Eastern Housing sees 15% growth in land sales, 159% surge in flat sales in Q2

Despite ongoing economic challenges, Eastern Housing Limited, one of the country's leading real estate developers, achieved a 15% increase in land sales and an impressive 159% surge in flat sales during the October-December quarter (Q2) of the ongoing fiscal year 2024-25 (FY25).

According to the company's financial statement published on Sunday (26 January), Eastern Housing earned Tk71.94 crore from land sales and Tk7.99 crore from apartment sales in the second quarter of the current fiscal year.

During this period, the company's total revenue stood at Tk79.93 crore, a significant increase from Tk65.83 crore in the same quarter of the previous fiscal year.

Fueled by the substantial revenue growth, the company posted a 19% rise in profit, reaching Tk22.98 crore for the second quarter.

Additionally, by the end of the first half of the fiscal year, land sales totalled Tk106.79 crore, while flat sales amounted to Tk16 crore, compared to Tk 94.80 crore and Tk 9.34 crore, respectively, during the same period last year.

For the July-December period, the company reported total sales of Tk122.79 crore and a profit of Tk38.90 crore. Earnings per share (EPS) for the period stood at Tk 4.17.

The company, which is the sole listed firm in the real estate sector, concluded the Sunday session at Tk66.20 each, marking a 2.16% increase compared to the previous session on the Dhaka Stock Exchange.

The company paid a 19% cash dividend to its shareholders for the fiscal year 2023-24, compared to a 25% cash dividend payout in the previous year.

During the last fiscal year, the company's profit declined by 18%, falling to Tk 56.38 crore, primarily due to a decrease in flat sales, according to a company official.

However, this year, the flat sales have experienced a turnaround, as highlighted in the company's statement.