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Kingdom Hotel H1 Profit Drops 61%

ImageKingdom Hotel and Investments (KHI) H1 profit fell 61% to US $8 million (Dh29m) from $20.6 million for the same period last year.   The fall in profit is due mainly to weak performance by its Four Seasons Hotels in Paris and Cairo, property sales,     and impairment charges.     KHI, based in Dubai, is a hotel and resort investment company.  Saudi billionaire Prince Alaweed bin Talal founded the company and is its majority shareholder.

Revenues declined 11 per cent to $103.3 million during the first half of the year from $115.5 million last year in a challenging environment, because of a big drop in demand for international travel. KHI chief executive Sarmad Zok said “Our determination to drive profitability across our wholly owned hotel operations has paid off and they remain cash generative.”

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