Today's Edition
SARA ALZAABI (ABU DHABI)
Abu Dhabi National Hotels Company PJSC (ADNH) recorded strong financial performance with a gross revenue increase of 77%, reaching nearly Dh2.89 billion, supported by strategic acquisitions, operational performance, as well as new business initiatives.
The leading hospitality and catering services provider in the UAE also witnessed its net profit increasing by 216% to Dh1.33 billion.
Additionally, ADNH proposed a solid 7.5% dividend yield, standing at Dh567 million, resulting in strong shareholder return growth across its business lines.
EBITDA, or earnings before interest, taxes, depreciation, and amortisation, totalled Dh1.8 billion, indicating an impressive 130% year-on-year growth, combined with an improvement of EBITDA margin at 63%.
The group successfully completed the acquisition of Compass's stake in the catering business in the UAE, becoming the holder of 100% of its capital.
Furthermore, ADNH succeeded in implementing the transformation of five hotels in Dubai to become directly managed by the group on a franchise model under luxury international hotel brands.
Commenting on the results, CEO Khalid Anib said in the statement, "2024 was a transformational year for ADNH as we successfully executed our growth strategy, expanded our market presence, and delivered exceptional financial performance."
"The strong results reinforce our ability to create long-term value for our shareholders and stakeholders. Looking ahead, we remain focused on expanding our footprint, improving efficiencies, and capitalising on new opportunities in the region."
The group aims further to pursue momentum for 2025 by expanding in the UAE and international markets, striking strategic acquisitions and increasing operational efficiency.
