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Abu Dhabi-based National Corporation for Tourism & Hotels (NCT&H) is upbeat about its outlook, citing that economic conditions will continue to improve amid easing travel restrictions.
The hospitality company, which owns and manages several hotels and resorts in the UAE capital, posted a net profit of 118.15 million dirhams ($32.16 million) for 2021, up from 114.78 million dirhams in 2020.
So far this year, the company has seen average occupancy and room rates increase, NCT&H said in a report to the Abu Dhabi Securities Exchange (ADX), where its shares trade.
"The corporation's hotels division benefited from the ease of travel restrictions this year both locally and internationally, resulting in increased occupancy and average room rates," the company said.
"The corporation believes that the economic conditions would continue to improve in the near future, and the current situation has no long-term effect to the corporation's assets."
Total revenues for the year ended December 31, 2021 reached 767.97 million dirhams, slightly up from the 765.44 million dirhams recorded in the same period of 2020.
However, its retail division saw lower demand during the period and posted a 0.44 percent decline in profit from 14.6 million dirhams to 14.54 million dirhams.
(Reporting by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com )
