Apex Footwear records highest profit in 9 years

Apex Footwear reported a profit of Tk 17.63 crore for the year ended on June 30, 2024, which is highest in the last 9 years. 

The profit was 5.56 percent higher than last year's Tk 16.7 crore. 

According to a disclosure on the Dhaka Stock Exchange, Apex Footwear's board has recommended a 35 percent cash dividend and a 10 percent stock dividend. 

"The stock dividend is intended to improve capital adequacy, utilising retained earnings as paid-up capital," said Apex. 

Apex posted earnings per share of Tk 12.34, a net asset value per share of Tk 474.37, and a net operating cash flow per share (NOCFPS) of Tk 182.55.

The footwear company attributed the rise in NOCFPS to reduced purchases of goods and services and lower tax payments in 2023-24, driven by the overall business climate.

Apex Footwear Ltd was established in 1990 as an export-oriented factory. In 1993, the company was listed on the Dhaka Stock Exchange and it invested in backward linkages. By 1996, Apex had established an effluent treatment plant.

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. Apex adopted the factory direct model in 2006 to improve its operational efficiency.

By 2018, Apex had become the largest retail chain in Bangladesh, boasting over 250 stores nationwide, according to its website.

Shares of Apex were up 1.29 percent to Tk 243 today.