Abu Dhabi hotel group reports Dh477m profit

Dubai: Abu Dhabi National Hotels (ADNH), the UAE's leading hospitality group with interests in hotels, transport, catering and tourism, yesterday reported a 63 per cent jump in net profits to Dh477 million in 2007, up from Dh292.5 million in 2006, a statement said.

The company's total revenue increased 12 per cent from Dh1.2 billion in 2006 to Dh1.3 billion. Net annual operating profits jumped more than 36 per cent from Dh265 million in 2006 to Dh363 million in 2007. Non-operational profits increased from Dh27 million in 2006 to Dh114 million last year. Earning per share grew from 0.41 fils in 2006 to 0.66 fils.

ADNH noted the company's achievements in 2007 and said that there are several positive indicators that the current year will bring more outstanding results and more value to the company's shareholders.

"The company has attributed the sharp increase in profits as well as revenues to the group's excellent performance in all divisions and sectors," it said.

ADNH is going through a phase of significant growth now with several new hotels under development. Sofitel Jumeirah and Al Diar Barsha are scheduled to open this year in Dubai and three world-class hotels are being developed in Abu Dhabi - JW Marriott Resort & Spa, Saadiyat Island and Capital Centre.

"These projects will reinforce ADNH's commitment to developing the hospitality sector and raise the profile of UAE as a regional hub for tourism and business alike," the statement said.

ADNH was established more than 30 years ago and since then has grown in both size and diversity into a quality, broad-based hotel, tourism, transport and catering group.

Its interests include a range of moderate to luxury hotels in addition to ADNH Travco, the company's travel and tourism arm and its transportation business Al Ghazal.