Apex Tannery profit jumps 141%
The company has recommended a 10% cash dividend for FY22
Apex Tannery Ltd – a 100% export-oriented leather processing and finishing company – has reported a 141% jump in profit in FY22 as its sales increased significantly.
Owing to the profit growth, the company has recommended a 10% cash dividend for its shareholders.
The company had paid 10% cash dividends in FY21 too.
Apex Tannery produces high-quality leather for export. Its annual production is 32 million square feet of finished leather.
Keep updated, follow The Business Standard's Google news channel
According to its financial reports, the company made Tk1.25 crore profit in FY22. Its earnings per share (EPS) stood at Tk0.82 in that fiscal year.
Its profit was Tk52 lakh in the previous fiscal year.
Its sales decreased by 38% in FY20 compared to the previous fiscal year due to a lower demand in the export destinations during the pandemic, causing losses for the company.
Apex Tannery returned to profit in FY21 after incurring Tk1.81 crore loss in FY20.
The company will hold its annual general meeting (AGM) on 9 November through a digital platform.
It has set 3 October as the record date to identify shareholders for dividends.
Apex Tannery was incorporated in 1976 and listed on the Dhaka Stock Exchange (DSE) in 1985.
As of July 2022, sponsors and directors held 30.40%, institutional investors 29.93%, and the general public 39.67% shares of the company.
