Apex Footwear Limited achieved record sales in the fiscal year 2022–23. The company’s sales increased by 27%, reaching Tk1,653.59 crore, with a profit of Tk16.71 crore, a 21% increase. Factors contributing to this success included the presence of three major Eid festivals during the fiscal year.
However, the company’s profit growth did not meet expectations due to several cost-related challenges. These included a strong dollar, a higher advance income tax, rising utility prices, and rampant inflation, which impacted consumers’ purchasing power. Inflation led people to prioritize essential goods over shoes and leather products.
Export revenue increased by 35% to Tk713 crore, while local sales grew by 22% to Tk939 crore. Exchange rate fluctuations affected income from conversion, while higher dollar rates increased the cost of importing raw materials.
Apex Footwear declared a 45% dividend for shareholders for FY23, comprising 35% cash and 10% stock, mirroring the previous fiscal year. The company’s share price rose by 3.95% upon the dividend announcement. Overall, despite challenges, Apex Footwear’s record sales reflect its resilience and market presence.