Business | Tourism
ADNH approves proposal to raise firm's capital to Dh1b
The Abu Dhabi National Hotels (ADNH) shareholders yesterday approved a proposal to increase the company's capital from Dh720 million to Dh1 billion by issuing bonus shares, the company said in a statement.
- Staff Report
- Published: 00:45 April 25, 2008
Dubai: The Abu Dhabi National Hotels (ADNH) shareholders yesterday approved a proposal to increase the company's capital from Dh720 million to Dh1 billion by issuing bonus shares, the company said in a statement.
The company held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) at the Abu Dhabi Sheraton Hotel and Resort, also approved a proposal to pay cash dividend of 20 per cent for 2007.
The board also approved the shareholders' proposal to increase the number of board members from 8 to 9. It now includes Saif Mohammad Al Hajeri as chairman, Ahmad Khalaf Al Otaiba as vice-chairman, and Shaikh Ahmad Mohammad Bin Sultan Surour Al Daheri, Mohammad Thaloob Al Diree, Hamad Abdullah Al Shamsi, Hamad Bin Kardous Al Ameri, Ala'a Oraikat, Khamis Mohammad Buharoon and Khalid Hajji Abdullah Khoury as members.
Figures
ADNH earned operating profits of Dh460 million on revenues of Dh1.321 billion, an increase of over 23.3 per cent and 10.5 per cent respectively over 2006.
The net profit has increased from Dh292.5 million in 2006 to Dh471.7 million, a sharp growth of 61.2 per cent.
This is largely due to the increase of non-operational income from Dh27.2 million in 2006 to Dh124 million in 2007.
The hotel division led the growth in profits with a 37.4 per cent increase to Dh323.4 million from Dh235.4 million in 2006. The catering and contract services achieved a 7.4 per cent increase in profits to Dh51.7 million compared with Dh48.1 million in 2006, followed by the transport services which showed an increase of 6 per cent with net profit of Dh6 million in 2007 compared with Dh5.6 million in 2006.
During 2007, ADNH signed a contract to manage JW Marriot Hotel and Resort, the first Marriott property in Abu Dhabi. The year also saw the completion of the main stages of construction of the 450-room Sofitel Jumeirah Hotel in Dubai, which is due to open in 2008.
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