Flip through the latest issue of Gulf Weekly.
Gulf Hotels Group, the owners of the Gulf Hotel and shareholders and operators of the Ocean Paradise Resort in Zanzibar, posted a net profit for 2009 of BD9.12 million, the highest since the company's inception in 1967.
The figure represented a growth in net profit of BD 203,275 or 2.28 per cent compared to 2008 despite accounting BD618,997 for impairment losses. Gross operating revenues of BD30.55 million exceeded 2008 by BD988,602 or 3.34 per cent.
Net profits reflect earnings per share of 67 fils for 2009.
The results were announced at the company's AGM held at the Gulf Hotel.
Shareholders approved a dividend payout of 30 fils per share totaling BD4,099,302 (30 per cent), and share bonus at 10 per cent (one for 10 shares).
They further approved director's fees of BD145,000 charity donations of BD233,762 and BD10,000 towards National Promotional activities.
"It has been an outstanding year for Gulf Hotels Group", chairman Farouk Almoayyed said in the meeting. "Trading results have been the best on record."
Mr Almoayyed further added that the completion of a multi-storey car park and Gulf Executive Offices building will give the hotel an additional 600 parking bays, alleviating parking problems at peak times which he believes will give the hotel a major advantage over competitors.
The Gulf Executive Offices gives the Gulf Hotel 7,000 sq/m of prime office space for rental and enables the hotel to be a 'one-stop-shop' for new businesses coming into Bahrain, offering office space, apartment rental and unrivalled entertainment options, all under one roof.
Mr Almoayyed said that plans are underway to develop a 1,800 sq/m spa at an estimated cost of BD2 million.
He further added that Gulf Hotels Group has signed an agreement with Mokan WLL, to manage the four star K Hotel in Juffair which will feature 234 rooms. It is expected to open in the second half of 2010.
