News & Press Releases
Gulf Hotels Group announces its financial results for the year ending in 2022
With a net profit of BD 6.669 million
Manama: Gulf Hotels Group (GHG) – CR 950 announced today its financial results for the year ended
31st December 2022.
The Group achieved a net profit of BD 6.669 million for the year ended 31st December 2022 compared to BD 3.396 for the previous year recording an increase of 96.4%. The earnings per share is 30 fils compared to earnings per share 15 fils during the same period in 2021.
The Company has achieved the following, during the fourth Quarter of 2022:
Net Profit of BD 2.557 million compared to a profit of BD 3.194 million in the fourth quarter of the previous year, with a decrease of 19.94%.
The earning per share is 11 fils compared to 14 fils in the fourth quarter of last year.
Total comprehensive income of BD 2.301 million compared to BD 3.188 million for the fourth quarter of the previous year, with decrease in profit of 27.9%.
Revenue for the fourth quarter was BD 9.449 million, compared to BD 7.673 million for the same period last year, with an increase of BD 1.776 million or 23.1%.
The decrease in the net profit for the fourth quarter in comparison to the same period last year resulted mainly from Impairment reversal of BD 1.732 million in last year.
The company has achieved the following, during the twelve months of 2022:
Net Profit of BD 6.669 million compared to a net profit of BD 3.396 million in the twelve months of the previous year, with an increase of BD 3.273 million or 96.4%
The earnings per share are 30 fils compared to 15 fils in the twelve months of the last year.
Total comprehensive income of BD 6.328 million compared to a profit of BD 3.519 million for the twelve months of the previous year, with an increase in profit of BD 2.809 million or 79.8%.
Revenue of BD 31.395 million, compared to BD 23.001 million for the same period last year, with an increase of BD 8.394 million or 36.5 %.
The total equity (excluding minority interests) during the twelve-months was BD 103.603 million compared to BD 101.829 million at the end of last year, with an increase of BD 1.773 million or 1.7 %.
The total assets for the YTD reached BD 111.795 million compared to BD 113.446 million at end of the last year, with a decrease of BD 1.652 million or 1.5 %.
The increase in the Net Profit for the twelve months in comparison to the same period last year resulted mainly from an increase in revenue of BD 8.394 million from the core business of the Group, increase in profit from associates of BD 693,599; increase in dividend income of BD 67,116; BD 819,228 from the sale of owned land, increase in management fees by BD 152,412 and BD 172,473 increased in restaurants & office/ shops rental. While last year GHG enjoyed a government support of BD 365,145 and impairment reversal on PP&E of BD 1.732 million. On the other hand, Operation expenses have increased proportionately of BD 6.084 million with the increase in revenue and Depreciation reduced by BD 734,000. The positive increase in net profit is largely attributable to the improvement of the travel & tourism sectors post the pandemic in addition to the Group’s tight controls on cost. Henceforth, and in view of the Groups’ solid financial performance, The Board of Directors recommended a cash dividend of 25% equivalent to 25 fils per share (BD 5,649,872 million) subject to shareholders’ approval at the Annual General Meeting against an approved 20% equivalent to 20 fils per share (BD 4,519,871 million) in 2021.
Mr. Farouk Almoayyed, Chairman of Gulf Hotels Group, commented: “We are pleased with our positive results which continue to progress thanks to the efforts of the Board and the Group’s Executive Management whose strategies contributed highly to reducing the impact of the pandemic. Additionally, we remain dedicated to executing our expansion strategy locally, regionally, and internationally.”
Chief Executive Officer at the Group, Mr. Garfield Jones commented: “2022 was a challenging but positive year with the continued recovery from the pandemic period and the return of the MICE market in the second half of the year. Our restaurant brands continue to go from strength to strength, picking up several awards and with “Fusions by Tala” recently being awarded the best restaurant in Bahrain and 3rd position in the Middle East North Africa 50 Best Restaurants 2023.”
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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.
The full set of financial statements and the press release are available on Bahrain Bourse’s website.