Gulf Hotels
GHG
GHG
Gulf Hotels Group (GHG) announced its financial statements yesterday, reporting a growth in total gross operating revenue by 6.26% or BHD 1.445 million to BHD 24.534 million in the nine-month period ending September 30, 2014, against BHD 23.089 million during the corresponding period of 2013, reported Gulf Daily News.
GHG’s net profit amounted to BHD 9.465 million in the first nine months of 2014, compared to BHD 8.076 million in the same period a year earlier, rising 17.20% or BHD 1.389 million. Furthermore, the Group‘s total gross operating revenue reached BHD 6.628 million in the third quarter of 2014, compared to BHD 6.805 million in the corresponding period a year earlier, dropping 2.60% or BHD 176.92 THD. Net profit stood at BHD 1.897 million in the third quarter this year, compared to BHD 2.176 million in the same period of 2013, losing 12.85% or BHD 279.64 THD.
GHG Chairman Farouk Almoayyed said that “The financial results indicate a considerable growth in business levels and continued emphasis on cost management had the effect of maximizing revenue conversion in maintaining healthy profit levels.”
Almoayyed revealed that the Group has started the development of the 230-room and is scheduled to begin mid-2015 and be completed by the end of 2017.
The construction of a new 3100 sqm spa is also expected to be completed by mid-2015, GHG Chief Executive and Board Member Aqeel Raees noted, adding that the new 134-seat Indian Restaurant within the Gulf Hotel will be inaugurated by November 30, 2014.
The development of the Gulf Residence Amwaj in collaboration with Lona Real Estate is about to be completed and the 173-unit four-star apartment-hotels will be opened by mid-2015, Raees said.
'Refurbishment of the South Wing building and the Gulf Executive Residence has been completed,' Raees highlighted, adding that 'The soft refurbishment of the Tower Block rooms will also commence in the beginning of 2015.'
Worth noting, GHG is currently developing a 108-unit serviced apartment facility in Juffair and construction expected to start mid-2015 and will be inaugurated by end of 2016, according to Raees.
GHG’s net profit amounted to BHD 9.465 million in the first nine months of 2014, compared to BHD 8.076 million in the same period a year earlier, rising 17.20% or BHD 1.389 million. Furthermore, the Group‘s total gross operating revenue reached BHD 6.628 million in the third quarter of 2014, compared to BHD 6.805 million in the corresponding period a year earlier, dropping 2.60% or BHD 176.92 THD. Net profit stood at BHD 1.897 million in the third quarter this year, compared to BHD 2.176 million in the same period of 2013, losing 12.85% or BHD 279.64 THD.
GHG Chairman Farouk Almoayyed said that “The financial results indicate a considerable growth in business levels and continued emphasis on cost management had the effect of maximizing revenue conversion in maintaining healthy profit levels.”
Almoayyed revealed that the Group has started the development of the 230-room and is scheduled to begin mid-2015 and be completed by the end of 2017.
The construction of a new 3100 sqm spa is also expected to be completed by mid-2015, GHG Chief Executive and Board Member Aqeel Raees noted, adding that the new 134-seat Indian Restaurant within the Gulf Hotel will be inaugurated by November 30, 2014.
The development of the Gulf Residence Amwaj in collaboration with Lona Real Estate is about to be completed and the 173-unit four-star apartment-hotels will be opened by mid-2015, Raees said.
'Refurbishment of the South Wing building and the Gulf Executive Residence has been completed,' Raees highlighted, adding that 'The soft refurbishment of the Tower Block rooms will also commence in the beginning of 2015.'
Worth noting, GHG is currently developing a 108-unit serviced apartment facility in Juffair and construction expected to start mid-2015 and will be inaugurated by end of 2016, according to Raees.
Source:
Mubasher
