Apex footwear shares rise as its earnings surge

Footwear major Apex Footwear's earnings surged 86 per cent in the second quarter ending on December 31 buoyed by increased exports and domestic sales.

The company posted Tk 2.79 earnings per share in October-December period, up from Tk 1.50 the same period a year ago, according to a disclosure at the Dhaka Stock Exchange (DSE).

With the October-December earnings, Apex Footwear's overall net profit soared 42 per cent year-on-year to Tk 5.22 per share.

It sales revenue rose 41  per cent to Tk 801 crore in July-December period of the financial year from Tk 556 crore a year ago.

Apex Footwear's shares rose 1.79 per cent to Tk 262.10 at 10.58 am at the DSE from the opening price of Tk 257.5.

The Apex Footwear said its earnings has increased as export sales as well as local sales increased to a good extent compared with the same period of last year even after an increase in most of the expenses, including tax deducted at source.

The company also posted an increase in its net operating cash flow per share as its receipts from customers were healthier than payments compared with the same period last year. 

The net asset value increased too because of an increase in non-current assets and the net impact of decrease in non-current liabilities.