Abu Dhabi National Hotels PJSC, today announced its financial results for the year ending 31st December 2011. For 2011, total group revenue increased by 4% to AED 1,819 million while gross profits increased by 18% to close at AED 356 million.

Net profit for the year reached AED 263 million and the company’s total assets stood at AED 10,086 million as on 31st December 2011. As a result of the company’s positive performance in 2011, it is recommended that a dividend payment for the 2011 results in the sum of AED50 million be paid equivalent to 5% of the nominal value of the issued share capital.

According to the financial report issued by the company, ADNH has seen a strong performance and steady growth, led by the retail, catering and transport divisions. The hotel division, which encompasses prominent internationally branded hotels owned by the company as well as ADNH-developed, owned and managed Al Diar Group, accounted for AED 653 million of revenues while continued solid performance within the company’s catering division, ADNH Compass, saw revenues of AED 802 million for the year representing a 6% growth as compared with the previous year.

The company’s transport division, Al Ghazal Transport, also demonstrated its solid performance by delivering a net profit of AED 20.5 million for the year.

Commenting on the financial results, Salem Mohamed Athaith Al Ameri, Chairman of ADNH said "the solid operating performance by the company bears witness to the underlying strength of the organization, and the challenging market conditions with unprecedented growth in hotel inventory in the city make us more determined to keep the momentum going in 2012. Indeed, it is our utmost priority to deliver our flagship property, the Ritz-Carlton Abu Dhabi, Grand Canal to the market in mid-2012 coupled with a firm mandate to enhance our current property portfolio and the performance of our various business divisions." Richard Riley, CEO of ADNH added "the financial results achieved by ADNH for 2011 bear witness to the success of our business strategy, which focuses on providing high quality, aimed at meeting and exceeding the needs and expectations of our partners, customers and stakeholders." 

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