Abu Dhabi National Hotels (ADNH), the leading UAE-based hospitality group with interests in hotels, tourism, transport and catering, has reported an increase in its total revenues and operating profits for the first nine months of the year.
The company’s revenues for the January – September period this year reached AED 1.24 billion compared to AED 945.6 million registering a growth of 31.13 percent. Operating profits were AED 326.6 million compared to AED 259. 2 million for the same period last year, registering a 26 percent increase. ADNH’s net profit for the same period was 291.5 million compared to AED 327.8 million in 2007.
In a statement to the ADX (Abu Dhabi Stock Exchange), ADNH said the Company’s key operations have expanded significantly. Net profit growth at the international hotels under the ADNH portfolio (which includes the Sheraton Abu Dhabi Hotel & Resort, Hilton Abu Dhabi and Le Meridien, among others) grew 34 percent while the Al Diar chain of hotels under ADNH, reported net profit growth of 39 percent for the January – September period as net profits increased from AED 163 million to AED 219 million at the international hotels, and AED 56 million and AED 78 million at the Al Diar chain.
Occupancy rates increased from 78 percent at both the above categories of hotels in the first three quarters of 2007, to 80 percent for the Company’s international hotels and 87 percent for the hotels under the Al Diar umbrella as compared to the corresponding period last year.
Revenues from catering operations decreased from AED 61.4 million last year to 51.4 million this year. Net profits for Al Ghazal Transport, the ADNH subsidiary for transport operations fell from AED 12.6 million in the first three quarters of 2007 to AED 4.5 million due to costs associated with the startup of the franchisee taxi operations this year. ADNH’s other operations, however, recorded a sharp increase of 44 percent in the first three quarters, to reach AED 22.7 million.
