Gulf Hotels Group announces 28.29% rise in net profit
Gulf Hotels Group (GHG) announced 28.29 % rise in net profit at BD7.57m ($ 20.05m) for the first half ended June 30, compared with BD5.9m ($ 15.65m) in the same period last year. The group achieved an increase of BD1.622m or 9.96pc in total gross operating revenue at BD17.91m in the first half when compared with BD16.284m in the same period last year, Gulf Daily News reported. For the second quarter ended June 30, the group saw an increase of BD593,043 or 19.45pc in net profit at BD3.64m when compared with BD3.05m in the same period last year. The group achieved an increase of BD716,421 or 8.72pc in total gross operating revenue at BD8.93m for the second quarter, compared with BD8.22m in the same quarter last year. Chairman Farouk Almoayyed said the financial results indicate a considerable growth in business levels and continued emphasis on cost management had the effect of maximising revenue conversion in maintaining healthy profit levels.