Sea Pearl Beach Resort financial analysis: bond interest outruns operating profit as FY2025 revenue falls 59% (Oct 2026)

Investment considerations: leisure revenue collapsed in FY2025 while a BDT 6bn disputed bond keeps the company loss-making

Sea Pearl Beach Resort & Spa Ltd. owns and runs a single beach resort at Jaliapalong, Inani, about 25 minutes' drive south of Cox's Bazar town, with a water park beside it and a cruise ship that operates out of Khulna [1 p.35] [1 p.36] [1 p.125]. The resort began commercial operation on 17-Sep-2015, the company was converted to a public limited company in 2017 and its shares began trading on the DSE on 16-Jul-2019 [2 p.6] [9]. It has no subsidiaries; its only investee is a 30% associate, Shamim Enterprise (Pvt.) Ltd., accounted for by the equity method, so every figure in this note is on the company basis [1 p.112]. The fiscal year ends on 30 June [1 p.99].

The filings describe a resort that grew quickly on borrowed money and then lost most of its leisure revenue in one year. Revenue rose from BDT 469m in FY2018 to BDT 1,981m in FY2023, when net profit peaked at BDT 701m (EPS BDT 5.81) [6 p.50] [4 p.98]. It fell to BDT 1,658m in FY2024 and to BDT 684m in FY2025, a drop of 59%, and the company reported a loss of BDT 297m (EPS BDT -2.46) [1 p.100]. Most of the fall came from three lines: water park revenue went from BDT 562m to 67m, non-AC food and beverage from BDT 390m to 34m and the cruise ship from BDT 141m to 7m, while room revenue slipped only 8% [1 p.120]. In the nine months to March 2026 revenue recovered 21.7% to BDT 626m, but the loss was still BDT 196m (EPS BDT -1.63) [2 p.3] [15].

The second fact that dominates the accounts is the SPBRSL 20% Convertible Secured Bond held by the Investment Corporation of Bangladesh (ICB). It was issued on 31-Oct-2017 for BDT 3,250m to refinance debt and finish the resort; repayments have been paused while the company's challenge is pending in the Appellate Division of the Supreme Court, and the balance has grown every year as interest is added to it [1 p.117] [1 p.95] [1 p.129]. At 31-Mar-2026 the bond stood at BDT 6,072m, 98.4% of all borrowings and 3.68x shareholders' equity of BDT 1,650m (total borrowings 3.74x) [2 p.2] [2 p.17] [15]. Net finance cost of BDT 564m in FY2025 was 3.9 times operating profit of BDT 145m [1 p.100].

Business: one Inani beach resort, a water park and a cruise ship, built on an ICB bond

The resort sits on a private beach at Inani with hills to the east and the Bay of Bengal to the west. The directors' report lists suites with kitchenettes, two swimming pools (one for women only), a water park, tennis and badminton courts, a 5D movie hall, a spa and gym, seven specialty restaurants, an all-day dining room, a bar and lounge, an ice-cream parlour and a juice bar, plus banqueting and conference rooms [1 p.35] [1 p.36]. The company also leases hotel space described as 'La Villa Western' and its Dhaka corporate office [1 p.117]. In its own words, Cox's Bazar has become 'very competitive' as new branded hotels with large numbers of keys have opened [1 p.36].

Revenue is earned in seven lines that the company reports every year: rooms; food and beverage in air-conditioned outlets ('F&B-AC'); food and beverage in non-air-conditioned outlets ('F&B Non-AC'); minor operating departments; space rent and other; the cruise ship; and the water park [1 p.120]. Revenue is recognised when the service is rendered [1 p.95]. Customers are domestic leisure travellers, corporate groups and event organisers; the company names 'shifting of corporate MICE events' among the reasons for the FY2025 fall, which shows how much of the business depends on conferences and group bookings [1 p.125].

The decade falls into three chapters. From FY2018 to FY2020 the resort alone earned BDT 459-513m a year and net profit was small (BDT 46m, 44m and a BDT 11m loss) because finance cost rose from BDT 98m to 197m once the bond's moratorium ended [6 p.50]. FY2021 to FY2023 were the boom: room-nights sold rose from 45,277 to 95,342 and revenue reached BDT 1,981m [1 p.42] [4 p.119]. The third chapter starts in FY2024: revenue fell 16.3% that year and 58.7% in FY2025, and the company has reported a loss in every quarter since July 2024 [1 p.100] [8] [15].

