Unique Hotel profit jumps 142%
Selling off subsidiary’s shares has helped the company report good earnings
Unique Hotel and Resorts, owner of five-star hotel The Westin Dhaka, has posted a staggering 142% increase in profit in FY22.
In a disclosure published on the Dhaka Stock Exchange (DSE) website yesterday, the listed firm said its earnings per share (EPS) jumped to Tk3.20 in FY22 from Tk1.32 in FY21.
The company has declared a 15% cash dividend for its shareholders for FY22, which was 10% in FY21.
Md Sharif Hasan, company secretary of Unique Hotel and Resorts said, "Our business declined during the pandemic, but then it subsided and our profit increased significantly."
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Moreover, selling off shares of Unique Meghnaghat Power, a subsidiary of Unique Hotel and Resorts, has generated good earnings for the company and contributed to its net profit, he added.
Unique Hotel and Resorts owned 65.01% share of the power plant, of which it sold 11.76% worth Tk205 crore to Qatar-based investment company Nebras Power Investment Management BV in February this year.
As per the agreement, Nebras Power Investment paid $24.06 million or Tk205 crore in four phases for these shares.
Unique Hotel and Resorts, which was listed on stock exchanges in 2012, runs The Westin Dhaka and Hansa – a premium residence in the capital.
The company has invested around Tk1,600 crore for building three posh hotels – Sheraton Dhaka, Hyatt Centric, and St Regis. Sheraton Dhaka has started operations this year.
