Dubai-based hotel group, Kingdom Hotel Investments (KHI) saw gross profit rise by nearly a quarter in 2006 last year, in the first year since being taken public.
The group, which focuses on developing in emerging markets, acquired $1.4b worth of assets with agreements to develop or buy 11 new hotels last year, taking its total portfolio to 33.
Despite three of KHI's properties in Lebanon, Beirut and Egypt being affected by adverse local conditions revenue for the year to 31 December 2006 was up 68% to $99m, with gross profit up 24% to $14.3m.
KHI Chief executive Sarmad Zok said the results showed the strength of the company's business model, adding that 2007 would bring more of the same.
"We have built up a strong, diversified and resilient asset base. Our strategy is to continue to diversify and extend our operating base focusing on properties in global emerging and high growth markets. We have accentuated our investment focus on branded ancillary real estate and continue to invest in people and systems to support KHI's growth." he said.
Company chairman HRH Prince Alwaleed Bin Talal added: "In 2007 KHI has already identified and secured some key unique assets in target markets and continue to drive our fast paced expansion strategy in emerging territories."