UAE-based hospitality company Abu Dhabi National Hotels’ (ADNH) net profit increased by AED 4.08 million (US $1.1 million) to AED 56.75 million ($15.4 million) in the second quarter of 2011 (to June 30) compared to the same period in 2010.
The results signified a 7.75% increase in net profits compared to quarter two of 2010, and year-on-year revenue surged 6.25% to AED 452 million ($123.1 million) for the same period.
The hotel division - which includes internationally-branded hotels owned by the company as well as the ADNH-developed, owned and managed Al Diar Group - accounted for AED 150.56 million ($41 million) of Q2 total revenue, with an average occupancy rate of 71%.
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Meanwhile, the company’s catering division, ADNH Compass, fuelled by recent contract wins, posted a revenue of AED 205.54 million ($56 million) – a 10.98% growth rate over the corresponding period of last year. The company’s total assets stood at AED 9797 million ($2667).
“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,” HE Salem Mohamed Athaith Al Ameri, ADNH chairman, said in a statement released by the company.
Among ADNH’s developments underway are The Ritz-Carlton Abu Dhabi, Grand Canal; the first of the brand’s properties to open in the capital, and the Park Hyatt Abu Dhabi hotel and Villas, which will be the world’s largest Park Hyatt property when it opens in the last quarter of 2011.
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