ADNH revenue up 6.25% at Dhs452m

Abu Dhabi National Hotels (ADNH), the leading diversified UAE-based hospitality company with interests in hotels, catering, transport and retail, on Wednesday announced its financial results for the second quarter of 2011, ending 30th June. In the second quarter of the current year, ADNH posted Dhs452 million total revenue, and Dhs56.75 million net profits, an increase of 6.25% and 7.75% respectively compared with the second quarter of last year. Net profit increased by Dhs4.08 million in the second quarter compared to second quarter of the previous year and the company’s total assets stand at Dhs9,797 million as on 30th June 2011. According to the financial report issued by the company, ADNH has seen strong performance and steady growth of its subsidiaries, led by its hotel, retail and catering divisions. The hotel division, which includes prominent internationally branded hotels owned by the company as well as ADNH- developed, owned and managed Al Diar Group, accounted for Dhs150.56 million of total revenue, with an average occupancy rate of 71% registered in the second quarter. Fuelled by recent contract wins, the company’s award-winning catering division, ADNH Compass, posted revenue of AED 205.54 million - a 10.98% growth rate over the corresponding period of last year. Commenting on the financial results, H.E. Salem Mohamed Athaith Al Ameri, Chairman of ADNH said “the solid financial results achieved by the company, which highlight its steady performance in the previous quarter and last year, bear witness to the success of the company’s overall strategy and its well defined market - driven business plans.” Richard W. Riley, CEO of ADNH added that “as a leading hospitality brand with more than three decades of experience in providing 360 degree hospitality services under one umbrella, ADNH endeavours to raise the bar of the sector by focusing on providing high quality, tailor-made and unique offerings with a constant goal of exceeding the needs and expectations of our customers and stakeholders”. ADNH is currently developing two leading luxury hotel brands in the capital, designed to redefine the hotel experience in Abu Dhabi. The Ritz-Carlton Abu Dhabi, Grand Canal, the first Ritz-Carlton property in the capital, is comprised of 395 luxury rooms, 52 suites and 85 independent villas situated in one of the most magnificent waterfront locations in the city on the Grand Canal between the two bridges. Park Hyatt Abu Dhabi Hotel and Villas, the largest Park Hyatt hotel in the world, is set to become the company’s flagship beachfront resort and is expected to open in the last quarter of this year. The resort includes 270 spacious rooms and suites, and with private beachfront villas housing another 36 rooms and suites. From / Gulf Today