Eastern Housing’s profit jumps by 27.57% amid pandemic

Eastern Housing Limited, a leading real state listed firm, posted 27.57 per cent profit growth in the FY21 compared to same period last year amid ongoing Covid-19 pandemic.

The company posted net profit after tax of Tk 37.15 crore for the fiscal year 2010-21, registering, which was Tk 29.12 crore for the previous year.

Meanwhile, the board of directors of Eastern Housing has decided to pay a 15 per cent cash dividend to the shareholders after reviewing the financial statements for the financial year ended on June 30, 2021.

The company’s earnings per share (EPS) stood at Tk 3.98 for the FY21 against Tk 3.12 for the previous fiscal year. Its net asset value (NAV) per share Tk 70.33 and net operating cash flow per share (NOCFPS) Tk 11.29 as of June 30, 2021.

The annual general meeting (AGM) of the company will be held on November 10 to approve the declared dividend with the consent of the shareholders. October 7 has been set as the company’s record date for the distribution of dividends among shareholders.

Eastern Housing was incorporated in 1964. It raised capital with an overwhelmingly subscribed IPO of shares and debentures, with a prospectus issued in July, 1994.

The company is a REHAB member and was formed by Jahurul Islam to reduce the housing problems of Dhaka city. It disbursed 15 per cent cash dividend for the year ended 30 June, 2020.

The company’s share prices closed at Tk 57.70 on Wednesday on the Dhaka Stock Exchange (DSE).

Eastern Housing has undertaken massive development projects, both in Jahurul Islam City (Aftabnagar) and Pallabi. Construction of roads, installation of electricity lines, and other utility services, are visible in Jahurul Islam City and a good number of customers have already started building in those areas, according to the company’s website.