Flip through the latest issue of Gulf Weekly.
Gulf Hotels Group (GHG), the owners of the Gulf Hotel Bahrain and shareholders and operators of the Ocean Paradise Resort in Zanzibar, has announced a net profit for 2007 of BD5.66 million, the highest since the company's inception in 1967.
The figure represented a growth in net profit of BD0.67 million or 13.4 per cent compared to 2006. Gross operating revenues of BD23.05 million exceeded 2006 by BD2 million or 9.5 per cent.
The results were announced at the company's annual and extraordinary general meeting at the Gulf Hotel on Monday. Shareholders approved a dividend payout of BD3,105,532 (25 per cent) and 10 per cent bonus share issue - one for 10 shares. They approved director's fees of BD135,000, charity donations of BD148,940 and BD10,000 towards national promotional activities.
"It has been an outstanding year for Gulf Hotels Group," chairman Farouk Almoayyed said at the meeting. "Trading results have been the best on record and all divisions of Gulf Hotels Group exceeded their financial budgets."
The number of guests who visited the Gulf Hotel's restaurant and banquet facilities reached 533,641, by far the highest within the five-star market.
The Gulf Hotel's Tower Block underwent a complete internal and external transformation during the summer of 2007 at a cost of BD8.6 million. The building closed in May and reopened in November after refurbishment with a new, modern exterior and enlarged, luxurious bedrooms that aims to maintain Gulf Hotel's position at the top end of the kingdom's 5-star hotel market.
GHG has signed an agreement with Mokan WLL to assist in the development and to subsequently manage on behalf of Mokan WLL, a 5-star serviced apartment facility in Juffair, consisting of 102 luxury apartments, with extensive leisure and parking facilities for residents.
Construction work has already commenced on this project.
The company also plans to build a 600-bay multi-storey car park with office space adjacent to the Gulf Hotel.
Designs are being finalised for a 90-seat Mexican restaurant and adjacent wine bar which will augment the Gulf Hotel's already extensive restaurant and bar portfolio. The hotel will also undertake the renovation of the men's and ladies health clubs.
Finally, the addition of a state-of-the-art conference room on the top floor of the Gulf Hotel, adjacent to the new Platinum Lounge, will offer an excellent meeting facility both to the guests and corporate clients. The company's capital reinvestment in 2008 will be more than BD8 million.
GHG chief executive officer Aqeel Raees said that he was "very pleased" with the results and added that the group was "working hard to expand its horizon".
