IFA Hotels & Resorts Reports Year End Profits of KD 30.85 million

IFA Hotels & Resorts (IFA HR) has reported year end profits of KD 30.85 million (US$ 108 million), which is 77.75 fils per share (27 cents per share), with revenues totalling KD 52.8 million (US$ 184.67 million).

Shareholders' equity increased to KD 101.4 million (US$ 354.6 million), an increase of 50% compared to the same period last year.

The company's total assets also increased to KD 338.26 million compared to KD 277.88 million for 2008. The board of directors also confirmed to its shareholders share dividends of 10 % bonus shares for this period.

Ibrahim S. Al-Therban, Chairman of IFA HR, said, "2009 was no doubt a challenging year for many companies around the world. We are very happy with our profits during these times. We believe there are still many opportunities for us as a company to explore in order to continue growing in the coming years."

Talal Jassim Al-Bahar, Vice Chairman and CEO of IFA HR, added, "The year ahead is critical as we will open and hand over many residences and resorts in Dubai, Lebanon, Thailand and South Africa. We will also be introducing new investment and lifestyle products to the market and will continue working towards maximising our shareholders' returns."

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