ADNH records 20 percent net profit increase for 2003
Abu Dhabi National Hotels (ADNH) recorded a 20 percent net profit increase during 2003 reaching 210 million Emirati dirhams ($57 million).
The company announced its highest ever revenue of Dh 1.049 billion last year compared with Dh 584 million for the year 2002, a growth of 79.6 percent. Basic earnings per share grew in 2003 to Dh 7.97 from Dh 6.43 the previous year, up 24 percent.
The company's shareholder equity also grew by 12.7 percent to Dh 1.3 billion from Dh 1.183 billion for last year. The General Assembly considered a proposed dividend of 50 percent and to the increase in capital for the company from Dh 264 million to Dh 300 million by the issue of bonus shares, an increase of 13.6 percent.
ADNH was established more than 20 years ago and since then has developed into a broad based hotel, tourism, transport and catering group. The company's interests include 3, 4 and 5 star hotels in addition to Sunshine Tours and its transportation business Al-Ghazal. — (menareport.com)
© 2004 Mena Report (www.menareport.com)