Gulf Hotels Group approves 25% cash dividends
The dividend, set at 25 fils per share, underscores the company's continued growth as a leading hospitality management group in the kingdom.
The annual general meeting (AGM) and extraordinary general meeting )EGM) took place at the Gulf Hotel Bahrain Convention and Spa yesterday, under the supervision of Bahrain Clear representatives.
The AGM was chaired by Gulf Hotels Group Chairman Fawzi Kanoo and attended by board members, executive management, and representatives from the Industry and Commerce Ministry, the Central Bank of Bahrain, Bahrain Bourse, Bahrain Clear and the group's auditors, EY.
The board recommendation for dividend distribution was driven by robust financial results, with the group reporting total income of BD36.7m, reflecting an 11 per cent year-on-year increase, and a net profit of BD8.9m, marking a 31pc growth compared to the previous year.
During the meeting, Mr Kanoo emphasised the group's commitment to sustainable financial growth and operational excellence.
Shareholders approved the directors' report, auditors' report, balance sheet, profit and loss accounts for 2024, and the corporate governance report, in addition to discharging the board for the same period.
The AGM also appointed the auditors for the upcoming financial year and authorised the board to determine their fees.
Further, shareholders approved the repurchase of treasury shares of up to 10pc of the issued and paid-up capital. In addition, shareholders approved the appointment of a liquidity provider to support market making activities for up to 3pc, following the repurchase of treasury shares. This decision aims to enhance market liquidity and support share price stability in compliance with regulatory guidelines.
Immediately following the AGM, an extraordinary general meeting was convened, during which shareholders ratified updates to the company's commercial activities and approved related amendments to the Memorandum and Articles of Association, pending regulatory approvals.
Commenting on the full-year financial results, Mr Kanoo said: 'We are proud to have achieved this strong financial performance for the year ending December 31, 2024, which reflects strength of our operations, and the success of our strategic initiatives in delivering sustained profitability. The group remains well-positioned to drive continued expansion and deliver sustained value to our shareholders.'
The group's chief executive Ahmed Janahi said, 'The group achieved an exceptional financial performance in 2024, reporting strong growth in revenue and net profit. With a firm commitment to sustained growth, we remain confident in our ability to create long-term value for our shareholders. As we move forward, we will continue to build on this momentum to drive growth and reinforce our position as a leading hospitality group in Bahrain and the Gulf region.'
Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
9 hours ago
- Zawya
Gulf Hotels Group posts 29.7% rise in net profit
Bahrain - Gulf Hotels Group (GHG) has announced its financial results for the six-month period ended June 30, 2025. For the second quarter of 2025, the company has achieved net profit of BD2.8 million compared to BD2.1m in the second quarter of the previous year, with an increase of BD0.7m or 29.7pc. Earnings per share are 12 fils compared to 9 fils in the second quarter of last year. Total comprehensive income is BD2.6m compared to BD1.8m for the second quarter of the previous year, with an increase of BD0.7m or 39pc. Revenue for the second quarter was BD10.1m, compared to BD9.4m for the same period last year, with an increase of BD0.7m or 7pc. For the first six months of 2025, the company has achieved net profit of BD5.2m compared to BD4.8m in the six months of the previous year, with an increase of BD0.42m or 9pc. The earnings per share are 23 fils compared to 21 fils in the six months of last year. Total comprehensive income is BD5.1m compared to BD4.2m for the six months of the previous year, with an increase of BD0.9m or 21pc. Revenue is BD18.7m compared to BD18.4m for the same period last year, with an increase of BD0.3m or 2pc. The total equity (excluding minority interests) for the period of six months ended June 30, 2025 was BD105m compared to BD106m for the year ended December 31, 2024, with a decrease of BD0.7m or 0.6pc. The total assets for the YTD reached BD111m compared to BD113m for 2024, with a decrease of BD2.1m or 2pc. Gulf Hotels Group chairman Fawzi Kanoo said: 'Gulf Hotels Group delivered a strong performance in the first half of 2025, marked by solid growth in both revenue and net profit. This positive momentum reflects our firm commitment and continued efforts to drive sustainable growth across all our portfolio.' Mr Kanoo added: 'Major events, most notably the Formula 1 Grand Prix, alongside