Gulf Hotels Group (GHG) has reported an increase of 96.4 per cent in net profit of BD6.669 million for the year ended December 31, 2022 compared to BD3.396m for the previous year.

The earnings per share is 30 fils compared to earnings per share of 15 fils during the same period in 2021.

Total comprehensive income of BD6.328m compared to a profit of BD3.519m for the 12 months of the previous year, with an increase of BD2.809m or 79.8pc.

Revenue of BD31.395m, compared to BD23.001m for the same period of previous year, shows an increase of BD8.394m or 36.5pc.

The total equity (excluding minority interests) during the 12 months was BD103.603m compared to BD101.829m at the end of last year, with an increase of BD1.773m or 1.7pc.

The total assets for the YTD reached BD 111.795m compared to BD 113.446m at the end of last year, with a decrease of BD1.652m or 1.5pc.

For the fourth quarter of 2022, net profit of BD2.557m is down by 19.94pc from BD3.194m in the fourth quarter of 2021.

The earning per share is 11 fils compared to 14 fils in the fourth quarter of 2021.

Total comprehensive income was BD2.301m compared to BD3.188m for the fourth quarter of 2021, with a decrease of 27.9pc.

Revenue for the fourth quarter was BD9.449m, compared to BD7.673m for the same period of 2021, with an increase of BD1.776m or 23.1pc.

The decrease in the net profit for the fourth quarter in comparison to the same period of 2021 resulted mainly from impairment reversal of BD1.732m last year.

The increase in the net profit for the 12 months ended December 31, 2022 in comparison to 2021 resulted mainly from an increase in revenue of BD8.394m from the core business of the group, increase in profit from associates of BD693,599; increase in dividend income of BD67,116; BD819,228 from the sale of owned land, increase in management fees by BD152,412 and BD172,473 increase in restaurants and office/shops rental.

GHG got a government support of BD365,145 in 2021 and impairment reversal on PP&E of BD1.732m.

On the other hand, operation expenses have increased proportionately by BD6.084m with the increase in revenue and depreciation reduced by BD734,000.

The positive increase in net profit is largely attributable to the improvement of the travel and tourism sectors post the pandemic in addition to the group’s tight controls on cost.

In view of the groups’ solid financial performance, the board of directors have recommended a cash dividend of 25pc equivalent to 25 fils per share (BD5,649,872) subject to shareholders’ approval at the annual general meeting against an approved 20pc equivalent to 20 fils per share (BD4,519,871) in 2021.

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.”

Group chief executive Garfield Jones commented: “The year 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 third position in the Middle East North Africa 50 Best Restaurants 2023.”

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