Unique Hotel's profit soars 92% riding on capital gain

Unique Hotel and Resorts Ltd — owner of The Westin Dhaka — has posted a staggering 92% year-on-year growth in its earnings per share (EPS) in the fiscal 2022-23, thanks to its extraordinary income from selling shares. 

At the end of FY23, its EPS stood at Tk6.42. Of this, Tk3.83 came from capital gain on selling ordinary shares of the Unique Meghnaghat Power Limited, Tk2.06 from business operations, and Tk0.53 from an unrealised gain of Tk15.45 crore on investment at Chartered Life Insurance Company. In FY22, Unique Hotel's EPS was Tk3.34.

The company said in its price sensitive information (PSI) after a board meeting held on Monday, Unique Hotel sold 2.45% shares of its subsidiary Unique Meghnaghat at Tk112.87 crore.

A Qatar-based investment company Nebras Power Investment Management BV bought a portion of shares of the power plant.

Unique Hotel recommended a 20% cash dividend for its shareholders as it registered a substantial profit growth in FY23. In FY22, the cash dividend recommended was 15% for the shareholders.

Also, the company reported a 55% increase in its revenue in FY23, compared to the previous fiscal year, according to the PSI.

To secure approval of the declared dividend from the shareholders, the company has scheduled an online annual general meeting (AGM) on 12 December this year. The record date has been fixed on 23 October.

The Nebras Power Investment Management has paid $10.91 million to Unique Hotel in March this year as the second and third phase payments for acquiring a stake at Unique Meghnaghat Power.

In March 2022, Nebras Power paid $9.6 million or Tk82 crore as the first phase payment.