Envoy Textiles profit jumps 134% in Jul-Sep
It posted Tk25.33cr profit during the quarter
Envoy Textiles Limited, recognised as the world's first LEED-certified green denim manufacturing facility, has reported that its net profit jumped 134% in the July-September quarter of the current fiscal year, compared to the previous year at the same time.
According to the company's un-audited financial statement, it posted a profit of Tk25.33 crore during the quarter, making an increase from Tk10.82 crore in the same quarter a year ago.
It posted the earnings per share of Tk1.51 in the first quarter of FY25, which was Tk0.65 a year ago at the same time.
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Meanwhile, during the quarter, its revenue increased by 40% to Tk439.94 crore against previous year at the same time.
At the end of September, its net asset value per share was Tk53.44 and the net operating cash flow per share of Tk0.48.
Tanvir Ahmed, managing director of Envoy Textiles, told The Business Standard that the textile mill ran its production at 92% capacity in the first quarter of the current fiscal. In November they have orders at full capacity to produce 45 lakh yards of denim fabrics.
"We have good orders for next month until today; hopefully, December will be very close to 100% capacity," he said, mentioning that they have good projections from leading buyers for January onward, which will help them run at full capacity.
He added that most buyers are increasing their orders, indicating that Envoy Textiles is poised to perform better this year. "To add more value, the company is also planning to install a new recycling plant, considering that many brands have set goals to increase the use of recycled yarn by 2030."
Earlier, Envoy Textiles recommended a 20% cash dividend for its shareholders for the 2023-24 fiscal year. The company paid a 15% cash dividend for its shareholders for FY23.
According to the disclosure, its earnings per share increased by 84% to Tk3.58 year-on-year, which was Tk1.95 by the end of FY23.
The net profit of the company stood at Tk60.04 crore in FY24, up from Tk32.73 crore compared to the previous fiscal.
