Unique Hotel and Resorts PLC, the owning company of The Westin Dhaka, witnessed a significant upswing in its profits during FY23, marking a robust resurgence in business following the Covid-19 pandemic.
The leading hotel and hospitality management firm recorded a net profit of Tk 189 crore in FY23, representing a remarkable 96 per cent increase from the previous fiscal year's figure of Tk 96.40 crore.
In light of this impressive performance, the company's board of directors has recommended a 20 per cent cash dividend for its shareholders for the financial year ending on June 30, FY23.
This decision reflects a steady growth in dividend payouts, as the company had declared a 15 per cent dividend for FY22 and a 10 per cent dividend for FY21.
The recommendation for the cash dividend was formalised during a board meeting held in Dhaka on Monday.
Earnings per share (EPS) for Unique Hotel rose to Tk 6.42 in FY23, a substantial increase compared to Tk 3.34 reported in the preceding fiscal year.
The company will hold its annual general meeting (AGM) to be held virtually on December 12 to approve the proposed dividend. The record date for eligibility to receive the recommended dividend has been set for October 23.
As of June 30, 2023, the company reported a net asset value (NAV) per share of Tk 88.51, in contrast to Tk 84.91 on June 30, 2022.
On Monday, Unique Hotel and Resorts shares closed at Tk 71.20 per share, marking a decline of 3.91 per cent on the DSE trading floor.
The company, boasting a market capitalisation of Tk 2,181 crore, has a paid-up capital base of Tk 294 crore, accompanied by a surplus reserve of Tk 1,581 crore.
Having been incorporated in 2000, Unique Hotel and Resorts secured approval to operate under the prestigious brand name 'The Westin Dhaka' in 2007.
In addition to The Westin Dhaka, the company also owns the five-star Sheraton hotel located in Banani and HANSA in Uttara, both prominent establishments in the hospitality industry.
