Apex manufacturing affordable shoes for rural customers
Apex Footwear, one of the most prominent local brands, is going to focus on the rural markets in the country after gaining popularity among the customers in the urban areas and international markets in the last 25 years.
The company officials said that it has already started manufacturing some export quality shoes at affordable prices for the rural customers.
They gathered at a press conference organised in the capital on Wednesday on the occasion of the company's 25-year journey.
"We have achieved this success with our quality and innovation starting from only one shop in the local market 1997," Sayed Nasim Manzur, managing director of the company.
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"We are proud to manufacture all our export quality products in compliance factories and deliver them to common people," he added.
He further said, "Apex has become an industry from a shop. This is a big achievement for us. The company now has 4,635 dedicated employees who have actively contributed to our success."
Firoze Mohammad, chief operating officer, unit-2 of the company, said at the press conference, "We are manufacturing shoes with affordable prices for the rural customers. The quality of these products is the same as our other products."
"Our market share in the country is 28% right now. We are ready to consider a 4% profit margin to provide quality products to the rural people at an affordable price. The company has already marketed several products under this project," he added.
Meanwhile, the company has done well in the FY22 despite high inflation, appreciation of the dollar and increase in business costs.
The company saw a 10% jump in sales and 31% profit in the last financial year. It has recommended 35% cash and 10% stock dividend to the shareholders based on the growth.
As per the company sources, in the last fiscal, its net profit stood at Tk14 crore, and the earnings per share was Tk11.70, which was Tk10.53 and Tk8.92 respectively in the previous two fiscal years.
In the last fiscal, the revenue of the company was Tk1,297.46 crore, which was Tk1,176.40 crore in the previous year.
According to the footwear manufacturer, more than 60% of its revenue comes from the local market and the rest from exports.
Sources said that in FY22, the company's local sales increased by 15% to Tk768.72 crore and exports by 4% to Tk528.74 crore.
In the local market, 53% of the company's total sales come from leather shoes and 29% from synthetic. Meanwhile, 91% of the company's exports are leather shoes and the rest is synthetic.
