Eastern Housing declares 25% cash dividend

Shareholders of Eastern Housing Ltd (EHL) have approved a 25 percent cash dividend for the year that ended on June 30, 2023.

It was revealed at the realtor's 59th annual general meeting, which was held virtually today, said a press release.

Manzurul Islam, chairman of the realtor, presided over the meeting.

In his welcome speech, Islam said the financial year 2022-2023 was a challenging year for the company as the real estate business had not been as good as expected post Covid-19, particularly in terms of apartment sales.

However, Manzurl added: "The sales of EHL's land projects are quite satisfactory and we are taking initiatives for expansion of area of land projects at Jahurul Islam City in Aftabnagar."

The company achieved net sales of Tk 308.56 crore, lower than Tk 331.27 crore in the previous year.

Net profit after tax increased to Tk 68.80 crore from Tk 54.91 crore, representing year-on-year growth of 25 percent.

Earnings per share increased to Tk 7.37 from Tk 5.88 the previous year.

The company's net asset value is Tk 747.51 crore. Net asset value per share is Tk 80.08, up from Tk 74.71 per share the previous year.

Among others, Suraiya Islam, Abu Luthfe Fazle Rahim Khan, Abdur Rahim Choudhury and Mostafizur Rahman, members of the board of directors, Md Rafiqul Islam and Kashem Humayun, independent directors, Dhiraj Malakar, managing director, Salim Ahmed, company secretary, and Md Asadul Islam, chief financial officer, joined the meeting.