Oriental Hotels holds 27th AGM; reports increased revenue, profit
KATHMANDU: Oriental Hotels conducted its 27th annual general meeting (AGM) today in Jawalakhel, Lalitpur, under the chairmanship of Subhadra Shrestha, the company's chairperson.
During the AGM, the company's annual report for the financial year 2023/24, the balance sheet, auditor's report, profit and loss account, and cash flow statement were approved.
For the financial year 2023/24, Oriental Hotels reported a total revenue of Rs 1,216.7 million, total operating expenses of Rs 967 million, and an operating profit of Rs 249.7 million. After accounting for all expenses, the total profit stood at Rs 124 million, compared to Rs 184.6 million the previous year. The previous year's profit included extraordinary income; excluding this, the hotel's sales and profits have increased. An increase in tourism arrivals is anticipated in the coming days.
The company declared a 5.26316% dividend for this financial year, with 5% as bonus shares and Rs 2.968 million as a cash dividend for tax purposes.
The construction of the company's new building is expected to be completed and operational this year, boosting income. Additionally, modernisation work on the third, fourth, and fifth floors of the main building has commenced.
The hotel received the Gold Award for the National Best Presented Annual Report Award 2023 from the Institute of Chartered Accountants of Nepal (ICAN) for exemplary financial reporting.
Chair Shrestha expressed gratitude to all shareholders and stakeholders, assuring them that the hotel will be managed in line with their suggestions.
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