Share sales of subsidiary boost Unique Hotel’s Q3 profit
Unique Hotel is the owner of The Westin Dhaka, The Sheraton Dhaka, and Hansa
Unique Hotel and Resorts Limited recovered from its quarterly losses and made a handsome profit in the third quarter of the ongoing fiscal thanks to its subsidiary's share sale-off to the Qatar based investment firm - Nebras Power Investment Management BV.
In February, Nebras Power paid Tk83 crore to Unique Hotel as the first phase payment for acquiring Unique Meghnaghat Power Ltd - a power plant of Unique Hotel.
As a result, in the January-March quarter of fiscal 2021-22, Unique Hotel's profit stood at Tk83 crore, which was a loss of Tk3 crore in the same quarter of the previous fiscal.
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In April last year, Nebras Power signed an agreement with Unique Hotel, and Strategic Finance & Investments Ltd to buy a 24% stake in Unique Meghnaghat Power at a total cost of Tk450 crore.
Currently, Unique Hotel owns 65.01% of the power plant and Strategic Finance holds the rest.
As per the agreement, Unique Hotel will sell 11.76% of its holding at a value of Tk205 crore, and Strategic Finance will sell 12.24% of its holding at a value of Tk245 crore. Nebras will pay off the total amount in four phases.
In July 2019, Unique Hotel signed a 22-year power purchase agreement (PPA) with the BPDB to set up the country's largest combined cycle power plant of 584 MW fueled by natural gas. The plant is situated at Meghnaghat, Sonargaon, in the Narayanganj district.
Unique Hotel is the owner of The Westin Dhaka, The Sheraton Dhaka, and Hansa.
In the third quarter of FY22, Unique Hotel earned revenue of Tk43 crore, which was 92% higher than the previous fiscal at the same time.
In the first nine months of FY22, its revenue increased by 105% to Tk103.49 crore compared to the same period a year ago.
Of the amount, Tk91 crore came from The Westin Dhaka, Tk3.57 crore from The Sheraton Dhaka, and the rest from Hansa.
At the end of March, Unique Hotel's earnings per share stood at Tk3.06.
Its share price increased by 3.1% and closed at Tk63.1 on Tuesday at the Dhaka Stock Exchange.