Revenue drivers: rooms held at about BDT 300m while the water park, cruise and non-AC F&B lost BDT 984m

Rooms. The company's capacity note gives available and utilised room-nights each year. Occupancy was 53.5% in FY2020, 44.3% in FY2021 (Covid), 60.1% in FY2022, 65.0% in FY2023 and 68.1% in FY2024, then fell to 26.1% in FY2025 [1 p.42]. Available room-nights rose from 145,270 in FY2022 to 179,945 in FY2025, about 493 rooms a night against 398, so the inventory grew while sales fell [1 p.42] [15]. For the nine months to March 2026 the note shows 50,257 room-nights sold out of 134,096, or 37.5% [2 p.25].

Room revenue did not fall as far as occupancy. It was BDT 312m in FY2024 and BDT 286m in FY2025, so revenue per utilised room-night roughly doubled from BDT 2,833 to BDT 6,100 [1 p.120] [15]. The filings do not give an average daily rate or explain the jump, so the two series may not be counted on the same basis; we show the arithmetic without drawing a conclusion. Revenue per available room-night, which does not depend on the utilised count, fell from BDT 1,930 in FY2024 to BDT 1,590 in FY2025 and recovered to BDT 2,286 in 9M FY2026 [15].

Leisure lines. Water park revenue was BDT 588m in FY2023 and BDT 562m in FY2024, larger than room revenue in both years, and fell to BDT 67m in FY2025 and BDT 33m in 9M FY2026 [4 p.119] [1 p.120] [2 p.20]. Non-AC food and beverage, which moved with the water park, went from BDT 461m (FY2023) to BDT 390m, BDT 34m and BDT 7m (9M FY2026). The cruise ship earned BDT 271m in FY2023, BDT 141m in FY2024, BDT 7m in FY2025 and BDT 5m in 9M FY2026. Together these three lines fell from BDT 1,319m in FY2023 to BDT 109m in FY2025, a fall of BDT 984m in the last year alone, which is more than the whole BDT 974m drop in revenue [15]. The company attributes the FY2025 fall to the changed political scenario, construction of the Rezu Khal bridge and the Marine Drive expressway, the shifting of corporate MICE events and a national calamity, which it says reduced travellers to Cox's Bazar; it says the cruise business at Khulna was hit as well [1 p.125]. The filings give no visitor counts for the water park or sailings for the ship.

Air-conditioned food and beverage moved the other way. It was BDT 207m in FY2024, BDT 251m in FY2025 and BDT 251m in the nine months to March 2026 alone, against BDT 195m a year earlier [1 p.120] [2 p.20]. With rooms, it is now the core of the business: rooms and F&B were 90% of 9M FY2026 revenue against 55% in FY2024 [15]. Minor operating departments (laundry, spa and similar) and space rent together brought in BDT 38m in FY2025, down from BDT 80m in FY2023 [1 p.120] [4 p.119].

Costs and margins: fixed costs and BDT 184m of depreciation cut operating margin to 21%

Costs of sales are mostly variable with the leisure lines. Cost of materials fell from BDT 184m to BDT 76m and cruise ship expenses from BDT 38m to BDT 2m in FY2025, while cost-of-sales salaries stayed at about BDT 80m [1 p.120]. Gross margin, as printed, slipped from 75.4% to 70.6% [1 p.100]. Over eight years gross margin ranged from 70.6% to 84.0%, with the high in FY2022 [15].

Operating expenses are mostly fixed. Administrative and other expenses were BDT 334m in FY2024 and BDT 322m in FY2025 even though revenue fell by BDT 974m, because they include depreciation of BDT 184m (up from BDT 165m after BDT 1,459m of additions to property in FY2024) and electricity of BDT 60m [1 p.112] [1 p.121]. Fuel oil fell from BDT 30m to BDT 8m and repairs from BDT 14m to BDT 6m [1 p.121]. Headcount went from 498 at June 2024 to 440 at June 2025 [4 p.127] [1 p.129]. The result is operating leverage in both directions: operating margin was 58.5% in FY2023, 54.4% in FY2024 and 21.2% in FY2025 [15].

Below operating profit, other income was a BDT 52m loss in FY2024 from realised losses on listed shares and a BDT 1m gain in FY2025 [1 p.122]. The associate added BDT 56m in FY2025 (30% of Shamim Enterprise's BDT 186m profit) [1 p.122]. The income tax line was a BDT 66m credit in FY2025 because deferred tax fell by BDT 72m; current tax is the 1% minimum tax on gross receipts (BDT 6.8m), as the company has unused tax losses of BDT 1,539m at June 2025 and BDT 2,005m at March 2026 [1 p.122] [1 p.123] [2 p.21]. WPPF was nil in FY2025 because there was no profit [1 p.100].

