season.”