Apex Footwear Ltd, a leading manufacturer and exporter of leather footwear, has announced a robust performance in the January-March quarter of the current financial year despite facing various challenges in the market.
The company reported a significant 29 percent year-on-year increase in profit, reaching Tk 16.3 million in the third quarter of 2023-24. This marks a notable improvement from the profit of Tk 12.6 million recorded in the identical period of 2022-23.
Apex Footwear Ltd also recorded a commendable 9.3 percent increase in revenue, totaling Tk 3.95 billion in Q3 of 2023-24, compared to Tk 3.61 billion in the same period last year, according to the unaudited financial statement. Earnings per share rose to Tk 1.14 from Tk 0.88, reflecting the company’s strong performance.
However, despite the positive quarterly results, Apex’s profit for the July-March period of FY24 experienced a 22 percent drop to Tk 62.7 million, down from Tk 80.3 million in the same period of FY23. Nonetheless, the company’s net operating cash flow per share increased to Tk 91.47 in the nine months from Tk 84.09 earlier, indicating a strong cash position.
Similarly, the net asset value per share rose to Tk 219.06 on March 31 this year from Tk 217.85 on June 30 last year, reflecting an increase in the overall value of the company.
