Home ›› 22 Feb 2023 ›› Front
Business performance of the parent companies of five-star hotels both in and outside of Dhaka have improved significantly in the first half – July 2022 to December 2022– of the ongoing fiscal year owing to the ease of the Covid-19 pandemic.
Some of the hotels recorded above 450 per cent year-on-year profit growth in the period.
According to industry insiders, the extraordinary profit growth was driven by the country’s booming hotel industry, which returned to normalcy in the first quarter of the current fiscal year after a severe pandemic shock. There are currently 17 five-star hotels in the country.
Meanwhile, most of the listed and non-listed companies also saw massive jumps in profits in the first six months of the current fiscal year, sources said.
Unique Hotel and Resorts Limited, owner of five-star hotel The Westin Dhaka, posted a staggering 463 per cent year-on-year surge in net profit in the first half of the current fiscal year.
Both revenue and net profit for the hotel and hospitality management company jumped significantly. The publicly traded company reported Tk 44.75 crore in net profit in the July-December period of the fiscal year 2022–23, compared with Tk 7.94 crore in the same period last fiscal year.
Its earnings per share (EPS) rose to Tk 1.52 in H1 of the current fiscal, from Tk 0.27 for the same period of the last fiscal.
The hotel and hospitality management company’s second quarterly profit was Tk 29.40 crore, which was also Tk 7.92 crore in the same period last fiscal.
The company’s second quarter earnings per share stood at Tk 1 against Tk 0.27 for the same quarter last fiscal year.
“With the ease of the pandemic situation, hotel and resort businesses were expected to rise. “As a result, our earnings grew sharply in the first half of the current fiscal year,” Md Sharif Hasan, director (regulatory affairs) at Unique Hotel and Resorts told The Business Post.
The company’s net asset value (NAV) per share stood at Tk 84.79 as on December 2022 which was Tk 84.73 as on June 2022.
Unique Hotel and Resorts paid a 15 per cent cash dividend to its general shareholders for the year ended in June 2022. It had paid a 10 per cent cash dividend in the fiscal year 2020-21.
As per the financial report, its EPS stood at Tk 3.20 in FY22 against Tk 1.32 in the previous fiscal.
With a market capitalisation of Tk 1,851 crore, the company has a paid-up capital of Tk 294 crore.
Besides, the company holds a surplus reserve of Tk1,581 crore.
Incorporated in 2000, Unique Hotel and Resorts received approval to operate business under the brand name ‘The Westin Dhaka’ on July 1, 2007.
The company also owns the five-star Sheraton hotel in the capital’s Banani, and the HANSA in Uttara.
Besides, Sea Pearl Beach Resort and Spa Limited, the owner company of Cox’s Bazar-based luxury hotel Royal Tulip, posted 42.2 crores in net profit in the first half of the fiscal year 2022–23, which is almost five times higher than the Tk 8.6 crore profit it made in the first of the last fiscal year.
The publicly traded company’s basic earnings per share rose by 152 per cent to Tk 3.50 for the July-December period of FY23, which was Tk 0.72 for the same period last year.
The hospitality management firm gave a 15 per cent cash dividend to its general shareholders for FY22.
Its net asset value per share stood at Tk 14.17 until December 2022.
The company posted an operating profit of Tk 42 crore in FY22, up Tk 10.14 crore from that in the previous year.
Starting the journey on September 17, 2015, on 15 acres of land in Inani, Cox’s Bazar, the 5-star category resort has 493 rooms and suites.
After its inception, it has become a favourite place for tourists in Bangladesh. All the facilities have now made it the world’s best seaside resort, according to the company.
