Apex Footwear Ltd has reported a significant 29 percent year-on-year increase in profit, reaching Tk 1.63 crore in the January-March quarter of the current financial year. This marks a substantial rise from the Tk 1.26 crore profit recorded in the same period last year, solidifying its position as a leading manufacturer and exporter of leather footwear.
The footwear giant also saw a notable 9.3 percent uptick in revenue, climbing to Tk 394.89 crore in Q3 of 2023-24, up from Tk 361.21 crore in the corresponding period the previous year, according to unaudited financial statements. Earnings per share rose to Tk 1.14 from Tk 0.88, reflecting the company’s robust performance in the market.
Despite this impressive quarterly performance, Apex’s overall profit for the July-March period of FY24 declined to Tk 6.27 crore, marking a 22 percent decrease from Tk 8.03 crore in the same period of FY23. However, the company’s net operating cash flow per share surged to Tk 91.47 in the nine-month period, up from Tk 84.09 earlier, indicating a strong cash position. Similarly, the net asset value per share increased to Tk 219.06 on March 31 this year, compared to Tk 217.85 on June 30 last year, showcasing a rise in the company’s overall value.
Established in 1990, Apex Footwear embarked on its journey as an export-oriented factory. Over the years, the company has expanded its operations and investments, setting up an effluent treatment plant in 1996 and launching its retail wing, Gallerie Apex, in 1997. The brand building efforts with Apex and Moochie in 2000 further strengthened its market presence. In 2006, Apex adopted the factory direct model to enhance operational efficiency.
By 2018, Apex had emerged as the largest retail chain in Bangladesh, boasting over 250 stores nationwide, as per its website. However, despite its strong performance, shares of Apex declined by 1.25 percent to Tk 236.1 as of 12:22 pm today on the Dhaka Stock Exchange, reflecting the current market sentiment.
Overall, Apex Footwear’s robust Q3 performance underscores its resilience and ability to capitalize on market opportunities, positioning it for sustained growth in the competitive footwear industry.