The ICB bond: BDT 6.07bn and growing, with instalments paused pending the Appellate Division

The terms. The SPBRSL 20% Convertible Secured Bond has a face value of BDT 10m per unit, a trustee (Green Delta Insurance) and one investor, ICB. The notes print a coupon of 10.00% a year, an eight-year tenure from 31-Oct-2017 including a two-year moratorium on principal and interest, and semi-annual redemption at months 30 to 96; on those terms the last instalment fell due in October 2025. It is secured by a first registered mortgage on the hotel's floor space, land and equipment [1 p.117] [2 p.17]. The interest charged in FY2025, BDT 544m, was 10.3% of the opening balance [1 p.124] [15].

The dispute. According to note 55(c), the company asked ICB on 28-Apr-2020 to waive interest because of Covid, filed a writ petition in the High Court in 2022, paid BDT 250m to ICB on 5-Jun-2022 on the court's direction, and received a BDT 288.5m interest waiver letter from ICB dated 27-Jun-2022; it then challenged a later ICB board decision (Writ Petition No. 16076 of 2022) and the High Court issued a Rule Nisi on 28-Dec-2022 [1 p.129]. The matter is now before the Appellate Division, and the auditor states that 'the regular installment payments of the Convertible Bonds have been paused' [1 p.95]. The company says it has paid BDT 916.7m 'till date' and that conversion of BDT 1,200m of the bond into ordinary shares for ICB is under process, citing ICB approval letters of 24-Oct-2022 and 22-Oct-2023 and BSEC letters of 27-Feb-2024 and 7-May-2024 [1 p.129]. The notes we read do not give a conversion price or the number of shares.

The accounting. The bond is shown on a single line, without splitting it into a liability and an equity component as IAS 32 requires for a compound instrument; the company says it will review this when the court case ends, and the auditor makes this an emphasis of matter [1 p.117] [1 p.95]. Interest is accrued, not paid: of BDT 562m of interest in FY2025, BDT 544m was added to the bond balance, and cash paid for finance cost was BDT 18.5m [1 p.122] [1 p.124] [1 p.102]. Cash payments to the bondholder were BDT 187m in FY2024, BDT 180m in FY2025 and BDT 5m in 9M FY2026 [1 p.102] [2 p.5]. The current portion has been stuck at BDT 982m since June 2022 while the non-current portion grew from BDT 3,749m to BDT 5,089m [5 p.27] [2 p.2].

What it does to earnings. Net finance cost was 20.8% of revenue in FY2023, 31.3% in FY2024, 82.5% in FY2025 and 70.9% in 9M FY2026 [15]. History gives the sensitivity: each one percentage point of rate on the opening FY2025 bond balance of BDT 5,280m equals about BDT 53m of interest, or BDT 0.44 per share [1 p.116] [15]. Because the interest compounds into the balance, the charge has risen each year (BDT 413m, 519m, 564m) even with almost no new borrowing [1 p.100] [4 p.98].

Latest quarters: 9M FY2026 revenue +21.7%, loss narrowed to BDT 196m

The quarters are uneven: in both FY2025 and FY2026 the July-September quarter had the lowest revenue and the October-December quarter the highest. In FY2025 the first quarter lost BDT 127m on revenue of BDT 96m, while the second quarter earned an operating profit of BDT 91m on revenue of BDT 234m [3 p.3] [15]. The derived fourth quarter of FY2025 (full year less nine months) had revenue of BDT 170m and a loss of BDT 72.9m, EPS BDT -0.60; the DSE-reported EPS figures give -2.46 less -1.85 = -0.61, the difference being rounding [1 p.100] [2 p.3] [8] [15].

FY2026 so far is better at the revenue line in every quarter. Revenue was BDT 173m in Q1 (against 96m), BDT 258m in Q2 (234m) and BDT 195m in Q3 (184m), and the net loss was BDT 101m, 36m and 58m; the Q1, Q2 and Q3 losses match the EPS of -0.84, -0.30 and -0.48 announced to the DSE [3 p.3] [2 p.3] [8] [15]. The third quarter shows the problem in miniature: operating profit of BDT 71m against net finance cost of BDT 148m [2 p.3]. Operating cash flow per share was BDT 2.05 for the nine months against 2.30 a year earlier, and NAV per share fell from BDT 15.28 to 13.66 [2 p.5] [2 p.2].

