ADNH posts Dh223m
profit in first half

The company had made a net profit of Dh 324 million in the same period last year, the company said in a statement posted on the website of the Abu Dhabi Securities Exchange (ADX) on Thursday. ‘The booking of the depreciation expenses of Dh 70 million due to the addition of the newly opened 438 room five-star Sofitel Hotel JBR Dubai had negatively impacted the profitability in the first half of this year, the statement said.

Giving the details on the current capital resources and liquidity position of ADNH statement said, “The company has a paid-up capital of Dh1billion, while its net worth as on June 30 was Dh 8.06 billion and the value of total fixed assets was Dh 7.98 billion.”

The company had made a total revenue of Dh 874,632,000 in the first half of this year as against Dh 950,564,000 achieved in the corresponding period last year.“Our numbers correspond with current market conditions and we are confident with our solid future plans for the company,” ADNH said in a Press release quoting its chairman Saif Al Hajeri. The ADNH Chairman also noted the company had recently signed an MoU with the Ritz Carlton Hotel Company as operator for The Grand Canal Hotel Abu Dhabi. This MoU has brought bringing a level of opulence and luxury worthy of such a landmark hotel development and further strengthening ADNH’s position a pre-eminent hospitality company in the UAE, Saif Al Hajeri said.

The Park Hyatt Hotel and Villas on Saadiyat Island construction is progressing well and is expected to open during second quarter of 2011 while construction of the Grand Canal Abu Dhabi progresses towards its scheduled opening second quarter 2011.

“ADNH is pleased with the results for the period and are confident that with two of ADNH’s major planned projects nearing delivery, ADNH expects continued profitability growth moving forward.” Richard W. Riley ADNH’s CEO said.

—ramavarman@khaleejtimes.com