Best Holdings reports robust quarterly revenue growth

Business Report :
Best Holdings Limited, which owns Le Méridien Dhaka, achieved remarkable revenue growth during the July-March period of the fiscal 2023-24, driven by an influx of foreign guests.

Its revenue rose by 25% to Tk299 crore, compared to Tk240 crore in the equivalent period of the previous fiscal year. On Tuesday, its shares closed 1.44% higher at Tk35.30 each at the Dhaka Stock Exchange (DSE).

A few months ago, Best Holdings entered the DSE and the Chittagong Stock Exchange (CSE) by raising Tk350 crore from the stock market to finance its ongoing projects.

In the nine months through March, the company achieved revenue of Tk105 crore, which is 31% higher than the previous year.

In the January-March quarter, its earnings per share stood at Tk0.99, compared to Tk0.86 a year ago. Its net asset value per share stood at Tk53.45.

Tiklu Chowdhury, head of internal audit and compliance at the company, said the business performed impressively, attributing it to the hotel receiving the anticipated number of foreign guests.

He further mentioned that, in response to increased demand from new airline authorities associated with the third terminal, the company has decided to construct an additional 58 rooms.

The construction work is scheduled to commence on Thursday, with a target completion date set for the next six months. In January-March, the company made a profit after tax of Tk33.53 crore, compared to Tk27.60 crore a year ago.

As of March 31, 2024, sponsor directors retained a 65.34% stake, institutions held 21.49%, and general shareholders owned 13.17% of the company’s shares.