Gulf Hotels Group approves 25% capital distribution for 2024

BAHRAIN – Gulf Hotels Group shareholders have approved a 25% capital distribution for the financial year ended December 31, 2024, underscoring the company’s strong financial performance and commitment to shareholder value.

Gulf Hotels Group has announced a dividend of 25 fils per share, reinforcing its strong financial performance and market leadership in Bahrain’s hospitality sector.

The company held its annual general meeting (AGM) and extraordinary general meeting (EGM) at the Gulf Hotel Bahrain Convention and Spa, with Bahrain Clear representatives overseeing the proceedings.

The AGM, chaired by Gulf Hotels Group Chairman Fawzi Kanoo, included board members, executive management, and officials from the Industry and Commerce Ministry, the Central Bank of Bahrain, Bahrain Bourse, Bahrain Clear, and the group’s auditors, EY.

The dividend recommendation stemmed from robust financial results, with total income rising 11% year-on-year to BD36.7 million (US$97.5 million). Net profit surged by 31% to BD8.9 million (US$23.6 million), reflecting the success of the group’s strategic initiatives.

During the meeting, Kanoo emphasized the group’s commitment to financial sustainability and operational excellence.

Shareholders approved the directors’ report, auditors’ report, balance sheet, profit and loss accounts for 2024, and the corporate governance report, along with the discharge of the board for the same period.

The meeting also approved the appointment of auditors for the upcoming financial year, authorizing the board to determine their fees.

Shareholders sanctioned the repurchase of treasury shares up to 10% of issued and paid-up capital.

Additionally, a liquidity provider was appointed to manage up to 3% of shares post-repurchase, enhancing market liquidity and stabilizing share prices.

Following the AGM, the EGM ratified updates to the company’s commercial activities and approved amendments to the Memorandum and Articles of Association, pending regulatory approvals.

Reflecting on the financial results, Kanoo highlighted that the group’s strong 2024 performance underscored the resilience of its operations and strategic growth efforts, ensuring long-term profitability and shareholder value.

Group Chief Executive Ahmed Janahi echoed this sentiment, stating that 2024 was a landmark year for revenue and profit growth.

He reaffirmed the group’s commitment to sustainable expansion and long-term value creation across Bahrain and the Gulf region.

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