Gulf Hotels Group announces nine-month net profit

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Gulf Hotels Group has reported net profit of BD682,000 during the third quarter of 2023 compared to BD1.288 million in the third quarter of the previous year, with a decrease in profit of BD605,000 or 47 per cent.

Earnings per share is 3 fils compared to 6 fils in the third quarter of last year.

Total comprehensive income of BD129,000 compared to a total comprehensive income of BD1.294m for the third quarter of the previous year, with a decrease of BD1,165,000 or 90pc.

Revenue for the third quarter was BD7.390m, compared to BD7.218m for the same period last year, with an increase of BD173,000 or 2.4pc.

During the first nine months of 2023, the company has achieved net profit of BD4.874m compared to a net profit of BD4.112m in the nine months of the previous year, with an increase of BD763,000 or 18.5pc.

The earnings per share are 22 fils compared to 18 fils in the nine months of last year.

Total comprehensive income of BD4.01m compared to a total comprehensive income of BD4.027m for the nine months of the previous year, with decrease of BD17,000 or 0.42pc.

Revenue of BD23.732m, compared to BD21.947m for the same period last year, shows an increase of BD1.785m or 8.1pc.

The total equity (excluding minority interests) for the period of nine months ended September 30, 2023 was BD101.894m compared to BD103.603m for the financial year ended December 31, 2022, with a decrease of BD1.708m or 1.65pc.

The total assets for the YTD reached BD108.275m compared to BD111.795m for the financial year ended December 31, 2022, with a decrease of BD3.520m or 3.1pc.

Chairman Farouk Almoayyed commented: “The group continues to implement its adaptive strategies to achieve the best outcome for all our stakeholders. The positive financial results for the nine months of this year reflect the successful execution of our growth strategy.

Revenue, EBITDA, and net profit are up by 8pc, 6pc and 18.5pc respectively for the nine-month period compared to the same period of 2022. He further added that we are pleased to announce the successful completion of our acquisition of Novotel Al Dana Resort, which will further strengthen our position in the market.”

Group chief executive Ahmed Janahi added: “We are pleased to report strong financial results for the nine months of 2023. This performance is a testament to the hard work and dedication of our team, as well as the continued growth across our portfolio of hotels.

We have a number of exciting opportunities in the pipeline that have the potential to drive our continued growth. We remain confident in the long-term success for Gulf Hotels Group, and we are committed to create value for our shareholders.”