Written by Nayla Barakat
Manama, May 10 (BNA) The Gulf Hotels Group announced on Tuesday a net profit of 2.123 million Bahraini dinars, an increase of 2.330 million Bahraini dinars over the first quarter of the previous year.
Earnings per share amounted to 9 fils compared to a loss of 1 fils in the first quarter of last year. Total comprehensive income amounted to BD 2,343 million compared to a loss of BD 157,077 for the first quarter of the previous year, an increase of BD 2,500 million.
Revenues for the first quarter amounted to BD 9.343 million compared to BD 5.198 million in the same period last year, an increase of BD 4.145 million or 79.74%.
Total equity, excluding minority interests, amounted to BD99.651 million last year, compared to BD101.829 million last year, a decrease of BD2.179 million (2.14%).
Total assets for the year to date were BD115.095 million compared to BD113.446 million in the previous year, an increase of BD1.648 million or 1.45%.
The group attributed, in a statement, the increase in net operating profit to the increase in operating income to reach BD 3.605 million.
The revenue increase came as a result of the removal of restrictions to combat the spread of Covid-19 that had an impact on the hospitality industry, an increase in associates earnings by BD415,000, dividend income of BD61,000 and an increase in rental income by BD61,000. 64,000.
The first quarter witnessed an increase of BD 1.815 million in expenses in proportion to the revenue generated
Farouk Al Moayyed, Chairman of the Board of Directors, expressed his gratitude to the government for the proactive facilities provided by the government to reduce COVID measures, after effectively addressing the epidemiological crisis that led to a sharp decrease in the number of cases as well as limiting the transmission of the virus, while maintaining the best results. Immunization practices and initiatives as well as awareness campaigns.
“It’s exhilarating how life is back to normal, and business and economics cycles are running again,” he said.
The Formula1 event brought excellent benefits to many sectors in the Kingdom; In particular, hospitality and restaurants, as strong factual evidence of the efficiency and scale of government-led tourism activities in revitalizing the local economy.
“I am also proud to announce that Gulf Hotels Group has become the first domestic hospitality group to operate in Europe, with GHG arriving in Georgia to expand its hotel management capabilities in Tbilisi. He said that we consider this as a threshold to access the European market by running a wonderful resort and water park under the brand name “Gulf Aquamarine Hotel”.
He reiterated that after the redemption, the company’s results made positive progress, thanks to the tremendous efforts of the Board of Directors and the Group’s management in constantly reducing costs while increasing revenues, as reflected in both EBIDTA and net profit. .
Garfield Jones, CEO, said that the four-star Gulf Aquamarine Hotel is located on the outskirts of Tbilisi.
“We expect the hotel, along with the adjacent water park and health center, to become a popular destination for Bahrainis as Gulf Air serves Tbilisi and the direct flight takes only 3 hours,” he said.