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FINANCIAL NEWS
UAE’s ADNH Q2 net profit up 7.75%
11 Aug 2011
(MENAFN) Abu Dhabi National Hotels’ PJSC (ADNH) CEO, Richard W. Riley, said that in 2011’s second quarter, the company’s net profit grew 7.75 percent from last year’s same quarter reaching USD15 million, reported Khaleej Times.
Riley added that in the period, total revenue rose 6.25 percent to reach USD123 million.
He also said that the company’s catering division, ADNH Compass, won several contracts recently, raising its revenue 10.98 percent from last year’s same period to reach USD55.9 million.
It is worth noting that ADNH’s divisions include hotel, retail and catering divisions. Its hotel division contributed with USD40.9 million of total revenue, where average occupancy rate reached 71 percent.
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