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Abu Dhabi National Hotels PJSC (ADNH), a leading diversified UAE-based hospitality company with interests in hotels, catering, transport and retail, has posted a 7.75 per cent increase in net profit to $5.4 million for the second quarter of 2011, ending June 30.
In the second quarter of the current year, ADNH posted a total revenue of $123 million (452 million dirhams) and $15.4 million (56.75 million dirhams) net profit, an increase of 6.25 per cent and 7.75 per cent, respectively, compared to the April-June period last year.
The company’s net profit increased by $1.11 million (4.08 million dirhams) in the second quarter of 2011 vis-a-vis the second quarter of the previous year and the company’s total assets stood at $2,667 million (9,797 million dirhams) as of June 30, 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 $40.98 million (150.56 million dirhams) of total revenue, with an average occupancy rate of 71 per cent in the second quarter.
Fuelled by recent contract wins, the company’s catering division, ADNH Compass, posted a revenue of $ 55.9 million (205.54 million dirhams) for the second quarter of 2011, a 10.98 per cent jump in comparison to the corresponding period last year.
Commenting on the financial results, ADNH Chairman Mr Salem Mohamed Athaith Al Ameri said, “The solid financial results achieved by the company, which highlights 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.”
ADNH CEO Mr Richard W Riley 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 Abu Dhabi.
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