Apex Footwear's Q3 profit rises 29pc

Dhaka : Apex Footwear Ltd reported a 29 per cent year-on-year increase in profit to BDT 1.63 crore in the January-March quarter of the current financial year.

The leading manufacturer and exporter of leather footwear made a profit of BDT 1.26 crore in the identical third quarter of 2022-23.

The footwear maker recorded a 9.3 per cent increase in revenue to BDT 394.89 crore in Q3 of 2023-24, up from BDT 361.21 crore in the same period last year, according to the unaudited financial statement.

Earnings per share rose to BDT 1.14 from BDT 0.88.

However, Apex's profit dropped to BDT 6.27 crore in the July-March of FY24, down 22 per cent from BDT 8.03 crore in the same period of FY23. 

The company's net operating cash flow per share increased to BDT 91.47 in the nine-month period from BDT 84.09 earlier, indicating a strong cash position.

Similarly, the net asset value per share rose to BDT 219.06 on March 31 this year from BDT 217.85 on June 30 last year, reflecting an increase in the overall value of the company.

Established in 1990, Apex Footwear started its journey as an export-oriented factory. In 1993, the company went public and invested in backward linkages. It set up an effluent treatment plant in 1996.

In 1997, Apex launched its retail wing, Gallerie Apex, and initiated its brand building with Apex and Moochie in 2000, further strengthening its market presence. It adopted the factory direct model in 2006 to improve operational efficiency.