IFA Hotels & Resorts achieves record profits of $143 million

Dubai: IFA Hotels & Resorts (IFA HR) announced year-end profits of KD37.46 million ($143 million), which is 111 fils per share (42 cents per share), an increase of 64 per cent compared to the same period last year.

According to Talal Jassim Al-Bahar, the company's chairman and managing director, total revenues have increased to $211.47 million during 2008 compared to $113.88 million in 2007, an increase of 86 per cent.

Shareholders' equity also increased to $256.63 million compared to $183.05 in 2007. The company's total assets increased by 35 per cent to total $1.057 billion for the current year. The board of directors also announced to its shareholders share dividends of 20 per cent bonus shares for this period.

The growth can be attributed to the strategic direction of the company by expanding in several key markets in the Middle East and South Africa, with a good outlook for its investments made last year in the Indian Ocean region, Europe and the United States.

"These record results where achieved through completing the first phase of our strategy of concentrating on emerging markets and ensuring strong presence in those markets. The future will see IFA Hotels & Resorts entering additional new markets," said Al-Bahar.