Apex Foods posts stellar profit in July-September

Shrimp exporter Apex Foods Limited posted a more-than-expected business growth in the first quarter (July-September) of the fiscal year 2022-23, as company’s profit jumped nearly 200 per cent in the quarter on a year-on-year basis.

In July-September of FY23, the listed firm’s net profit jumped to Tk 1.14 crore from Tk 0.38 crore in the same period last fiscal.

Apex Foods’ Company Secretary Kamrul Islam told The Business Post, “After the improvement of the Covid-19 global pandemic, our shrimp exports grew exponentially in the first quarter this fiscal.”

“Besides, the mighty dollar value against the local currency also contributed positively to export earnings. Overall, our business went good in July-September this year," he added.

The company’s earnings per share (EPS) stood at Tk 2 in Q1 of FY23 versus Tk 0.67 in the same period of the last fiscal year.

Listed on the stock exchange in 1981, Apex Foods has a cent per cent export-oriented modern shrimp processing plant. The company’s short-term loan stood at Tk 90.2 crore till June 2021, while its long-term loan was Tk 21.6 lakh, according to the Dhaka Stock Exchange (DSE) data.

Sponsors and directors jointly held a 36.06 per cent stake in the company, while institutional investors and the general public owned 13.30 per cent and 50.64 per cent respectively till August this year.

The company’s shares were traded at Tk 218 each on the DSE on Monday.