Talal Jassim Al-Bahar, chairman and managing director of IFA Hotels & Resorts (IFA HR) Saturday announced that the company achieved year end profits of KD22.82 million (US$81.35 million).
Al-Bahar stated: "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 per cent bonus shares and 30 per cent 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 per cent 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 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.
Al-Bahar concluded: "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."