ADNH Annual General Assembly announces profits of AED 332 million for 2005

Headed by His Excellency Khalifa Nasser Bin Huwaileel Al Mansoori, Chairman of ADNH, the meeting was attended by board members and senior management from ADNH Group and its shareholders.

The Chairman welcomed the distinguished guests and dignitaries, and said: "On behalf of us all, I am pleased to extend my profound thanks and gratitude to HH Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE, and to HH Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, for their patronage and support of Abu Dhabi National Hotels." The Chairman also paid tribute to the late president Sheikh Zayed bin Sultan Al Nahyan.

The Chairman stated that prudent economic and social policies pursued by the UAE continue to have a positive effect on the development of the company. He stressed that the work of Abu Dhabi Tourism Authority, Etihad Airways and large investments in the real estate industry have been a significant boost to Abu Dhabi's travel and tourism sectors.

The Annual General Assembly ratified the company's financial report for 2005, which showed AED 332 million in profits, an increase of 40 per cent compared to 2004.

The Annual General Assembly also approved the recommendation of the board to allow expatriates to buy shares of the company, up to a maximum of 25 per cent of issued share capital.

The basic earning per share reached AED0.92 compared to AED0.66 in 2004. Total shareholders' equity reached AED2.6 billion compared to AED1.7 billion in 2004, representing growth of 50 per cent.

The company saw excellent performances from its hotels division in 2005; the renovation of Le Meridien is expected to be completed by the end of April. The group's international hotels achieved profits growth of 43 per cent. The occupancy at Al Diar hotels reached 90 per cent, which helped generate a 55 per cent leap in profits for the Al Diar brand.

ADNH signed a hotel management agreement in 2005 with ACCOR to operate its 450-room property in Jumeirah, Dubai under the Sofitel brand. Plans to build a new property on the site of the Gulf Hotel in Abu Dhabi were also announced last year. The project is valued at AED500 million.

His Excellency Khalifa Nasser Bin Huwaileel Al Mansoori added: "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."