Gulf Hotels Group reports net profit: Bahrain

Gulf Hotels Group reports net profit: Bahrain

Gulf Hotels Group has reported a net profit of BD1.1m in the second quarter of this year compared to BD701,000 in the second quarter of the previous year, with an increase in profit of BD405,000 or 57.73 per cent.

Earnings per share is 5 fils compared to 3 fils in the second quarter of last year.

Total comprehensive income is BD1.1m compared to a profit of BD389,000 for the second quarter of the previous year, an increase in profit of BD721,000 or 85.3pc.

Revenue for the second quarter was BD7.5m, compared to BD6.6m for the same period last year, with an increase of BD891,000 or 13.38 pc.

The increase in the net profit for the second quarter in comparison to the same period last year resulted mainly from an increase in different segments of revenue of BD891,000. Also, the net profit increased over the last year by BD464,000 due to the increase in profit of associates by BD64,000, dividend income BD96,000, interest income BD66,000 and BD238,000 from rental and other income.

During the six months of 2023, the company achieved a net profit of BD4.1m compared to BD2.8m in the six months of the previous year, with an increase of BD1.3m or 48.4pc.

The earnings per