Abu Dhabi National Hotels posts first half year results

The Chairman of Abu Dhabi National Hotels, H. E. Khalifa Nasser Bin Huwaileel Al Mansoori commented, "I am very pleased with our performance and growth for the first half of 2004. The encouraging results come as a result of our clear strategic planning and strong balance sheet.

"The hotel division is delivering excellent results and has experienced high levels of occupancy throughout 2004. In addition, our catering division, ADNH/Compass has continued to progress showing very strong performance, benefiting from its growing presence throughout the region. We have also seen encouraging revenue trends in our transportation business Al Ghazal and across all our divisions. The management at ADNH is will continue to drive and produce excellent profit performance maintain growth, he added.

Mr. Peter Cardnell Director General, ADNH commented, "The hotel division results are particularly good in comparison to first half 2003 despite the difficult social, economical and political conditions effecting the region.
"Al Diar Hotels have consistently operated with occupancies around 90% and our other hotels are benefiting from the fruition of the investments we have made in the portfolio. These projects continue with the current refurbishment of our Hilton Hotel in Abu Dhabi, scheduled for completion at the end of 2004 and the full bedroom renovation at Le Meridien, Abu Dhabi".

Peter Cardnell further elaborated on the results stating, "Our unique blend of businesses have produced good profits in the first six months of 2004, exceeding our initial forecasted expectations and leading the way for Abu Dhabi National Hotels".