Envoy Textiles’ sales edge up 21 percent

Sales of the Envoy Textiles Limited have soared up by 21 percent when the whole sector is passing through a hard time.

"Out textile business is on the rise riding on the worldwide hike in demand for denim," explained Md Saiful Islam, the secretary of the company that mainly produces yarn and sell it to their denim manufacturer units.

A couple of days ago, a fabric manufacturer – Alhaj Textile Mills Ltd – suspended the production as it could not sell its stock of yarn. Available statistics suggest that textile sector businesses are shrinking in the country.

Envoy Textile is listed with both the bourses of Bangladesh. The board of directors of the company approved its 2018-19 annual report recently with the decision to give 15 percent cash dividend to its shareholders.      

According to the annual report, Envoy Textiles earned Tk912 crore from yarn sale. Their Earning Per Share increased by 65 percent to reach Tk3.31.

The company has fixed November 14 as the record date for cash dividend while the annual general meeting has been slated for December 21.        

The company will release 8.7 crore preference shares to raise a fund of Tk87 crore to put in for business expansion and repay long-term loans.

Saiful Islam said they have applied to the Bangladesh Securities and Exchange Commission seeking its approval to float the preference share.