Al Habtoor Group surpasses pre-Covid benchmark in H1

Al Habtoor Group (AHG), the UAE-based privately-owned diversified business conglomerate, announced a robust performance for the first half of 2022 for the group on Friday.

The group witnessed a growth of 19 per cent compared to 2021 in revenues, and 36 per cent in EBITDA.

“We had a good year in 2021 where we saw a very promising recovery post-Covid, and I predicted last November an even better 2022. I am delighted to announce that this year did not disappoint. The revenues in our various divisions surpassed the previous year's recovery and pre-Covid times. Numbers don’t lie," said Khalaf Ahmad Al Habtoor, founding chairman of Al Habtoor Group (AHG).

“This shows that we have the right strategy and positioning as a group and a country overall. With the ongoing turbulent market environment and geopolitical uncertainties, the UAE is showing exceptional resilience due to the vision and policies set by its leadership and complemented by the local businesses.”

The growth has propagated across all the units. And the performance of various divisions reflecting the sectors of the UAE economy that its operates in.

"This upward trajectory started due to highly efficient crisis-management skills. And to overcome the significant ongoing challenges, we have taken numerous measures to increase efficiency, consolidate policies and increase revenues," added Al Habtoor.

“All our hotels in the UAE are performing remarkably well. Habtoor Hospitality’s year-to-date forecast for H1 of 2022 registered an 82 per cent increase in revenues over the same period in 2021, and 190 per cent in EBITDA, triggered by an overall increase in bookings in town and an ADR-focused policy.”

As reported by DTCM, Dubai welcomed 7.12 million visitors in the first six months of 2022, up 183 per cent year on year. And revenue per available room (RevPAR) rose to Dh540 in H1, 21 per cent higher than in H1 of 2019, despite a 22 per cent increase in the number of hotel rooms in the Emirate since then.

Al Habtoor Motors, automotive division, maintained its world’s number one distributor position for Bentley, Bugatti and Mitsubishi, with double-digit revenue growth of 34 per cent for the first half of 2022, and a 190 per cent growth in the EBITDA compared to last year.

“With the shortages in supply around the world, disrupted supply chains and massive price increases in materials, the market remained challenging in 2022. But our success is reliant on our strong relationships with the manufacturers and the clients’ trust,” said Al Habtoor.

The group’s car leasing division Diamondlease, with a fleet of more than 12,700 vehicles, declared an increase in revenues of more than 52 per cent in H1 2022 compared to last year, with more than 91 per cent utilisation.

“We have doubled our fleet size over the past two years in Diamondlease, and have reshaped our revenue structure, focusing more on the used-car sales and enhancing the client’s experience," said Al Habtoor.

“The faith in the UAE and Dubai’s business environment has never been stronger, witnessed primarily in the increased numbers of enrolments in our schools. I trust this success will continue for H2 and propagate to 2023,” he concluded.

— business@khaleejtimes.com

• Dubai