Abu Dhabi National Hotels posts 1.7% rise in 2023 net profit

Dubai: Abu Dhabi National Hotels posted a 1.7 per cent growth in its 2023 net profit, aided by the hotel, tourism, transport and catering group recording a 12 per cent growth in consolidated revenue.

The owner of Ritz-Carlton, Sheraton, Le Meridien, and Hilton hotels in Abu Dhabi saw its net profit amounting to Dh422 million during the year ended December 31, while revenue rose to Dh1.63 billion.

“The above increase in net profit was achieved after incurring liquidated damages for early termination of management agreements of five hotels in Dubai, which amounted to Dh101 million,” the company said in a statement.

“Effective January 1, 2024, the hotels will be operated by the group under franchise agreement and brands of Marriott and Kempinski.” It added that its hotel segment reported a net profit of Dh342 million in 2023.