Unique Hotel’s profit surges over 5 times in H1

Unique Hotel and Resorts Limited, the owner company of the five-star hotel The Westin Dhaka, posted a staggering 463 per cent year-on-year surge in net profit in the first half (July-December) of the current fiscal year.

Both revenue and net profit of the hotel and hospitality management company jumped significantly mainly due to the ease of the Covid-19 pandemic this fiscal year. 

The publicly traded company reported Tk 44.75 crore in net profit in the July-December period of the fiscal year 2022-23 against Tk 7.94 crore in the same period last fiscal year, according to a Dhaka Stock Exchange (DSE) filing published Tuesday.

Its earnings per share (EPS) rose to Tk 1.52 in H1 of the current fiscal which was Tk 0.27 for the same period of the last fiscal.

Out of the six-month profit, 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 quarterly earnings per share stood at Tk 1 against Tk 0.27 for the Q2 last fiscal year.

“With the ease of the pandemic situation, hotel and resort businesses were expected to rise. As a result, our earnings grew up sharply in first half of the current fiscal year,” Md Sharif Hasan, director (regulatory affairs) of 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.

Unique Hotel and Resorts shares went up by 6.20 per cent to close at Tk 66.80 per share on the DSE trading floor on Tuesday.

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, The Unique Hotel and Resorts received the 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.