Gulf Hotels Group announced a net profit during the fourth quarter of the year 2023 of 1,911 million Bahraini dinars, compared to 2,557 million Bahraini dinars in the fourth quarter of the previous year, a decrease of 646 thousand Bahraini dinars, equivalent to 25%. Basic and diluted earnings per share are 8 fils, compared to a profit of 11 fils in the fourth quarter of last year.
Total comprehensive income reached 2,390 million dinars, compared to a profit of 2,301 million dinars for the fourth quarter of the previous year, an increase in profits of 90 thousand dinars, or 4%.
The reason for the decrease in net profit for the fourth quarter is the presence of a profit from the sale of real estate worth 819 thousand dinars in the fourth quarter of 2022, compared to 5 thousand dinars in the fourth quarter of 2023.
During the twelve months of 2023, the company achieved the following:
Net profit amounted to 6,786 million Bahraini dinars, compared to a profit of 6,669 million dinars from the previous year, an increase of 117 thousand Bahraini dinars, or 1.7%.
The basic and diluted per share is 30 fils, compared to a profit of 30 fils in the twelve months of last year.
Revenues for the year ending December 31, 2023 amounted to 32,999 million dinars, compared to 30,866 million dinars for the same period last year, an increase of 2,134 million dinars, or 7%.
Total assets for the year to date amounted to 110,502 million dinars, compared to 111,784 million dinars for the fiscal year ending December 31, 2022, a decrease of 1,282 million dinars, or 1.1%.
The Board of Directors proposes to shareholders to distribute a dividend of 25%, equivalent to 5,649,872 dinars, at 25 fils per share, to ordinary shareholders registered on the date of the ordinary general assembly meeting.
The group’s Chairman of the Board of Directors, Farouk Almoayyed, said: “We are pleased with the positive financial results achieved in 2023, although the ambitions were greater than what was achieved due to some of the various challenges that hotels in Bahrain faced, which include an increase in the supply of hotels and competition. regional and increase operational costs.
Ahmed Janahi, who was appointed as Group CEO on October 1, 2023, said: “The previous year witnessed the Group continuing to achieve remarkable progress in various fields. The group achieved positive financial results for the year 2023, marked by an increase in revenues and profitability during 2023. The group also expanded its portfolio of hotels by acquiring the Novotel Al Dana Resort to enhance our competitive position in the market.”
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