International Hotel Investments plc (IHI) has announced another set of record financial results for 2018, with adjusted EBITDA reaching €61.33 million, almost doubling profits over the past five year span.
IHI is an investor, developer and operator of luxury Corinthia hotels and commercial real estate in Europe, Africa and the Middle East. The company has an ownership interest in 13 hotels, and its operating arm Corinthia Hotels manages 22 hotels. Its other businesses include rental income from commercial and residential real estate, project management, property development and commercial catering.
Total revenues from hotel operations, rental income and fees charged to third parties for services in hotel and real estate operations in 2018 increased to €237 million, with net profit before tax increasing by 28% year on year to €8.5 million, after taking depreciation, currency exchange fluctuations and interest into account.
The Company is in various stages of design and construction on five new luxury Corinthia hotels, in some instances supported by residential and commercial real estate, located in Moscow, Brussels, Bucharest, Dubai, and in Malta too, where the redevelopment of its hotels in St George’s Bay remains a particular focus. In 2018, the group also acquired a 10% shareholding in the Global Hotel Alliance, the world’s largest alliance of independent hotel brands and operator of the loyalty program Discovery, sitting alongside other shareholders Kempinski, Omni, Minor, Pan Pacific and Oracle.
Mr Alfred Pisani, Chairman of IHI, held that “This has been another year of growth on several fronts. I would like to thank our Shareholders, for the faith that they have shown in us, a faith that heightens the Board’s and Management’s responsibility to further strengthen our Company. Obviously, this platform of success would not have been possible without the unbending commitment of all our colleagues, namely the general employees, supervisors, Heads of Departments and ultimately the Senior Executives. To all these, I echo my Board’s heartfelt gratitude for their unstinting support”.
The Board will be recommending a dividend, net of tax, of 2 cents per share at the forthcoming Annual General Meeting. The dividend will be paid to those shareholders appearing on the register of members at the end of business on 28 June 2019. The dividend will be paid on 5 July 2019.
ENDS
for further information contact:
Jean-Pierre Schembri on [email protected]
