The 27th Annual General Meeting (AGM) of Oriental Hotels Limited was held on Thursday, Ashwin 20, 2081, at the Nepal Administrative Staff College in Jawalakhel, Lalitpur, under the chairmanship of Mrs. Subhadra Shrestha, Chairman of the company.
During the meeting, the company’s annual report for the financial year 2080/081 was presented, alongside the balance sheet, auditor’s report, profit and loss account, and cash flow statement. These reports were discussed and approved by the shareholders.
In the financial year 2080/081, Oriental Hotels Limited generated a total revenue of NPR 121.67 crores, with operating expenses amounting to NPR 96.70 crores. The company reported an operating profit of NPR 24.97 crores, and after accounting for all other expenses, the net profit stood at NPR 12.40 crores, compared to NPR 18.46 crores in the previous year.
The management clarified that last year’s higher profit was due to extraordinary income, and if adjusted for that, the hotel’s sales and profits have shown growth. The company remains optimistic about future growth, anticipating increased tourist arrivals in the coming years.
The AGM also approved a 5.26316% dividend for shareholders, with 5% in bonus shares and NPR 29.68 lakhs in cash dividends (0.26316% for tax purposes). The meeting also highlighted the progress in the construction of a new building, which is expected to be operational this year, boosting the company’s revenue. Additionally, modernization work has begun on the third, fourth, and fifth floors of the main building.
Oriental Hotels Limited was recognized for its excellence in financial reporting, receiving the Gold Award for the National Best Presented Annual Report Award 2023 from the Nepal Chartered Accountant Institute.
Chairman Mrs. Shrestha expressed her gratitude to the shareholders and stakeholders, assuring them that the hotel will be operated in line with their feedback and suggestions.
Source: Tourism Mail