Ratios: ROE of -15%, interest cover of 0.26x, and the highest borrowing cost of three hotel peers compared

Returns. ROE (net profit over average equity) was 5.9% in FY2021, 11.9% in FY2022, 40.6% in FY2023, 13.1% in FY2024 and -14.6% in FY2025 [15]. FY2023's figure reflects the year of peak revenue on a thin equity base: equity was 21-26% of total assets in every year from FY2020 to FY2025 [15]. Asset turnover (revenue over average total assets) was 0.27x in FY2023 and 0.08x in FY2025, so each taka of assets produced less than ten paisa of revenue last year [15].

Leverage and coverage. Borrowings were 3.44x equity in June 2022, 2.43x in June 2024, 3.15x in June 2025 and 3.74x in March 2026; the bond was 97.2% of borrowings at June 2025 [15]. Interest cover ranged from 0.26x (FY2025) to 2.81x (FY2023) over eight years, with a median of 1.5x [15]. Cash conversion was high in FY2025 (operating cash flow of BDT 295m against a loss of BDT 297m) only because BDT 544m of interest was accrued rather than paid [1 p.102] [1 p.124].

Payout. Cash dividends declared were BDT 96m for FY2022, BDT 109m for FY2023 and BDT 85m for FY2024, or 60%, 16% and 30% of net profit [5 p.45] [1 p.101] [15]. For FY2022 and FY2023 the directors were excluded; for FY2025 the dividend went to general shareholders only, excluding sponsors [6 p.126] [5 p.54] [8].

Peers on the same basis. We compare Sea Pearl with two listed hotel owners whose nine-month statements to March 2026 we read, The Peninsula Chittagong and Unique Hotel & Resorts. Each prints its borrowing cost under a different label: Sea Pearl 'Net Finance Cost' (bank charges plus interest; its bank interest income sits in 'Other Income'), Peninsula 'Finance Costs' (with 'Finance Income' shown separately) and Unique 'Interest expenses' (with 'Interest income' separate), so all three are gross of interest income and comparable [2 p.21] [10 p.3] [11 p.3]. Among the three, Sea Pearl had the fastest revenue growth (21.7% against 4.9% and 8.4%) and the highest operating margin (30.9% against 12.5% and 23.1%), and also the heaviest borrowing cost: 70.9% of revenue, 30.5 pp above Unique and 55.9 pp above Peninsula [15]. None of the three covered its borrowing cost from operating profit; Unique's net profit came from its share of a power joint venture [11 p.3].

Balance sheet: BDT 6.2bn of borrowings on BDT 1.65bn of equity, plus BDT 547m of unprovided tax and VAT claims

Assets. Property, plant and equipment of BDT 7,493m was 86% of total assets of BDT 8,682m at June 2025 [1 p.99]. The fixed-asset schedule shows a written-down value of BDT 6,837m excluding land; adding land and land development at cost of BDT 657m gives exactly the BDT 7,493m on the statement of financial position [1 p.130] [15]. Buildings are depreciated at 1.25% a year and machinery at 5% [1 p.130]. Capital work in progress fell from BDT 989m (June 2022) to BDT 29m as projects were capitalised [5 p.27] [1 p.99]. The investment in the associate rose to BDT 525m at March 2026 through equity-accounted profit; no dividend has been received from it [1 p.112] [2 p.2].

Liabilities. Borrowings including the bond and leases were BDT 5,805m at June 2025 and BDT 6,168m at March 2026; net of cash, BDT 6,037m [15]. Note 18's total of BDT 5,653m ties to the four long-term borrowing and bond lines on the statement of financial position [1 p.116] [1 p.99]. The auditor's emphasis of matter puts total indebtedness, including amounts owed to related parties, at BDT 6,691m and total liabilities at 77.07% of total assets [1 p.95]. Accounts and other payables of BDT 783m are almost entirely owed to directors (BDT 339m) and to Shamim Enterprise (BDT 440m); trade payables for goods and services were BDT 1.3m [1 p.119].

Contingent claims and the qualified opinion. The tax authority has claimed BDT 10.9m and BDT 515.8m for two assessment years; the company appealed and the appeal order was passed on 14-Sep-2025, but no revised demand had been received when the accounts were signed, and nothing has been provided [1 p.94] [1 p.128]. (The auditor gives the assessment years as 2021-22 and 2023-24; note 55(b) gives 2021-22 and 2022-23.) A VAT claim of BDT 284.7m for 2012-15 was re-assessed at BDT 20.7m after a High Court ruling, and the VAT commissioner formed a new committee on 28-Jul-2025 [1 p.94] [1 p.95]. These claims total BDT 547m, or 29.7% of June 2025 equity [15]. The auditor also qualified on WPPF not distributed (BDT 15.7m outstanding) and on the absence of a gratuity fund [1 p.94] [1 p.119].

