News & Press Releases
Gulf Hotels Group announces its financial results for Q1 ended 31st March 2023
With an increase of 45.3%
Manama:- Gulf Hotels Group – hospitality pioneer in Bahrain – reported today its Net Profit for the first quarter 2023 of BD 3.085 million compared to Net Profit of BD 2.123 million for the first quarter 2022, an increase of 45.3% or BD 963K.
Earnings per share are 14 fils compared to 9 fils in the first quarter of last year.
Total comprehensive income of BD 2.770 million compared to BD 2.343 million for the first quarter of the previous year, with an increase of BD 427K 18.2%..
Revenue for the first quarter is BD 8.785 million, compared to BD 7.855 million for the same period last year, with an increase of BD 931K or 11.8 %.
The total equity (excluding minority interests) for the year was BD 100.706 million compared to BD 103.603 million last year, with a decrease of BD 2.897 million or 2.80 %.
The total assets for the YTD reached BD 114.029 million compared to BD 111.795 million in the previous year, with an increase of 2.234 million or 2 %.
The increase in the net operating profit is due to an increase in operational revenues of BD 931K resulting from an improvement in both the hospitality and retailing division’s performance compared to last year and an increase in Other/rental income by BD 118K against last year. Also, interest income increased compared to last year by BD 167K due to fixed term deposits and dividend income increased by BD 70K. On the other hand, share from associates reduced against last year by BD 30K there was a proportionate increase in operational expenses of BD 354K, in line with revenues generated.
Chairman to the Group, Mr. Farouk Almoayyed commented: “Q1 2023 has seen a continuation of the Q4 2022 post-COVID recovery in the MICE sector which has helped the Group grow revenues by almost 12% on last year, despite the impact of Ramadan on March performance, however, with greater efficiency in the operation, this has converted into a 45% NOP growth. Our direct operation of the Crowne Plaza hotel under a franchise agreement has also seen us deliver more than 300% profit growth from that property”.
He further added “ with the purchase of the Novotel Al Dana Resort to be completed by the end of May and the finalizing of a contract to manage a 191-bedroom four star in the Seef District, the Group expects to consolidate its strong performance during the remainder of 2023”.
Mr. Garfield Jones – Group’s CEO – elaborated: “Our management team has remained very focused in controlling variable costs and delivering a strong bottom line in Q1. They have also been working on a number of refurbishment projects including the lobby and lounges at the Gulf Hotel and the upgrading of the Crowne Plaza lobby and food & beverage outlets, at a combined cost of more than BD3 million, both of which are expected to commence towards the end of 2023. Preparations have also been completed to integrate the Novotel Al Dana Resort into the Group.”
The full set of financial statements and the press release are available on Bahrain Bourse’s website.
About Gulf Hotels Group
Gulf Hotels Group BSC is a public limited liability company quoted on the Bahrain Stock Exchange incorporated in 1967, under the name of Bahrain Hotels Company. The Group is chaired by Mr. Farouk Almoayyed and is led by a Board of distinguished, well-established and influential businessmen. The vision of the then Bahrain Hotels Company was to provide a standard of hospitality unrivalled on the Island, which was duly delivered with the opening of Bahrain’s first 5 star property, the Gulf Hotel. 55 years later, this philosophy remains the same although the Group has continually expanded and upgraded its services to meet the modern day demands