Search by Popular Categories


  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas

  • DIAMOND SPONSOR

CONSUMER NEWS

Gulf Hotels Group's Q1 revenues up 15.74pc

Apr 18, 2019 10:37 AM

Gulf Hotels Group a leading hospitality chain in Bahrain recorded a 15.74 per cent increase in its revenues during the first quarter of 2019 going up from BD8.711 million ( 22.9 million) to BD10.082 million...

Gulf Hotels Group, a leading hospitality chain in Bahrain, recorded a 15.74 per cent increase in its revenues during the first quarter of 2019, going up from BD8.711 million ($22.9 million) to BD10.082 million ($26.6 million) in the first three months.

Gross operating profit was BD3.555 million ($9.3 million), compared to BD3.074 million ($8.1 million) in the first quarter of 2018, an increase of BD 481,000 or 15.65 per cent.

Net profit during the quarter was BD2.299 million ($5.8 million), compared to BD2.892 million ($7.6 million) in the first quarter 2018, a decrease of BD593,000 ($1.5 million) or 20.51 per cent.

Earnings per share was 10 fils ($0.02) in the first quarter of 2019 compared to 13 fils ($0.03) in the first quarter last year.

The decrease in the net profit for first quarter in comparison to last year resulted from increased depreciation (BD400,000/ $1.05 million) from the new Dubai property and major projects executed in 2018, together with pre-opening expenses of the newly opened Gulf Executive Residence Juffair (BD134,000/ $353,751) which opened in January 2019 and interest costs (BD243,000/ $641,503), which are offset by better revenues which helped to reduce the overall shortfall.
 
The chairman, Farouk Almoayyed, stated that the group is now focusing on enhancing the hotel operations in Dubai, beverage operations in Sri Lanka and Gulf Executive Residence Juffair in Bahrain, in addition to the existing properties.

CEO Garfield Jones stated that the overall Q1 business in the kingdom was supported by the Formula 1 event, boosting hotel occupancies and directly benefitting the Gulf Hotel, which carries out catering activities at Bahrain International Circuit.

He further added that steps are also underway to further expand operations in Saudi Arabia during 2019. This year also represents the 50th anniversary of the Gulf Hotel which will enjoy a year full of celebratory events." - TradeArabia News Service

Premium Partners - consumer

CONSUMER NEWS

Black Tap announces home delivery service May 19, 2019 16:38 PM

Popular New York-inspired dining venue Black Tap has launched its...

Russell Peters to perform in Bahrain May 19, 2019 12:20 PM

Renowned global stand-up comedian and actor Russell Peters will...

Bahrain PM to get WHO global honour May 16, 2019 11:57 AM

The World Health Organisation (WHO) said it will honour the Premier...

Saudi Al Fouzan wins Bahrain medical city project contract May 13, 2019 09:52 AM

Saudi-based Al Fouzan Trading and General Construction Company (FTCO)...

Gulf Air offers extra baggage allowance for university students May 12, 2019 15:21 PM

Gulf Air the national carrier of Bahrain has enhanced the baggage...

King Fahad Causeway sees over 500,000 travellers in five days May 7, 2019 13:17 PM

More than half a million people crossed the King Fahad Causeway...