Abu Dhabi National Hotels reports net profit of Dhs477m for 2007

The company has attributed the sharp increase in profits as well as revenues to the Group's excellent performance in all divisions and sectors.

Announcing the preliminary financial results for 2007, which ended on 31st December, ADNH said total revenue increased 12% from Dhs1.2bn in 2006 to Dhs1.3bn. Net annual operating profits jumped more than 36% from Dhs265m in 2006 to Dhs363m in 2007. Non-operational profits increased from Dhs27m in 2006 to Dhs114m last year. Earning per share grew from 0.41 fils in 2006 to 0.66 fils.

ADNH noted the company's achievements in 2007 and said that there are several positive indicators that the current year will bring more outstanding results and more value to the company's shareholders.

ADNH is going through a phase of significant growth now with several new hotels under development. Sofitel Jumeirah and Al Diar Barsha are scheduled to open this year in Dubai and three world-class hotels are being developed in Abu Dhabi -- JW Marriot Resort & Spa, Saadyat Island and Capital Centre. These projects will reinforce ADNH's commitment to developing the hospitality sector and raise the profile of UAE as a regional hub for tourism and business alike.

Abu Dhabi National Hotels was established more than 30 years ago and since then has grown in both size and diversity into a quality, broad-based hotel, tourism, transport and catering group. ADNH interests include a range of moderate to luxury hotels in addition to ADNH Travco, the company's travel and tourism arm and its transportation business Al Ghazal.

In addition, ADNH has a joint venture with the catering and services company Compass, covering its respective catering operations in the Middle East under the banner ADNH Compass.