Jordan: Zara Investment (Holding) Company posts 20% increase in its consolidated gross operating revenues
Zara Investment (Holding) Company announced the financial results of its operations for the first half of 2010. The interim results were reviewed by the auditors Ernst & Young. Zara reported consolidated gross operating revenues of JD 44.1 million for the first half of 2010, an increase of 20% as compared to the first half of 2009; consolidated net operating profits of JD 15.5 million increased 14.4% over the same period of 2009, and consolidated net profit attributable to shareholders of JD 4.9 million increased 10.7% over the same period of 2009.
«Our results for the first half of 2010 demonstrate the ability of our team to deliver solid operational performance in a challenging economic environment»,
said Sabih Masri, Chairman of the Board of Directors. Masri added «the results of the first half of 2010 are consistent with our expectations that are in line with our strong historical growth trends.»
The growth in revenue coincides with the opening of the state of the art award-winning Zara Spa at Movenpick Resort and Spa Tala Bay Aqaba, which took place during the second quarter of 2010. In addition, during the first half of 2010 Zara Investment Holding marked the completion of several key projects at its properties that are aimed at introducing alternative environmental friendly sources of energy in order to enhance efficiency while lowering operational costs. During the second quarter of 2010, Zara also finalized all the necessary requirements to obtain ISO 22000 food safety certification in all of its properties, making it the first hospitality company in Jordan with such certification.