DUBAI: Abu Dhabi National Hotels said profit fell 35 percent last year as hotels across the emirate were forced to close due to the pandemic.
The group behind some of the emirate’s most luxurious properties reported net profit of 162 million dirhams ($44.1 million) as overall sales fell 38 percent to 874 million dirhams.
CEO Khalid Anb made the disclosure at the company’s annual general assembly, according to an Abu Dhabi stock exchange filing.
The group owns or operates some of the best known hotels across the emirates including the Park Hyatt in Abu Dhabi and the Sofitel Dubai Jumeirah Beach.
Like other cities, Abu Dhabi’s tourism sector has been pummeled by the pandemic, but the latest data from hotel research group STR suggests it may be on the rebound.
Abu Dhabi hotels reported their best performance since the start of the pandemic according to preliminary February data, STR said.
Occupancy stood at 65.4 percent which was just 15.4 percent below the level from the year-earlier period.
The massive IDEX military exhibition helped to boost occupancy for hotels in the emirate during the month.
Abu Dhabi’s biggest hotel group reports pandemic profit decline but outlook improves
https://arab.news/mcy2f
Abu Dhabi’s biggest hotel group reports pandemic profit decline but outlook improves
- Regional hotels hit hard by lockdowns
- IDEX helps to lift stays in February
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
