Apex Footwear’s Q3 profit rises 29% riding on strong sales

Apex Footwear Ltd reported a 29 percent year-on-year increase in profit to Tk 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 Tk 1.26 crore in the identical third quarter of 2022-23. 

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

Earnings per share rose to Tk 1.14 from Tk 0.88. 

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

The company's net operating cash flow per share increased to Tk 91.47 in the nine-month period 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. 

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.

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

Shares of Apex declined 1.25 percent to Tk 236.1 as of 12:22pm today on the Dhaka Stock Exchange.