Abu Dhabi National Hotels announces profit up 52 per cent to Dhs. 72.7 million for the first quarter of 2004

Good results from both the Hotel and Catering divisions continue the recent positive trends in business performance. Abu Dhabi National Hotels has therefore confirmed profit for the first three months of the year 2004 of Dhs. 72.7 million against Dhs. 47.8 million of last year, up 52%.

The Chairman of Abu Dhabi National Hotels, H. E. Khalifa Nasser Bin Huwaileel Al Mansoori said "I am very pleased with the overall performance of the company at the beginning of 2004. The hotel division is delivering very good results and all indications are that this will continue, with our hotels operating at high occupancy levels.

In addition, our catering Joint Venture ADNH/Compass has also continued to deliver a very strong performance benefiting from its growing presence throughout the region. The management at ADNH is committed to produce superior profit performance and we will continue to do everything in our power to ensure this is the case".

Mr. Peter Cardnell the Director General of ADNH commented "The companies results are very encouraging, the hotel division results in the first quarter are particularly good in comparison to last year due the difficult conditions that prevailed in the first half of 2003. The first quarter of 2004 has clearly enjoyed a more positive market trend compared to last year and we see this continuing. Our results are also benefiting from the fruition of the investments we have made in the hotel portfolio that improves our position now and for the future".

Peter Cardnell further elaborated on the results stating "We are also seeing encouraging revenue trends in our transportation business Al Ghazal and in our other divisions alongside satisfactory investment returns. Together our unique blend of business have produced good profits in the first three months of 2004, slightly exceeding our initial forecasted expectations".