Abu Dhabi – Mubasher: Abu Dhabi National Hotels (ADNH) has reported a 2% year-on-year increase in net profits for the first half of 2019.

Net profit reached AED 145 million during the six-month period ended 30 June 2019, versus AED 142 million in H1-18, the hospitality firm said in a statement to the Abu Dhabi Securities Exchange (ADX).

The company has generated AED 690 million in revenue for H1-19, up 14% from AED 606 million in the corresponding period of 2018.

The increase in revenue was mainly driven by ADNH’s acquisition of five new hotels in Dubai during the six-month period.

Accordingly, the company has logged AED 42 million in net bargain purchase on acquisition of new hotels.

ADNH previously reported a 3% drop in profits for Q1-19, recording a net profit of AED 94.8 million, versus AED 97.3 million in Q1-18.