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Mediterranean Tourism Investment company (Four Seasons Hotel) holds its annual general assembly meeting

Mar 20,2023 - Last updated at Mar 21,2023

The general assembly of the Mediterranean Tourism Investment Company (METICO), which owns and operates the Four Seasons Hotel in Amman, was recently held under the leadership of the Chairman of the Board of Directors, Hani Al Qadi, and in the presence of the board of directors, shareholders, a representative of the Companies Control Department, and an external auditor.

During the meeting, a new board of directors was elected for a period of four years, composed of Hani Al Qadi, Mahmoud Malhas, Samer Al Qadi, Wael Al Qadi, Bassem Malhas, Eyhab Al Okar, Khalil Abu Al Rub, Fahd Malhas, Abdulkadir Al Qadi, the Arab Jordan Investment Bank, and Al Yaqeen Investment Company. Following a meeting of the new board, Hani Al Qadi was elected as chairman and Bassem Malhas as vice-chairman.

Qadi noted that the various positive developments that had taken place over the course of 2022, including the decline in severity of the COVID-19 pandemic, resulted in a growing demand for the tourism sector as a whole, particularly hotel room reservations.This, he added, underscores the soundness of the company’s decision to leverage the pandemic period to renovate and modernise the rooms and facilities of the Four Seasons, which gave the hotel a competitive edge against newer five-star hotels and accelerated its post-pandemic market share growth. He expects that this growth will continue in 2023 as the industry further recovers. 

In 2022, METICO’s profits after tax amounted to JD1.8 million, compared with losses totalling JD1.3 million experienced during 2021 as a direct result of pandemic slowdown. During 2022, the Four Seasons’ occupancy rate reached 59.2 per cent, compared with 34.6 per cent in 2021.The hotel witnessed significant growth in 2022, maintaining its solid standing in the tourism market and welcoming guests from around the globe. Meanwhile, a healthy growth in revenues also helped to substantially improve liquidity and cash flows. The general budget showed a JD1.02 million increase in total assets, which reached JD64.1 million at year-end 2022, compared with JD 63.1 million in 2021. Meanwhile, total shareholders’ equity amounted to JD 47.98 million, compared with JD 46.24 million in 2021.

It is worth noting that the successful renovation and modernisation initiative helped position the hotel as one of the premier destinations in a highly competitive market, allowing the hotel to retain the title of the first and only hotel in Jordan to earn the highly coveted five-star rating from Forbes Travel Guide for the second year in a row. Meanwhile, the hotel's main restaurant, La Capitale, maintained its rating as the best restaurant in Jordan by the Pinnacle Awards.

Qadi stressed that the company fully intends to continue delivering best-in-class services and provide all means of comfort for hotel guests under the highest global standards, in addition to maintaining healthy financial growth for the company and its shareholders.

 

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