Apex Foods’ profit more than doubles
Apex Foods Limited's profit more than doubled in the financial year that ended on June 30 on the back of a hike in product prices and a reduction of costs.
The company made a profit of Tk 2.93 crore in 2021-22, up more than 148 per cent from Tk 1.18 crore in the previous year.
Thus, Apex Foods reported earnings per share of Tk 5.14 for 2021-22, which was Tk 2.07 a year earlier.
The company credited the increase in revenue to the global upturn in retail products, particularly food items, efficient operation, and cost minimisation for the sharp rise in the EPS.
Net asset value per share rose to Tk 126.18 from Tk 119.39, while net operating cash flow per share surged to Tk 62.14 from Tk 42.87.
The board of directors has recommended a 20 per cent cash dividend for 2021-22, according to a filing on the Dhaka Stock Exchange (DSE) yesterday.
Shares of Apex Foods, however, lost 13.69 per cent on the DSE yesterday.
A 100 per cent export-oriented shrimp processor, Apex Foods ships products to markets in North America, the European Union, Australia, and Russia, according to its website.