Manama, Bahrain–The Gulf Hotels Group has reported a net profit of $2.92 million in the second quarter of this year compared to $1.86m in the second quarter of the previous year.
In a statement, the group said that the total comprehensive income was $2.92 million compared to $1.03 million for the second quarter of the previous year.
Revenue for the second quarter was $20 million, compared to $17.55 million for the same period last year.
Chairman of the group, Farouk Almoayyed, said: “We are certainly pleased with the improvement in our financial performance post-pandemic, and whilst revenues remain a little behind 2019, bottom line conversion is significantly better. The acquisition of the Novotel Al Dana Resort will further strengthen the group’s revenue streams for the remainder of 2023 and beyond.”
Garfield Jones, CEO of the group, added: “Not only will the addition of the Novotel Al Dana Resort to the group’s portfolio add to income streams, but with numerous synergies that exist with our other Bahrain hotels, this enables the further streamlining of costs and improvement in efficiency across the group.
Design work is now well advanced for the renovation of the public areas in both the Gulf Hotel and Crown Plaza hotel, with work expected to commence by the end of the year. This will be followed by a full refurbishment of the Novotel property.”