Abu Dhabi National Hotels posts profit of 3% in 2016

Abu Dhabi National Hotels posts profit of 3% in 2016
Hareb Al Muhairy, board member, ADNH
Published: 15 February 2017 - 3:15 a.m.
By: Nikhil Pereira

Abu Dhabi National Hotels PJSC (ADNH) posted $353.93 million (AED1.3 billion) in operating revenues against $375.71 million (AED1.38 billion) in 2015.

The announcement was part of ADNH’s preliminary financial results for the year ended 31st December 2016. During the year 2016, the company.

The hotel that has interest in hotels, catering, transport and retail recorded a 3% increase in net profits during 2016 amounting to US$66.43 million (AED244 million) against $64.52 million (AED237 million) in 2015.

ADNH’s hotel division posted $229.78 million (AED844 million) in total revenue and $20.69 million (AED76 million) in net profit during 2016.

The retail division generated total revenue of $53.36 million (AED196 million) and recorded as net profit of $21.50 million (AED79 million).

The Transport division posted $80 million (AED294 million) in total revenue and $9.5 million (AED35 million) net profit. Share of profits from the Joint Venture - ADNH Compass catering division was $30.76 million (AED113 million).

ADNH maintains it achieved its results for 2016 under ‘a very challenging market while the city continues to experience growth in supply of number of hotel rooms’.

As a result of the company’s performance in 2016, the board recommended that a cash dividend payment for the sum of AED100 million be paid which is equivalent to 10% of the nominal value of the issued share capital.

 

 

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