Abu Dhabi National Hotels (ADNH) announced a net profit of AED332 million (some US$90 million) for the year 2005 compared to AED237 million in 2004, an increase of AED95 million representing 40 per cent growth over last year.
Total assets increased from AED2.132 billion to AED2.995 billion. The Shareholder’s Equity increased from AED1.729 billion to AED2.618 billion.
“We are pleased with the increase of the net operating profit generated from the Company’s core business” said H.E. Khalifa Nasser Bin Huwaileel Al Mansoori, Chairman of Abu Dhabi National Hotels. “Several key factors have had a positive impact on its robust performance; notably the overall growth of the domestic economy, the attraction of Abu Dhabi as a growing key business and the leisure destination. The balanced economic policies adopted by the UAE have played a major role to achieve this year’s excellent results.”
He added that ADNH intends to continue its efforts of delivering superior results and developing quality businesses that compete fully in the modern market place whilst honouring the rich cultural heritage of the UAE.
Abu Dhabi National Hotels was established more than 20 years ago and since then has grown in both size and diversity into a quality, broad-based hotel, tourism, transport and catering group. ADNH interests include 3, 4 and 5 star hotels in addition to Sunshine Tours and its transportation business Al Ghazal. In addition, ADNH has a joint venture with the catering and services company Compass, covering its respective catering operations in the Middle East under the banner ADNH/Compass.
