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IFA Hotels & Resorts achieves 75 per cent profit above forecast for the year |
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9/11/2006 9:20:29 AM |
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 Talal Jassim Al-Bahar, Chairman and Managing Director of IFA Hotels & Resorts (IFA HR) announced that the company has achieved year end profits of KD 6,700 million, which amounts to 26 fils per share, yielding 75 per cent increase over the expected forecast in the PPM.
Al-Bahar said ‘This is our first six months as a listed company and these results have exceeded the expected forecast during the time of listing at the start of this year. We are pleased with these results and equally so with the significant growth achieved by our South African subsidiary, which we announced last week. We are also pleased to announce to our shareholders share dividends of 15 per cent bonus shares in this short term period which equals to 30 per cent annualised basis since listing in January 2006.’
IFA HR is widely recognised as one of the world’s leading international companies engaged in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa. IFA HR has projects are in Dubai, Lebanon, London, South Africa, Zanzibar, Kenya and Portugal.
The positive results are attributed to the successful strategy that the company has adopted in diversifying investments and further developing its international presence. ‘We are conscious of the fact that our success has been built through mutually beneficial alliances with our world class strategic partners, and we will continue to build on these relationships in the future, especially on entering new markets. We will shortly announce expansions in Asia and further expansion into Africa,’ added Al-Bahar.
IFA HR will deliver one of it first projects in Dubai, The Palm Residence Shoreline apartments (Al Nabat and Al Haseer), to customers in the first quarter of 2007. These are among the first residential projects to be completed and handed over to owners on the trunk of the Palm Jumeirah Island.
‘We look forward to maximum growth and to the ongoing development of a varied portfolio that benefits investors and shareholders. We have confidence that next year will be a record year as promised in our forecast to our shareholders,’ concluded Al-Bahar
IFA Hotels & Resorts – www.ifahotelsresorts.com
IFA Hotels & Resorts (IFA HR) are leaders in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa
Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 1 billion, IFA HR’s main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA HR listed on the Johannesburg Stock Exchange Feb.27th 2006.
Globally, IFA HR has entered into strategic alliances and Joint- Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, a strategic alliance with RCI (part of the Cendant’s Group) and Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd, ( South Africa).
IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
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