Fortune Shoes share zooms 40% in 12 days

Share price of Fortune Shoes has been soaring abnormally on the Dhaka Stock Exchange since December 30 last year.

The company saw a rise of 40.39 per cent as its share price, which was Tk 92.1 on December 30, jumped to Tk 129.3 on Sunday.

Responding to queries made by the DSE, Fortune Shoes said there was no undisclosed price-sensitive information for the recent unusual price hike and increase in the volume of shares.

The company gained huge profit in the last financial year. Its earnings per share (EPS) increased around 99 per cent. It has also reported EPS of Tk 1.59 for the year ended on June 30, 2021, as against Tk 0.80 for the same period a year ago.

It has recommended 10 per cent cash and 5 per cent stock dividend for the year ended on June 30, 2021.

In the first quarter of this financial year (FY22), its profit tripped. Its EPS was Tk 1.29 for July-September 2021 as against Tk 0.43 for July-September 2020.

A Barisal-based 100 per cent export-oriented shoe and footwear maker incorporated in 2010 and listed in 2016.

It has three subsidiaries--Premier Footwear, Uniworld Footwear, and MJ Industries, and nine production lines with a current capacity of 35,500 pairs of shoes per day.

According to its website, the company has total investment is $40 million. Its yearly turnover is $ 28.08 million. The company generates 3,800 employments.