Emirati conglomerate Al Habtoor reports 19% revenue growth in the first half of 2022

RIYADH: The UAE-based Al Habtoor Group recorded a solid performance in the first half of 2022, with annual revenue growth of 19%, its founding chairman Khalaf Ahmad Al Habtoor announced in a statement.

The company also posted a 36% increase in earnings before interest, taxes, depreciation and amortization in the first half compared to the same period of 2021, he said.

Al Habtoor said: “We had a good 2021 where we saw a very promising post-Covid recovery, and I predicted an even better 2022 last November.

“I am delighted to report that this year did not disappoint. Revenues from the various divisions of our business outpaced the recovery and pre-COVID periods of the prior year.

“The numbers don’t lie.”

He went on to say, “Habtoor Hospitality’s year-to-date guidance for the first half of 2022 recorded an 82% increase in revenue compared to the same period in 2021 and 190% in EBITDA, triggered by an overall increase in reservations in town and an ADR-oriented policy,” he added.

Dubai welcomed 7.12 million visitors in the first six months of 2022, up 183% year on year, according to the Tourism and Trade Marketing Department.

Revenue per available room reached 540 dirhams ($147.02) in the first half of the year, 21% more than in the first half of 2019, despite a 22% increase in the number of hotel rooms in the region. emirate since then, as reported by DTCM.

“Al Habtoor Motors, our automotive division, maintains its position as the world’s number one distributor for Bentley, Bugatti and Mitsubishi, with double-digit revenue growth of 34% for the first half of 2022 and 190% growth in EBITDA compared to last year. year,” Al Habtoor said.

Diamondlease Group’s car leasing division, with a fleet of more than 12,700 vehicles, reported an increase in revenue of more than 52% in the first half of this year compared to last year, with usage of more by 91%, according to the press release.

“We have doubled the size of our fleet over the past two years at Diamondlease and reshaped our revenue structure, focusing more on used car sales and improving the customer experience,” commented Al. Habtoor.

He continued: “Hopefully this success will continue in the second half and carry over into 2023. We are on the right track; I am optimistic about our future. We are never completely satisfied.

“Our dreams and goals exceed what the world expects of us. I hope they will learn from our successful example.

The Dubai-based AHG hotel and leisure group operates in the United Arab Emirates and in international markets, including London, Vienna, Budapest, Beirut and the United States.