ADNH announced its results for the 1st Quarter of 2006. The net profit was AED 73.5 million against AED 106 million of last year.
The financial report highlighted that the decline in the results was due to the sharp decline in the local portfolios performance.
The operational departments (Hotels, Catering & Transport) achieved a net profit of AED 89 million. The report explained that expenses increased by AED 10 million compared to last year. This is mainly attributable to the increase in Gulf Hotel’s depreciation costs. This hotel will be demolished during the second and the third quarter of this year and a new hotel & resort will be constructed on its location.
Abu Dhabi National Hotels was established more than 20 years ago and since then has grown in both size and diversity into a quality, broad-based hotel, tourism, transport and catering group. ADNH interests include 3, 4 and 5 star hotels in addition to Sunshine Tours and its transportation business Al Ghazal. In addition, ADNH has a joint venture with the catering and services company Compass, covering its respective catering operations in the Middle East under the banner ADNH/Compass.
