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ADNH Announces AED 237m Profits For 9 Months |
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ADNH today announced a net profit of AED 237 million for the period from 1st January to 30th September 2010. This official announcement outlined performance improvements across all sectors of businesses particularly hotels and catering in line with its overall strategy to exceed market dynamics. The Hotel Division recorded a Net Profit of AED 130 million while the Catering Division recorded a profit of AED 70 million and non-operating profits contributed AED 99 million for the period. Richard W. Riley, Chief Executive Officer of ADNH commented on the results stating, "We have taken measures to ensure maximization of profits to ensure our performance is geared to exceed market trends. With our focus on the expansion of our portfolio by adding new products and brands, we look forward to increasing revenue streams moving forward. Riley confirmed that the construction of The Grand Canal Hotel project is progressing well towards its scheduled opening in the second quarter of 2011 while citing the signing of an MOU with Ritz-Carlton Hotel Company as the operator of this landmark property, and highlighted the fact the Park Hyatt Hotel and Villas on Saadiyat Island is progressing well towards its opening mid-2011."
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