Abu Dhabi National Hotels (ADNH) press release (next post) announced 2009 H1 profit figures of AED 324.2 million, up 17.1% from 2008 H1. Figures for 2009 Q2 not supplied in press release. Presumably ADNH 09Q2 profits were down, or they made a loss. Will add summary and further figures if wanted. _________________ UAE IPO list | posting guidelines
ADNH posts AED 324m net profits, AED 950m revenues in H1
17% net profit growth over H1 2008
Abu Dhabi: Abu Dhabi National Hotels (ADNH), a leading hospitality group in the UAE with interests in hotels, transportation, travel, tourism and catering, today announced its financial results for the first half of this year. The company's H1 net profits ending 30 June 2009 reached AED 324.2 million, posting a 17.1% growth over the corresponding period of 2008. ADNH's consolidated revenues were AED 950.6 million.
Commenting on the outstanding performance, HE Saif Mohammed Al Hajeri, ADNH’s Chairman, said, "Despite the challenging environment, ADNH has continued to thrive in all of its business operations. The hotel division achieved excellent results with respect to revenues and occupancy rates for both ADNH's international brands and the Al Diar Group. Catering and General Purchasing Divisions in particular have enjoyed significant increases in business as compared to the corresponding period last year. "
"Such remarkable results were possible thanks to the consistent efforts undertaken by Abu Dhabi Tourism Authority, Etihad Airlines, and Abu Dhabi National Exhibition Center that raise the profile of the Abu Dhabi as the region's catalyst for business, tourism and the MICE sector."
This week ADNH inaugurated Al Diar Barsha Hotel Apartments, an 87 suite hotel close to Mall of the Emirates, Dubai Media City, and the American University in Dubai (AUD). The soft launch of ADNH's five star 438 room Sofitel Jumeirah Beach Hotel, part of the dynamic residential and entertainment hub known as JBR, is about to take place.
ADNH’s CEO, Richard Riley explained “ADNH will continue to expand its portfolio of properties designed to set new trends in the hospitality sector both within the UAE and the region. The construction of ADNH's Grand Canal Abu Dhabi, a JW Marriot hotel, is progressing very well and is on target for completion mid - 2010. In addition, construction of the Park Hyatt Saadiyat Island has commenced, scheduled for opening by early 2011. This development will be an integral and highly important addition to the growing number of luxury hotels in Abu Dhabi."
“With strong performance for the first six months and a positive outlook for the remainder of the year, ADNH is confident of achieving record results for 2009", Mr. Riley concluded.
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