ADNH Reports Record Q1 Profit of AED 135m

Published May 7th, 2007 - 07:30 GMT

Abu Dhabi National Hotels, the UAE’s diversified hotel, tourism, transport and catering group, today announced record first quarter profit of AED 135 million, an increase of 83 percent over AED 73.5 million earned during the corresponding period in 2006.

H.E. Khalifa Nasser Bin Huwaileel Al Mansoori, Chairman of ADNH, attributed the sharp increase in earnings to the group’s improved performance across the main sectors such as hotels, catering, transportation which achieved impressive growth rates of 63%, 24% and 118%  respectively over the corresponding period during the previous year.

The financial report also shows that general expenses and depreciation recorded a 24% decrease, helping the company achieve the record net profits.

Al Mansoori praised the company’s performance for the first quarter, and said that there are many positive indicators that such remarkable performance will continue over the rest of the year and bring yet another set of outstanding results. “Given the higher hotel room occupancy, we are confident that this year we will achieve significant improvement in results which will help push forward the company’s growth plans.”

“At a time when the tourism sector in the region in general, and Abu Dhabi in particular, is expected to achieve rapid and significant growth, we will be working harder to promote this sector and ensure that maximum benefit is derived from every opportunity”, he concluded.

Abu Dhabi National Hotels was established more than 30 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 a range of moderate to luxury 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.

 

 


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