RFL’s export earnings rise 25% in FY21

Rangpur Foundry Limited (RFL) posted a healthy 25 per cent rise in its export earnings for the financial year 2020-21 despite the Covid-19 woes.

It earned Tk 3.91 crore from exports in the year, up by Tk 77 lakh from Tk 3.14 crore of the previous year.

If the previous five fiscals are taken into account, the earnings rose 3.8 times from Tk 1.03 crore in the financial year 2016-17, according to the company’s FY21 annual report.

Now, the company is planning to scale up the earnings by diversifying its products.

“Our operation units are analysing the prospective areas. The research and development team is working hard. Hopefully, some new products will be added to the company in the coming days. New export areas are also being explored to ensure more revenue from export,” a company director was quoted as saying in the annual report.

The report mentioned that export earnings would have increased if the price of raw materials had not gone up and the supply system had not been damaged due to the Covid-19 pandemic.

However, it is eying good business in the next fiscal year.

In FY21, the company saw stellar growth in revenue from the sales of irrigation pumps and other CI products.

The sales volume went up 256 per cent to 767 metric ton in the year, which was 215 metric ton in FY20.

It bagged revenue of Tk 9.56 crore from pump and other product sales in FY21, up by 167 per cent from Tk 3.58 crore in the previous year.

RFL was listed on the stock exchanges in 1999.

It holds a paid-up capital of Tk 10 core and hereby was asked to hike the figure to Tk 30 crore as per the regulatory rules.

RFL share price increased 1.25 per cent to Tk 154.10 at the Dhaka bourse on Thursday, the last trading day of 2021. The price moved between Tk 119.30 to Tk 194.90 throughout the one year.