Thursday, April 25, 2024
Bata Shoe Company (Bangladesh) Ltd, the country's leading footwear manufacturer, has reported a 99 per cent rise in its net profit in the first quarter (January-March) of the current year compared to the same period last year.
The publicly-traded multinational company’s net profit rose to Tk 13.63 crore in the January-March period from Tk 6.85 crore in the same period last year, an unaudited financial report showed.
Its profit increased significantly compared to last year, driven by revenue growth, especially due to school and winter seasonal businesses and other promotional activities, the company said on Sunday.
Due to normal economic conditions, the business has grown by almost 14 per cent during this period. Aligned with revenue, the cost of sales also went up by almost 5 per cent during this period. Besides, operating expenses increased by almost 16 per cent due to business growth during this period, the company said.
Bata Shoe Company (Bangladesh) also posted its revenue at Tk 245 crore in the first three months of this year, up from Tk 214 crore in the same period of 2022.
As per unaudited financial statements, its earnings per share (EPS) were Tk 9.96 in the January-March period of this year as against Tk 5.01 during the same period of last year.
Net Operating Cash Flow per Share (NOCFPS) was Tk 1.73 in the January-March period of 2023 as against Tk 10.23 in the same period of 2022. The company’s net asset value (NAV) per share was Tk 262.12 as of March 31, 2023, and Tk 252.16 as of March 31, 2022.
Bata Shoe posted a profit in 2022 after two consecutive years of losses due to the COVID-19 pandemic. Its earnings per share stood at Tk29.98 by the end of 2022, which were per-share losses of Tk5.01 and Tk96.94 in the previous two years respectively.
The shoemaker paid a total of 365 per cent cash dividends to its shareholders for the year ended December 31, 2022.
The company, which got listed on the stock market in 1985, closed its shares on Sunday at Tk 1,007.70 per share on the DSE trading floor, which was Tk 1,024.70 in the previous trading session.
Bata Shoe Company was founded in 1894 by Czech businessman Tomas Bata in the city of Zlin, in what was then Czechoslovakia.
In Bangladesh, Bata started its operation in 1962. Currently, Bata Shoe Company (Bangladesh) Limited operates two manufacturing facilities--one in Tongi and the other in Dhamrai. With a production capacity of 160,000 pairs of shoes daily, annual shoe sales currently stand at about 30 million pairs.
