Jordan: Zara Investment (Holding) Company reports 2009 interim financial results
Zara Investment (Holding) Company (Ticker: Zara) announced the reviewed financial results of its operations for the first half of 2009. Zara reported consolidated gross operating revenue of JD 36.7 million for the first half of 2009, a decrease of 2.5% as compared to the second quarter of 2008; consolidated gross operating profits of JD 13.6 million declined 11.4% over the same period of 2008, and consolidated net profit of JD 4.4 million declined 31% over the same period of 2008.
The first half of 2008 represented one of the best financial periods in the company’s history where revenues recorded an outstanding growth of 40% over the previous year. With this in mind and in light of the economic and financial climate locally and worldwide, the first half results of 2009 as benchmarked against a record breaking year demonstrate the robustness and resilience of the hotel operations of Zara.
"I am proud of the accomplishments of our people in continuing to deliver solid operational results in light of the significant impacts of the economic environment," said Sabih Masri, Chairman of the Board of Directors. "Our investments in carefully developing hotels and resorts in various strategic locations within the Kingdom of Jordan coupled with our successful alliances with top hotel operators have allowed us to build what is considered by many to be one of the best networks of hotels in our industry. We will continue to vigilantly protect our leadership position through enacting careful policies and procedures aimed at protecting our investments while always making sure to meet the needs for quality and excellent service by our guests and stakeholders.”
Stemming from its belief in its ability to weather the repercussions of the prevailing economic and financial crisis, Zara has announced earlier this summer the completion and opening of its seventh 5-star hotel on the southern shores of the red sea in Aqaba.
This hotel is slated to be opened in August 2009 and to be managed by Movenpick Hotels and Resorts. Zara has also embarked on an ambitious refurbishment and renovation programs at all of its hotels.