Cash. Operating cash flow was BDT 1,132m in FY2024, when the company also spent BDT 1,098m on property and received BDT 241m from a related party [1 p.102]. In FY2025 operating cash flow of BDT 295m covered capital spending of BDT 50m, bond payments of BDT 180m and dividends of BDT 71m, and cash fell to BDT 59m [1 p.102]. In 9M FY2026 the company paid only BDT 5m to the bondholder and BDT 72m to a related party, and cash rose to BDT 131m [2 p.5]. Receivables were BDT 295m at March 2026, equal to 47% of nine-month revenue; the notes do not age them [2 p.2] [15].

Governance: two AGMs held only on court orders, and BDT 779m owed to sponsors and their company

Ownership. On the DSE company page, sponsors and directors held 46.83% at 30-Sep-2026, unchanged from June 2025 (the annual report's directors-and-related table totals 47.09%); institutions held 11.16% against 27.19% at June 2025, and the general public 42.01% against 25.98% [9]. The largest holder is a block of 48,780,900 shares (40.40%) shown in the FY2025 report under SeaPearl Sundarban Eco Resort Ltd., which nominates a director; the same number of shares was shown under Shamim Enterprise (Pvt.) Ltd. in the FY2021 report [1 p.44] [7 p.41]. The chairperson (Lucy Akhtary Mahal), the managing director (Md. Aminul Haque) and director Md. Ekramul Hoque hold 2.04%, 2.30% and 2.09% [1 p.44]. Bengal Vacation Club, which has common directors, held 8.23% at June 2024 and nil at June 2025; it announced the intended sale of 5,123,436 shares on 22-Jan-2025 [1 p.44] [8].

Related parties. In FY2023 Sea Pearl bought 33,908,160 shares (30%) of Shamim Enterprise for BDT 339.1m; the consideration is recorded as owed to the managing director Md. Aminul Haque (BDT 145.7m), Md. Ekramul Hoque (BDT 145.0m) and the chairperson Lucy Akhtary Mahal (BDT 48.4m) per note 23 (the directors' report table on p.39 assigns the amounts differently), and the auditor notes that 'no amount has been settled yet' [1 p.112] [1 p.95] [1 p.119]. A further BDT 439.6m is owed to Shamim Enterprise as an inter-company balance. Payables rose from BDT 5.5m at June 2022 to BDT 543m at June 2023 and BDT 783m at June 2024 [5 p.27] [4 p.98] [1 p.99]. Key management compensation was BDT 22.8m in FY2025 against BDT 18.7m in FY2024 [1 p.126].

Board and AGMs. The board has six members: the chairperson and the managing director (both sponsor directors), director Md. Ekramul Hoque, a nominee of SeaPearl Sundarban Eco Resort and two independent directors [1 p.39] [1 p.44]. The FY2024 AGM, set for 28-Dec-2024, was postponed; the shares moved to the Z category on 15-Jan-2025 under the BSEC rule on AGMs not held in time, the AGM was held on 2-Jun-2025 under a High Court order of 5-Mar-2025 (Company Matter 146 of 2025), and the shares placed in B on 3-Jun-2025 [8]. The FY2025 AGM, set for 28-Dec-2025, was also postponed; on 20-Aug-2026 the board fixed it for 12-Sep-2026 under a High Court order of 21-Jun-2026 (Company Matter 449 of 2026), and shareholders approved 0.5% instead of the 1% the board had recommended [8]. The company told the DSE on 12-Oct-2026 that the dividend had been disbursed [8]. ARGUS Credit Rating rated the company A (long term) and ST-2 with a stable outlook on 29-Jan-2025, based on accounts to March 2024 [8]. The FY2024 and FY2025 audit opinions were both qualified [8].

What's next: the overdue FY2026 accounts, the bond case and the peak-season quarter

Already announced: the FY2025 audited loss (EPS BDT -2.46), the 9M FY2026 loss (EPS BDT -1.63) and the 0.5% FY2025 dividend, paid in October 2026 [8]. Not yet announced: the FY2026 audited accounts. In the four previous years the board approved the annual accounts on 11-Oct-2022, 26-Oct-2023, 27-Oct-2024 and 27-Oct-2025, so by 1-Nov-2026 the FY2026 board meeting was already later than every precedent; no notice had been posted on the DSE [6 p.126] [5 p.54] [4 p.125] [1 p.128] [8]. The dates below that are marked inferred use the board-meeting dates of the two previous years.

