Apex Tannery profit jumps 141%

Company recommended 10% cash dividend for FY22

TBS Report

September 10, 2022, 8:50 p.m.

Last modification: September 10, 2022, 10:47 p.m.

Infographic: TBS

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Infographic: TBS

Apex Tannery Ltd – a wholly export-oriented leather processing and finishing company – reported a 141% increase in profits in FY22 as sales increased significantly.

Due to the growth in earnings, the company recommended a 10% cash dividend to its shareholders.

The company had also paid 10% cash dividends in FY21.

Apex Tannery produces high quality leather for export. Its annual production is 32 million square feet of finished leather.

According to its financial reports, the company made a profit of Tk 1.25 crore in FY22. Its Earnings Per Share (EPS) was Tk 0.82 in that fiscal year.

Its profit was Tk 52 lakh in the previous financial year.

Its sales were down 38% in FY20 compared to the prior year due to lower demand in export destinations during the pandemic, leading to losses for the business.

Apex Tannery returned to profit in FY21 after suffering a loss of Tk 1.81 crore in FY20.

The company will hold its annual general meeting (AGM) on November 9 via a digital platform.

It has set October 3 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% of the company’s shares.

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