Abu Dhabi National Hotels enjoys strong first half
The company posts a 29% year on year increase in first half net profit.
Abu Dhabi National Hotels (ADNH) has reported net profit of Dhs126.3 million for the first half of 2004, a rise of 26% year on year. According to a statement, performance was satisfactory across all parts of the company, including the hotel, catering and transportation divisions.
“The hotel division is delivering excellent results and has experienced high levels of occupancy throughout 2004,” said Nasser Bin Huwaileel Al Mansoori, chairman of Abu Dhabi National Hotels.
“In addition, our catering division, ADNH/Compass, has continued to progress, showing very strong performance, benefiting from its growing presence throughout the region. We have also seen encouraging revenue trends in our transportation business, Al Ghazal, and across all our divisions.”
ADNH owns the Hilton, Le Meridien and Sheraton hotels in Abu Dhabi as well as the Hilton in Al Ain, and has its own chain called Al Diar, with properties across the UAE.
“The hotel division results are particularly good in comparison to first half 2003 despite the difficult social, economical and political conditions effecting the region,” said Peter Cardnell, director general of ADNH.
“Al Diar Hotels have consistently operated, with occupancies around 90%, and our other hotels are benefiting from the fruition of the investments we have made in the portfolio.”
Ongoing projects include the refurbishment of the Hilton Hotel in Abu Dhabi and the renovation of the bedrooms at Le Meridien, Abu Dhabi.