IFA Hotels & Resorts (IFA HR)
has reported year end profits of KD22.82 million, 76.81 fils per share.
Al-Bahar, Chairman and Managing Director of IFA HR said, "We are very pleased with
these results as we have now been listed on the Kuwait Stock Exchange for a year and a half. We are
also happy to announce to our shareholders share dividends of 15% bonus shares and 30% cash
bonus for this period."
These positive results are attributed to the successful strategy that the company has adopted of
diversifying investments and further developing its international presence. The end of 2006 saw the
company's entry into Asia after acquiring 24.9% of Thai listed residential developer Raimon
Land. Global expansion continued with the entry into Namibia last March and the opening of the first
YOTEL in London's Gatwick Airport.
Last March, IFA HR opened an office in central London bringing its global portfolio to the doorstep of the UK investor. The office will also
lead and manage the company's existing European projects and investments and will explore future investment opportunities in the region.
Strategically, global expansion has been a top priority
for the company along with new investment and product offerings. In May, IFA HR launched its first
fractional ownership product in Dubai, Fairmont Heritage
Place, Kingdom of Sheba on The Palm Jumeirah, the first in the region. The future
will see more products and investment opportunities launched.
IFA HR will deliver one of it first projects in Dubai, The Palm Residence (Al Nabat & Al Haseer) shoreline apartments to customers in the next
two months. These will be IFA HR's first residential projects on The Palm Jumeirah to be handed over to owners.
"We will always strive to maximize shareholder returns and work on constantly developing a diversified portfolio that
benefits investors and shareholders. We have confidence that next year will be a record year, as promised to our
shareholders" Al-Bahar added.
other recent news regarding:
Hotels & Resorts, Hotels