News & Press Releases

GULF HOTELS GROUP FINANCIAL RESULTS FROM JANUARY TO JUNE 2016

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Gulf Hotels Group (GHG) has reported the financial results for the second quarter of 2016.

Mr. Almoayyed announced that for the Half year ended 30th June 2016 the Group achieved a total Gross Operating Revenue of BD 16.382 million and a Net Profit of BD 9.454 million after consolidating the results of BTC to GHG, including one time provisional bargain profit of BD 4.967 million. Adding to this one time bargain profit comment, the Chairman, announced that GHG has successfully completed the acquisition of 100% shares of Bahrain Tourism Company (BTC) through share swap during this Quarter.


Mr. Almoayyed also announced that for the standalone GHG results (excluding Bahrain Tourism Company results) for the Half year ended 30th June 2016 the Group achieved a total Gross Operating Revenue of BD 16.103 million compared to BD 17.111 million in same period 2015, a decrease of BD 1.008 million or 5.89% and has generated a Net Profit of BD 4.814 million in comparison with BD 6.010 million achieved in the same period 2015; a decrease of BD 1.196 million or 19.89 % on 2015.


For the three months period ended 30th June 2016 the Group standalone achieved a total Gross Operating Revenue of BD 7.525 million compared to BD 8.315 million in same period 2015, a decrease of BD 790,573 or 9.51% and has generated a Net Profit of BD 2.078 million in comparison with BD 2.898 million achieved in the same period 2015; a decrease of BD 820,467 or 28.30% on same period 2015.


He stated that the difficult trading environment will continue in 2016 along with recent changes in the Service Charge and increases in utility costs.

Mr. Almoayyed also commented about the major future projects viz.

  • The development of the 224 room, five star Gulf Hotel Business Bay in Dubai. This waterfront property, located 1.5 km from Burj Khalifa and Dubai Mall, for which construction is expected to commence end-2016 and anticipated to be completed end-2018.
  • Completion of deal of share swap 100% of the Shares of Bahrain Tourism Company B.S.C (BTC). He further added that this deal would enhance the development of Tourism and Hospitality sector in the Kingdom of Bahrain, especially to serve our customers with the largest number of rooms and conference halls at the same time benefitting from streamlining operational expenses and maximizing savings in all areas.

Mr. Almoayyed expressed his thanks and appreciation to Chief Executive Officer and Director, Mr. Aqeel Raees, and executive management for continuously upholding an excellent standard of service, while diversifying the Group’s activities.


Adding to sentiments of the Chairman CEO & Director Aqeel Raees expressed his satisfaction with the results taking into consideration testing market conditions. He also commented about the future projects viz:

  • The Group entered into the stand-alone restaurant market by acquiring Block 338 in Adliya Tourism Zone for developing it into a multi-unit restaurant and leisure facility, which is in the advanced design stage.
  • Construction of the new Spa is almost complete and will welcome guests during the next Quarter.
  • Construction of 108 unit Gulf Executive Residence Juffair has commenced and is expected to be completed in late 2017.

He further added that the Group has recently opened its marketing office in Shanghai, China aiming to attract more Chinese tourists by co-operating with China travel agencies and conference organizers, and launching joint marketing initiatives which will highlight the diverse tourist attractions in the Kingdom.

On the operated properties he further stated that the development of the Gulf Residence Amwaj in conjunction with Lona Real Estate was completed and it started its operations since mid-May 2016 and getting positive feedbacks.


Mr. Raees concluded by expressing his appreciation towards the management and staff of all of the Group’s divisions whose hard work and efforts have contributed towards achieving these results in difficult times. He also stated that the success of any company comes down to its customer
base, thanking the Groups valued customers for their continuous support.