Abu Dhabi National Hotels (ADNH) today announced a net profit of AED 292.5 Million for the financial year ending December 31, 2006. These preliminary annual results indicate a 12 per cent decline in net profits from the previous year due to the overall performance of banking investments in local stock funds.
Operating profit increased to AED 276 Million, up 22 per cent. Revenue also increased to AED 1.2 Million, up 11 per cent. The hotel division showed strong growth, reporting net profits of AED 233 Million, up 36 per cent. Al Ghazal Transport results were also up sharply, more than doubling net profit for the division to AED 11 Million, up 107 per cent over 2005. Other income excluding securities investments increased to AED 69 Million from 60 Million the previous year.
Editors please note:
Abu Dhabi National Hotels was established more than 20 years ago and since then has grown in both size and diversity into a quality, broad-based hotel, tourism, transport and catering group. ADNH interests include 3, 4 and 5 star hotels in addition to Sunshine Tours and its transportation business Al Ghazal. In addition, ADNH has a joint venture with the catering and services company Compass, covering its respective catering operations in the Middle East under the banner ADNH/Compass.