the holiday season, played a pivotal role in stimulating travel activity and boosting hotel occupancy across the kingdom. Looking ahead, we remain optimistic about maintaining our positive momentum into the second half of 2025, supported by ongoing government initiatives aimed at developing the tourism sector. We are committed to enhancing operational efficiency across our portfolio while pursuing strategic opportunities within Bahrain and across the GCC region to further expand our footprint and deliver long-term, sustainable value to our shareholders.' Gulf Hotels Group chief executive Ahmed Janahi added: 'The group continued to build on its strong momentum throughout the second quarter and first half of 2025, delivering solid year-on-year profit growth of 30pc for the quarter and 9pc for the six-month period, reflecting effective portfolio management and enhanced operational efficiencies.' Mr Janahi further noted, 'The official integration of Gulf Hotel Bahrain into the global Marriott Bonvoy loyalty programme in April 2025 marked a significant milestone in our transformation journey. This strategic move has elevated the hotel's presence on the global hospitality map and unlocked new opportunities to attract a broader segment of international guests and Bonvoy members, positively impacting occupancy rates and operating revenues in the coming years.' He also revealed that the group is set to launch a new catering company under its umbrella, dedicated to serving diverse sectors including educational institutions, healthcare facilities, corporate clients, and private events. In addition, the company will operate a cloud kitchen model to expand its reach into delivery-focused food services. 'This initiative represents a valuable addition to our business portfolio, strengthening income diversification and supporting our broader institutional expansion plans.' Mr Janahi concluded by noting that the Group is currently assessing several promising opportunities to grow its portfolio through the management of hotels and serviced apartments, alongside plans to expand its renowned restaurant brands across Bahrain and Saudi Arabia. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
04-08-2025
- Zawya
Kanoo Travel, QuadLabs to launch corporate travel solution
Kanoo Travel, a leading travel management company in the Middle East, has partnered with QuadLabs, a travel technology leader, to launch their own corporate travel solution – eo. This strategic collaboration aims to enhance corporate travel management by leveraging advanced technology to offer seamless, efficient, and cost-effective solutions for businesses across the region. The eo Corporate Platform is specifically designed to meet the evolving needs of modern businesses, streamlining the travel booking and management process while ensuring compliance with corporate policies. Built on QuadLabs' next-generation platform, Travog, the eo Corporate Platform provides a comprehensive set of features tailored for corporate clients. It enables businesses to efficiently manage their entire travel itinerary through an integrated and user-friendly interface. Key functionalities include real-time booking, policy enforcement, expense tracking, and seamless approvals, ensuring that corporate travel remains cost-effective and hassle-free. Harvey Lines, Acting CEO of Kanoo Travel, said: 'We are committed to delivering innovative travel solutions to our corporate clients. Partnering with QuadLabs allows us to offer an advanced platform that simplifies corporate travel while enhancing cost savings, efficiency, and compliance.' Gaurav Chiripal, CEO of QuadLabs, added: 'We are thrilled to collaborate with Kanoo Travel to introduce the eo Corporate Platform. Our goal is to empower corporate travel managers with cutting-edge tools that optimise the travel experience, making it more seamless, transparent, and policy compliant.' Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
20-06-2025
- Zawya
Seera's board proposes capital cut to $720mln
Riyadh - The board of directors of Seera Group Holding has recommended an 8.65% capital cut to SAR 2.74 billion from SAR 3 billion, according to a bourse disclosure. The capital reduction will be executed through the cancellation of 25.95 million ordinary treasury shares, including 2.03 million shares allocated to the company's employee share program. Subject to the approvals of the Capital Market Authority (CMA) and the extraordinary general meeting (EGM), the transaction will be implemented at a cancellation rate of 8.65 per 100 shares of the company. It is worth highlighting that the capital reduction has no material impact on Seera's financial position, operations, or regulatory obligations. As of 31 March 2025, the net profits of Seera hit SAR 53 million, marking an annual drop of 13.11% from SAR 61 million.
