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FINANCIAL NEWS
Gulf Hotels Group net profit up 10%
24 Feb 2011
(MENAFN) Gulf Hotels Group’s Chairman, Farouk Almoayyed, reported that the company’s net profit increased by over ten percent in 2010 amounting to USD26.5 million, reported Gulf Daily News.
He said that gross operating revenues in 2010 hit USD86 million, increasing by 6.91 percent, year on year.
The chairman added that the group allocated cash dividends of 30 percent to shareholders as results were very positive.
He also noted that the global financial crisis had affected tourism, which hit the hotel market. However, the group was able to achieve positive results.
It is worth noting that Gulf Hotels Group owns and runs a list of hotels including Gulf Hotel – Bahrain, Gulf Executive Residence, Gulf Convention Centre, Gulf Executive Offices and Gulf Brands International.
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