Latest news with #FawziKanoo
Gulf Insider
15-05-2025
- Business
- Gulf Insider
Bahrain: Gulf Hotels Group Reports Q1 2025 Financial Results with BD 2.452 Million Profit
Gulf Hotels Group B.S.C. (GHG) announced a net profit of BD 2.452 million for the first quarter of 2025, reflecting an 8% year-on-year decrease from BD 2.663 million in Q1 2024. The decline was primarily attributed to seasonal challenges, notably reduced travel and hotel occupancy during Ramadan. Earnings per share for the quarter stood at 11 Fils, compared to 12 Fils in the same period last year. Despite the dip in net profit, the Group posted a 7% rise in total comprehensive income, which reached BD 2.542 million, up from BD 2.382 million in Q1 2024. Total revenue for the quarter came in at BD 8.611 million, down 4% from BD 8.983 million a year earlier. Meanwhile, the Group's total assets increased slightly to BD 113.786 million, up 0.8% from BD 112.862 million at the end of 2024. However, total equity (excluding minority interests) declined by 3% to BD 102.424 million. Commenting on the results, Group Chairman Mr. Fawzi Kanoo stated: 'The Q1 financials highlight the strength and resilience of our diversified portfolio. While Ramadan seasonally impacts hospitality activity, we remain optimistic about the sector's outlook, especially with ongoing government efforts to bolster tourism in Bahrain.' GHG CEO Mr. Ahmed Janahi echoed this sentiment, noting that occupancy rates across the market dropped from 54.2% to 52.1% compared to Q1 2024. Revenue per available room (RevPAR) also declined by 11.7% year-on-year due to lower demand and pricing pressures during the holy month. Looking ahead, Janahi said the Group expects stronger performance in Q2 and beyond, supported by major events such as the Formula 1 Grand Prix and Eid holidays. 'We're actively executing several strategic initiatives including integrating Gulf Hotel Bahrain into the Marriott Bonvoy loyalty programme, expanding our F&B offerings, and exploring regional growth opportunities,' he added. GHG's full Q1 financial statements are available on the Bahrain Bourse website at
Zawya
14-05-2025
- Business
- Zawya
Gulf Hotels Group reports Q1 2025 financial results
Bahrain - Gulf Hotels Group – hospitality pioneer in Bahrain – has reported net profit of BD2.452 million for the first quarter of 2025 compared to BD2.663m for the first quarter 2024, with a decrease of 8 per cent. Earnings per share were 11 fils compared to 12 fils in the first quarter of last year. Total comprehensive income was BD2.542m compared to BD2.382m for the first quarter of the previous year, with an increase of BD160,000 or 7pc. Revenue for the first quarter was BD8.611m, compared to BD8.983m for the same period last year, with a decrease of BD373,000 or 4pc. The total equity (excluding minority interests) for the period ended March 31, 2025 was BD102.424m compared to BD105.532m as of end-2024, with a decrease of BD3.108m or 3pc. The total assets for the period ended March 31, 2025 reached BD113.786m compared to BD112.862m as of end-2024, with an increase of BD924,000 or 0.8pc. Gulf Hotels Group chairman Fawzi Kanoo commented: 'The first quarter of 2025 financial results reflect the continued strength of our portfolio. The group delivered a resilient performance, achieving a net profit of BD2.452m compared to BD2.663m in Q1 2024, despite seasonal challenges and lower travel activity during Ramadan, which impacted hotel occupancy and F&B operations. 'Looking ahead, we remain optimistic about the hospitality sector's prospects in Bahrain supported by the ongoing government initiatives and efforts to promote tourism. The group will remain firmly focused on driving operational excellence, capitalising on growth opportunities and delivering sustainable value for our shareholders.' Gulf Hotels Group chief executive Ahmed Janahi said: 'We delivered a solid financial performance in the first quarter of 2025, underscoring the resilience and operational strength of our portfolio, despite a seasonal dip in tourism during Ramadan. The market occupancy rates declined by 4pc from 54.2pc in Q1 2024 to 52.1pc this year and revenue per available room (RevPAR) saw a sharper year-on-year decline by 11.7pc, reflecting both lower occupancy and rate pressure during the period.' He added: 'Looking ahead, we remain confident in our performance trajectory for the second quarter and beyond, supported by major events such as the Formula 1 Grand Prix and Eid holidays, which are expected to drive growth across all our business segments. We are also making meaningful progress on several strategic initiatives, including the integration of Gulf Hotel Bahrain into Marriott Bonvoy, the rollout of innovative F&B concepts, and the pursuit of new expansion opportunities across the region. These initiatives are central to our long-term vision of driving sustainable growth and creating long-term value to our shareholders.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Biz Bahrain
14-05-2025
- Business
- Biz Bahrain
Gulf Hotels Group announces financial results for Q1 2025
Gulf Hotels Group, a hospitality pioneer in Bahrain, announced its financial results for the first quarter of 2025, reporting a net profit of BD2.452 million compared to BD2.663 million for the same period in 2024, a decrease of 8%. Earnings per share amounted to 11 fils compared to 12 fils in the first quarter of the previous year. Total comprehensive income reached BD2.542 million compared to BD2.382 million for the first quarter of the previous year, an increase of BD160,000 or 7%. Revenue for the first quarter stood at BD8.611 million compared to BD8.983 million for the same period last year, a decrease of BD373,000 or 4%. Total equity (excluding minority interests) as of 31 March 2025 was BD102.424 million compared to BD105.532 million as of 31 December 2024, a decrease of BD3.108 million or 3%. Total assets as of 31 March 2025 were BD113.786 million compared to BD112.862 million as of 31 December 2024, an increase of BD924,000 or 0.8%. Fawzi Kanoo, Chairman of the Board, commented on the results: 'The first quarter results reflect the strength and resilience of the Group's portfolio in facing seasonal challenges. We achieved a net profit of BD2.452 million compared to BD2.663 million for the same period in 2024, despite lower travel activity during Ramadhan, which impacted hotel occupancy rates. We are optimistic about the future of the hospitality sector in the Kingdom of Bahrain, supported by ongoing government initiatives aimed at developing the tourism sector. We will continue focusing on enhancing operational efficiency, investing in promising growth opportunities, and delivering sustainable, long-term value to our shareholders.' Ahmed Janahi, Group Chief Executive Officer, said: 'The Group maintained strong performance during the first quarter of 2025, reflecting the efficiency of our operations in the hotel and food and beverage sectors, despite the decline observed in the hospitality sector in Bahrain during the first quarter of 2025. Hotel occupancy rates fell by 4%, from 54.2% in the first quarter of 2024 to 52.1% in the same period this year. Revenue per available room (RevPAR) also dropped by 11.7%. This performance was mainly due to seasonal factors, particularly Ramadhan, which typically sees a decrease in travel activity and hotel occupancy. The tourism sector is expected to witness notable improvement in the second quarter, driven by major events such as the Formula 1 Grand Prix and Eid holidays, contributing to stronger performance across our business segments and supporting growth in the upcoming period. We have also made significant progress on several strategic initiatives this year, most notably the integration of Gulf Hotel into the Marriott Bonvoy loyalty programme of Marriott International, the development of exceptional dining experiences in the hospitality and restaurant sectors, and regional expansion. These efforts aim to support the Group's sustainable growth and enhance long-term returns for our shareholders.'
Zawya
25-03-2025
- Business
- Zawya
Gulf Hotels Group approves 25% cash dividends
Gulf Hotels Group shareholders approved the distribution of 25 per cent of the company's capital for the financial year ended December 31, 2024, reflecting the group's strong financial performance and commitment to shareholder value. 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.'
