Abu Dhabi National Hotels profit doubles

The hotel company's first half profits surge to double last year's effort for the same period.
Abu Dhabi National Hotels profit doubles
By Chris Jackson
Sun 29 Jul 2007 12:26 PM

Abu Dhabi National Hotels pocketed AED262 million ($71.3 million) in the first half this year - up AED130.5 million ($35.5 million) on the same period last year.

ADNH chairman HE Khalifa Nasser Bin Huwaileel Al Mansoori credited the increase to the group's improved performance across the hospitality industry, with the hotel sector growing by 38%, catering increasing by 10% and transportation up 72%.

The group also recorded a 27% drop in general expenses and consumption.

"Room occupancy during this summer has increased significantly, and we expect this to reflect positively in our third quarter financial results," he said.

"Catering is also experiencing a remarkable growth within and outside the UAE."

Looking ahead, Al Mansoori said construction of the Sofitel Jumeirah Hotel was almost complete, with the property planned to be handed over by the end of the year.

"ADNH has also signed a management contract for Al Diar Barsha Hotel in Dubai," he added.

"Both these projects emphasise our strategy and commitment in promoting tourism across the country, and our active contribution to the UAE econonmy."

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