Risks: the bond ruling, compounding interest and Cox's Bazar leisure demand move the numbers most

The risks below are tied to the line each one moves. The first two matter most for the per-share numbers because the bond is 98% of borrowings and 3.68 times equity on its own (total borrowings 3.74 times) [15].

Key questions: the bond ruling, the leisure lines and the overdue annual accounts

At BDT 32.9 on 29-Oct-2026 the market value was BDT 3,973m, 2.41x the March 2026 NAV of BDT 13.66 per share; with a loss in each of the last two reporting periods there is no meaningful P/E, and the FY2025 dividend of BDT 0.05 to general shareholders is a 0.15% yield [14] [2 p.2] [8] [15]. These are facts about the price, not a view on it.

FAQ

What does Sea Pearl Beach Resort & Spa own?

A beach resort at Inani, Cox's Bazar, with a water park beside it, a cruise ship operating from Khulna, and a 30% stake in Shamim Enterprise (Pvt.) Ltd. [1 p.35] [1 p.125] [1 p.112].

Why did FY2025 revenue fall 59%?

Water park, non-AC F&B and cruise revenue fell from BDT 1,093m to BDT 109m; the company cites the political scenario, road and bridge construction, shifted MICE events and a national calamity [1 p.120] [1 p.125].

What is the SPBRSL bond?

A BDT 3,250m convertible secured bond issued to ICB on 31-Oct-2017; the balance was BDT 6,072m at 31-Mar-2026 and repayment is paused pending the Appellate Division [1 p.117] [2 p.17] [1 p.95].

Why is operating cash flow positive while the company makes a loss?

Because BDT 544m of FY2025 bond interest was accrued to the bond balance rather than paid in cash [1 p.124].

Why was the audit opinion qualified?

No provision for tax claims of BDT 526.6m and a VAT claim of BDT 20.7m, WPPF not distributed and no gratuity fund [1 p.94].

When does the fiscal year end, and on what basis are the accounts?

30 June; company-only accounts, as Sea Pearl has no subsidiaries [1 p.99] [1 p.112].

Which results does this note use?

Annual reports FY2018-FY2025, the H1 and Q3 FY2026 statements and DSE disclosures to 1-Nov-2026; the FY2026 annual accounts had not been announced.

Sources

1. Sea Pearl Beach Resort & Spa Ltd. Annual Report 2024-25 (year to 30-Jun-2025; company basis, no subsidiaries) · link · accessed 2026-11-01
2. Sea Pearl Beach Resort & Spa Ltd. unaudited financial statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-01
3. Sea Pearl Beach Resort & Spa Ltd. unaudited financial statements, six months to 31-Dec-2025 (H1 FY2026) · link · accessed 2026-11-01
4. Sea Pearl Beach Resort & Spa Ltd. Annual Report 2023-24 (year to 30-Jun-2024) · link · accessed 2026-11-01
5. Sea Pearl Beach Resort & Spa Ltd. Annual Report 2022-23 (year to 30-Jun-2023) · link · accessed 2026-11-01
6. Sea Pearl Beach Resort & Spa Ltd. Annual Report 2021-22 (five-year data FY2018-FY2022) · link · accessed 2026-11-01
7. Sea Pearl Beach Resort & Spa Ltd. Annual Report 2020-21 (shareholding pattern) · link · accessed 2026-11-01
8. Dhaka Stock Exchange news archive, SEAPEARL, Nov-2024 to Oct-2026 (results, board meetings, AGMs, dividends, category, rating) · link · accessed 2026-11-01
9. Dhaka Stock Exchange company page, SEAPEARL (dividend history, shareholding at 30-Jun-2025, 31-Aug-2026 and 30-Sep-2026, listing date) · link · accessed 2026-11-01
10. The Peninsula Chittagong PLC unaudited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
11. Unique Hotel & Resorts PLC unaudited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
12. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (UN General Assembly decision of 29-Oct-2026) · link · accessed 2026-11-01
13. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (UN General Assembly decision of 29-Oct-2026) · link · accessed 2026-11-01
14. AnalystBro price data (TradingView feed): DSE:SEAPEARL daily bars to 29-Oct-2026 · link · accessed 2026-11-01
15. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01