Abu Dhabi National Hotels announces at its General Assembly for 2003 record total revenue of AED 1,049 billion and net profits of AED 210.3 million

The General Assembly meeting was inaugurated by the Chairman, he declared, "On behalf of the Directors of the Board, I am pleased to extend my gratitude to H.H. Sheikh Zayed Bin Sultan Al Nahyan, the President of the U A E and to H.H. the Crown Prince Sheikh Khalifa Bin Zayed Al Nahyan, for their patronage and support given to Abu Dhabi National Hotels since its inception. The prudent economic policies pursued by the United Arab Emirates continue to have a most positive effect on the development of the company".

The meeting's proceedings concerned the Board Members' report about the company's activities and financial results for the year 2003. The company announced the highest ever revenue of AED 1,049 billion compared with AED 584 million for the year 2002, a growth of 79.6% and net profit of AED 210.3 million, a growth of 20% and executed the Auditor's Report. Basic earnings per share grew in 2003 to AED 7.97 from AED 6.43 the previous year, up 24%. The shareholder equity also grew by 12.7% to AED 1,332 billion from 1,183 billion for last year.The General Assembly considered a proposed dividend of 50% and to the increase in capital for the company from AED 264 million to AED 300 million by the issue of bonus shares, an increase of 13.6 %.

The Chairman reported, "During 2003, we completed many of our hotel renovation projects, notably the Sheraton Hotel, Abu Dhabi as well as projects at Hilton Al Ain, Al Diar Mina and Al Diar Gulf Hotels, Abu Dhabi. We also opened the new state-of-the-art Hiltonia Health, Fitness and Spa, in addition to the fully renovated Al Qasr Ballroom, both at Hilton Abu Dhabi. We also confirmed at the end of 2003 that we had agreed to acquire a new 450-bedroom hotel in the landmark Jumeirah Beach Residence Development in Dubai. This property will open in 3 years and will be an excellent addition to the ADNH hotel portfolio and confirms our desire to enter into complimentary new developments that will deliver shareholder value."

In concluding, the Chairman said, "I would like on behalf of the Directors to thank our shareholders for their ongoing support and trust, the many authorities both public and private and our management and staff who contribute to the success of Abu Dhabi National Hotels".

Abu Dhabi National Hotels was established more than 20 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 3, 4 and 5 star hotels in addition to Sunshine Tours and its transportation business Al Ghazal. In addition, ADNH has a Joint Venture with the renowned international catering and services company Compass covering their respective catering operations throughout the Middle East under the banner of ADNH Compass.