ADNH sees Q3 profits rise 13% to $56.27 million

Hospitality company Abu Dhabi National Hotels has seen significant growth in the third quarter of this year, with gross profits rising 13% to $56.27 million. 

In a earnings report, the firm also revealed that total group revenue had increased by 7.4% to $364 million.

The hotel division has proved to be a strong performer among the many ADNH divisions, accounting for $32.8 million of total revenue, while the catering division, ADNH Compass, has reported 11.1% growth, with revenues of $54.99 million.

HE Salem Mohamed Athaith Al Ameri, chairman of ADNH said: "Despite the solid operating performance by the company which bears witness to the underlying strength of the organisation, and given the change in market conditions, the board considers it necessary to recognise the fair value of its assets in its continued effort to improve the transparency and reliability of financial data available to its stakeholders.

"For that reason, an asset impairment provision in the sum of AED 50 million was recognised in this quarter which is attributable to the change in forecast market conditions and which is subject to further study and evaluation by the Board by year end.”

Richard Riley, CEO of ADNH added: “The excellent financial results achieved by the company for this quarter as well as previous quarters of this year bear witness to the success of our business strategy, which focuses on providing high-quality, tailor-made and unique offerings aimed at meeting and exceeding the needs and expectations of our partners and customers.

"As we look ahead confidently to a fourth quarter, ADNH will continue its commitment to excellence across the varied hospitality sectors in Abu Dhabi and region-wide.”