Electrical and electronics appliance giant Walton Hi-Tech Industries’ net profit after tax has increased by Tk 573.85 crore to Tk 1,356 crore for the fiscal year 2023-24, despite suffering foreign currency losses of Tk 157 crore.
The mega-cap company has also declared a 350 per cent cash dividend for its general investors and 200 per cent cash dividend for sponsor directors for the year that ended on June 30, 2024.
The company’s Board of Directors approved the dividend at a meeting on Wednesday.
It will hold an Annual General Meeting (AGM) on October 29 to get shareholders’ approval for financial statements and dividends.
Walton Hi-Tech gave a 300 per cent cash dividend to its general investors and 90 per cent cash dividend to sponsor directors for FY2022-23.
According to financial statements, the Earnings Per Share (EPS) stood at Tk 44.78 for the year that ended on June 30,2024. It was Tk 25.84 in the year that ended on June 30,2023.
Walton Hi-Tech’sEPS increased significantly because its operating profit margin improved to 25.02 per cent from 23.46 per cent in the previous year, while the finance cost percentage on sales decreased to 6.11 per cent from 11.35 per cent — largely due to the lower impact of devaluation against foreign currency.
Despite suffering foreign currency losses of Tk 157.45 crore, the net profit after tax of the company for the year that ended on June 30,2024, increased by Tk573.85 crore to Tk 1,356.53 crore, reaching 18.06 per cent of revenue compared to 11.79 per cent in the comparative year.
As a result, Walton Hi-Tech’sNet Operating Cash Flows PerShare (NOCFPS) stood at Tk 56.96, compared to Tk 111.84 in the previous year.
The company’s share price stood at Tk 709 each at Dhaka Stock Exchange on Wednesday.
Walton Hi-Tech is the second largest listed company in terms of market capitalisation with a paid-up capital base of Tk 302 crore. In 2020, it raised Tk 100 crore through the capital market.
Incorporated in 1977, Walton Hi-Tech started manufacturing refrigerators, freezers, air-conditioners and compressors in early 2008.
