Sea Pearl posts 794% profit growth in Q3

Sea Pearl Beach Resort & Spa reported a stellar growth of over 794 per cent in its net profit for the January-March quarter of the current fiscal year on a year-on-year basis.

The company posted Tk 37.7 crore in net profit in the third quarter of the fiscal year 2022-23, against the profit of Tk 4.2 crore in the same period last year.

The company’s earnings per share (EPS) for the third quarter of FY23 rose to Tk 3.13, a significant increase from the EPS of Tk 0.35 for the same quarter last year.

The company’s net operating cash flow per share (NOCFPS) also improved, with Tk 10.22 for the nine months ending in March 2023 compared to Tk 4.57 for the same period in the last fiscal.

Additionally, its net asset value (NAV) per share stood at Tk 17.28 till March 31, 2023, which was Tk 11.77 as on June 30, 2022.

Similarly, for the nine months ending in March 2023, the company’s EPS was Tk 6.63, much higher than the EPS of Tk 1.07 for the same period last fiscal.

The ease of the pandemic situation and the an effective revenue utilisation from its rooms, the fully phased operation of the water park, cruise ship revenue, the non-AC restaurant opening, and other activities contributed to the boost in earn-ings, the company stated in its latest financial report.

The company's basic earnings per share for the July-December period of FY23 were Tk 3.50, a significant increase of 152 per cent from that of the same period last fiscal.

The company's shares closed at Tk 285.90 per share on the DSE trading floor on Tuesday, a 0.11 per cent increase from that of the previous day.

The company gave a 15 per cent cash dividend for FY22, but only for its general shareholders.

The company launched a new line of business offering cruise ship tour packages on the Khulna-Sundarban-Khulna route, following an investment of Tk 8.5 crore in purchase of two cruise ships.

The resort’s exclusive spa was awarded the Best Luxury Health and Fitness Spa for 2022, and the company's Group General Manager Azeem Shah was named the Best General Manager for the year.