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Apex Experienced 50% Rise in Profits

Apex Experienced 50pc Rise in Profits
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According to Apex Footwear’s latest quarterly report, profits increased by 50% despite reduced sales between July 2021 and March 2022, owing to lower raw material costs. As a result, Apex Footwear made Tk 7.90 crore in profits in the first nine months of FY22, compared to Tk 5.26 crore the previous year. However, sales at the local shoemaker fell 9% to Tk 849 crore in the July-March period, compared to Tk 935 crore a year earlier. The article is about Apex Experienced 50pc Rise in Profits.

Even though the company’s operational expenditures climbed by 4.9 percent to Tk. 192 crore over the same period, Apex Footwear recorded higher profits due to lower raw material costs. During the nine months, the company spent 70.5 percent of its net sales on the cost of goods sold. However, according to the financial papers, it had to spend 74.6 percent of its sales on raw materials in previous years due to rising pricing.

On a company’s income statement, raw materials are usually listed as the cost of products sold. Along with labor, they are included in a company’s direct prices. Apex Footwear’s earnings per share were Tk 2.64 in January-March this year, compared to Tk 0.97 in the same period. The company said that its earnings per share increased significantly due to higher sales and lower cost of goods sold.

According to the report, sales increased 0.20 percent to Tk 283.76 crore over the three months. On the Dhaka Stock Exchange (DSE), Apex Footwear’s stock rose 6.18 percent to Tk 297.

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