IFA Hotels & Resorts achieves 75 per cent profit above forecast for the year

Published September 10th, 2006 - 10:04 GMT

Talal Jassim Al-Bahar, Chairman and Managing Director of IFA Hotels & Resorts (IFA HR) announced that the company has achieved year end profits of KD 6,700 million, which amounts to 26 fils per share, yielding 75 per cent increase over the expected forecast  in the PPM.

Al-Bahar said ‘This is our first six months as a listed company and these results have exceeded the expected forecast during the time of listing at the start of this year. We are pleased with these results and equally so with the significant growth achieved by our South African subsidiary, which we announced last week. We are also pleased to announce to our shareholders share dividends of 15 per cent bonus shares in this short term period which equals to 30 per cent annualised basis since listing in January 2006.’

IFA HR is widely recognised as one of the world’s leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa. IFA HR has projects are in Dubai, Lebanon, London, South Africa, Zanzibar, Kenya and Portugal.

The positive results are attributed to the successful strategy that the company has adopted in diversifying investments and further developing its international presence. ‘We are conscious of the fact that our success has been built through mutually beneficial alliances with our world class strategic partners, and we will continue to build on these relationships in the future, especially on entering new markets. We will shortly announce expansions in Asia and further expansion into Africa,’ added Al-Bahar.

IFA HR will deliver one of it first projects in Dubai, The Palm Residence Shoreline apartments (Al Nabat and Al Haseer), to customers in the first quarter of 2007. These are among the first residential projects to be completed and handed over to owners on the trunk of the Palm Jumeirah Island.

‘We look forward to maximum growth and to the ongoing development of a varied portfolio that benefits investors and shareholders. We have confidence that next year will be a record year as promised in our forecast to our shareholders,’ concluded Al-Bahar


IFA Hotels & Resorts – www.ifahotelsresorts.com
IFA Hotels & Resorts (IFA HR) are leaders in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa

Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 1 billion, IFA HR’s main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA HR listed on the Johannesburg Stock Exchange Feb.27th 2006.


Globally, IFA HR has entered into strategic alliances and Joint- Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, a strategic alliance with RCI (part of the Cendant’s Group) and Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd, ( South Africa).

IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.


IFA HR’s Worldwide Projects:

DUBAI
IFA HR is the largest investor on The Palm Island, Jumeirah.

• Fairmont Palm Hotel & Resort – A 400 room 5 star hotel on the trunk of The Palm, Jumeirah,
• Fairmont Palm Residence - 558 luxury Apartments
(www.fairmontpalmresidence.com),
• The Palm Residence - Al Nabat and Al Haseer - two shoreline residential buildings with 246 apartments on the trunk.
• The Palm Golden Mile development - A Joint Venture with Nakheel, developers of The Palm. A  project featuring over 860 luxury apartments, 19,500 sq. meters of office space and 22,000 sq. meters of retail space comprising of boutique shops and restaurants, stretching along a 1.5 kilometre of canal side corniche. (www.thepalmgoldenmile.com)
• A Mixed-Use Resort - A 1,000 room destination on the Crescent of The Palm (adjacent to Atlantis) comprising a Hotel, Vacation Club, Residences and Private Residence Club, to be managed by Fairmont Hotels & Resorts,
• Laguna Tower – A 40 storey mixed-use tower located in the Jumeirah Lake Towers, next to the Dubai marina, comprising residential apartments and a Hotel – Residence managed by Mövenpick Hotels & Resorts, the Mövenpick Hotel & Residence Laguna Tower Dubai, in addition to retail and restaurants along the waterfront.
(www.lagunatower.com)


LEBANON

• Alabadiyah Hills - A luxurious mountainside retreat in Bhamdoun, overlooking Beirut. This 7.5 hectare project will comprise of high end residential villas, town houses, apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels.
(www.abadiyahhills.com)

• Four Seasons Hotel -IFA HR has a major share in the upcoming development.


PORTUGAL
IFA HR is the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (www.pinecliffs.com), part of Starwood’s Luxury Collection.


SOUTH AFRICA
IFA HR listed on the JSE in 2006.

• Zimbali Coastal Lakes & Resort - IFA  HR owns  a 50% share in the luxurious resort, a 680  hectare prime residential and resort estate located on the North Coast of KwaZulu-Natal. (www.zimbali.co.za)
• Zimbali Lodge - IFA HR owns the exclusive Zimbali Lodge, managed by Sun International Limited. (www.zimbalilodge.co.za)
• Fairmont Zimbali – A new 150 key resort, with 115 Apartments, 17 luxury villas and 10 Fractional ownership units to be managed by Fairmont Hotels & Resorts. (www.fairmontzimbali.com)
• Boschendal  Limited – A mixed_use resort development at this historic Cape Estate


KENYA:
• Lonrho Hotels – IFA HR has a majority stake in 5 Lonrho Hotels in Kenya (www.lonrhohotels.com)


ZANZIBAR:
• Mövenpick Resort & Spa – Zanzibar- Located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, the new resort will be re-opened in the last quarter of 2006 and will be managed by Mövenpick Hotels & Resorts. (www.zanzibarbeachresort.com)


UNITED KINGDOM:
• YOTEL – IFA HR is the majority investor in the two YOTEL hotels in Heathrow and Gatwick. (www.yotel.com)

Investment And Hospitality Products:
IFA HR programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of its product range:

• IFA - Hotels & Resorts
• IFA Properties
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA Yacht Ownership
• IFA – Residences
• IFA – Travel & Tourism

This unique product range enables IFA HR to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.

 

 


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