The shareholders of Gulf Hotels Group (GFG) during the 53rd annual general meeting, have approved the payment of the cash dividend of BD5.65 million for the year 2022.
The AGM was chaired by Chairman Farouk Yousif Almoayyed, and attended by members of the board, the executive management.
GHG achieved a total Gross Operating Revenue of BD 31.395 million compared to BD 23 million in 2021, with an increase of BD 8.394 million or 36.5%. The Group generated a Net Profit of BD 6.669 million in comparison to BD 3.396 for the previous year, recording an increase of BD 3.273 million or 96.4%.
"We are delighted with our performance, which is testament to the great efforts put forward by the Board and Executive Management whose strategy significantly reduced the pandemic's impacts," Farouk Almoayyed told the general assembly.
Additionally, he continued, as earlier announced, we are in the process of acquiring the Novotel Al Dana Resort and the transaction will be completed by April 30, 2023.
This acquisition demonstrates our determination to carry out the expansion strategy on a local, regional, and international level.
"Following the completion of the purchase, we will be carrying out a full renovation of the resort," he said.
the Group’s Chief Executive Garfield Jones said that "continuing on the Chairman’s comments about the expansion of the business, our hotel in Tbilisi, Georgia, the Gulf Aquamarine Hotel, which Is located next to one of the largest waterparks in the region, Gino Paradise, will have its official opening in early May and we are already seeing a strong influx of bookings from Bahrain and the Gulf region during the summer season."
Source: Bahrain News Agency