IFA is ‘very happy’ with latest year even as latest earnings fall 17.6%

Kuwait’s IFA Hotels and Resorts (IFAHR) cited “a challenging year” as the reason for a 17.6 per cent fall in earnings.

The hotel and tourism resort developer, which has formed partnerships with companies such as Kingdom Hotel Investments (KHI) and Nakheel on projects, saw net profits fall to 30.8 million Kuwait dinars (Dh394.4m) for the financial year that ended on June 30, down from 37.4m dinars the previous year.

The latest period “was no doubt a challenging year for many companies around the world”, said Ibrahim al Therban, the chairman of IFAHR.