Unique Hotel's profit doubles on income beyond core operations

FARHAN FARDAUS | Tuesday, 19 September 2023

Unique Hotel & Resort's profit almost doubled in FY23, compared to the previous year, supported by extraordinary income from the sale of shares of its subsidiary.
Nearly two-thirds of the luxury hotel's annual profit of Tk 1.89 billion came from the share sale.
As a result, the company's earnings per share (EPS) jumped to Tk 6.42 for FY23 from Tk 3.34 (restated) for the previous year, according to its earnings note disclosed on Monday.
Unique Hotel saw its earnings soar mainly for extraordinary unrealised gain on investment in newly-listed Chartered Life Insurance and sale of ordinary shares of its subsidiary Unique Meghnaghat Power, said company secretary Md Sharif Hasan.
Unique Hotel has recorded an income of Tk 3.83 per share during the year from capital gains on sale of 2.45 per cent ordinary shares of Unique Meghnaghat Power, according to its earnings note.
Qatar-based investment company Nebras Power Investment Management BV purchased the shares in February this year. It has already completed the payments in four phases.
On the other hand, the unrealised gain from investment in the insurance company is Tk 154 million during the period.
The company's revenue increased 55 per cent year-on-year to Tk 2.60 billion in FY23.
The board of directors of the company declared 20 per cent cash dividend for FY23. The company will hold an annual general meeting on December 12, while the record date is October 23.
Unique Hotel and Resort, which was listed on stock exchanges in 2012, runs Westin Dhaka and Hansa, a premium residence in the capital. The company has invested around Tk 16 billion for building three upscale hotels - Sheraton Dhaka, Hyatt Centric, and St Regis.
Meanwhile, the stock fell 3.91 per cent to Tk 71.20 on Monday.

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