Apex Footwear’s earnings surge

Apex Footwear saw a massive 86% surge in earnings in the second quarter ending December 31st. This success can be attributed to their increased exports and domestic sales.

According to a recent disclosure at the Dhaka Stock Exchange (DSE), the company posted Tk 2.79 earnings per share during the October-December period, which is a whopping increase from Tk 1.50 from the same period last year.

Apex Footwear’s net profit has skyrocketed by 42% year-on-year, reaching Tk 5.22 per share. This company is leading the charge in the footwear industry and setting the bar high for others to follow.

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Apex Footwear experienced a significant boost in its sales revenue, as it rose 41% to reach Tk 801 crore from Tk 556 crore in the July-December period of the current financial year.

The company’s shares saw a remarkable increase of 60%, reaching Tk 259.10 on the DSE yesterday.

Apex Footwear reported that its growth in earnings was due to an increase in both its export sales and local sales compared to the same period last year. Despite an increase in expenses, including tax deducted at source, the company’s sales continued to thrive.

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The company also experienced an improvement in its net operating cash flow per share, as its receipts from customers were higher compared to the payments made during the same period last year.

The net asset value of the company increased due to the growth in non-current assets and the impact of a decrease in non-current liabilities.