By Andy Sambidge
Abu Dhabi National Hotels says total group revenues reached $495m last year
Abu Dhabi National Hotels (ADNH) has said that its total group revenues for 2011 increased by four percent to AED1.819bn ($495m).
Gross profits increased by 18 percent to close at AED356m while net profit for the year reached AED263m, the hospitality company said in a statement.
The statement added that the company's total assets stood at AED10.086bn as on December 31 2011.
According to its financial report, ADNH has seen a strong performance and steady growth, led by the retail, catering and transport divisions.
The hotel division, which encompasses prominent internationally branded hotels owned by the company as well as ADNH-developed, owned and managed Al Diar Group, accounted for AED653m of revenues.
Solid performance by the company's catering division, ADNH Compass, saw revenues of AED802m for the year representing a six percent growth compared to 2010, the company added.
The company's transport division, Al Ghazal Transport, also demonstrated solid performance by delivering a net profit of AED20.5m for the year.
Salem Mohamed Athaith Al Ameri, chairman of ADNH, said: "The solid operating performance by the company bears witness to the underlying strength of the organisation, and the challenging market conditions with unprecedented growth in hotel inventory in the city make us more determined to keep the momentum going in 2012."
He added that it was a company priority to deliver its flagship property, the Ritz-Carlton Abu Dhabi Grand Canal to the market in mid-2012.
Richard Riley, CEO of ADNH, added: "As we work confidently through 2012, ADNH will continue its commitment to excellence across the varied hospitality sectors it represents in Abu Dhabi and region-wide."For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.