IFA Hotels reports $108m profit for fiscal year end

PALM JUMEIRAH: The Golden Mile. (ITP Images)

Kuwait-based IFA Hotels and Resorts announced on Sunday a KD30.85m ($108m) profit for the fiscal year ending June 2009.

The leisure firm said its revenues for the period from June 2008 to June 2009 were KD52.8m and that its total assets had increased to KD338.26m, compared to KD277.88m the previous fiscal year.

Talal Jassim Al-Bahar, vice chairman and CEO, said: “Our diversification and commitment to developing superior and differentiated international projects is the key to our continued success.

“We have focused on maintaining lucrative businesses in our existing markets and delivering quality products to our customers.”

IFA began handing over its units on the Golden Mile, Palm Jumeirah project in Dubai earlier this year and has been involved in the set up of two new hotels in Abu Dhabi under the Yotel brand, which IFA is the majority shareholder.

Ibrahim Al-Therban, chairman of IFA, said: “We believe there are still many opportunities for us as a company to explore in order to continue growing in the coming years.”

The firm has also launched projects in South Africa, Asia and Europe.

Al-Bahar said: “The year ahead is critical as we will open and hand over many residences and resorts in Dubai, Lebanon, Thailand and South Africa.  We will also be introducing new investment and lifestyle products to the market and will continue working towards maximising our shareholders’ returns.”

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