Envoy Textiles Limited said that its business operation has been showing signs of recovery since the final quarter of the 2020-21 fiscal year (FY) despite facing various challenges amidst the ongoing Covid-19 pandemic.
“Rising cotton prices have come as a fresh blow to the business, putting stress on profitability in export markets,” the company said in a filing with Dhaka Stock Exchange on Tuesday.
Meanwhile, fabric has become costlier as cotton prices almost doubled in a year. Besides, higher fabric price induced by the global cotton price hike has come on top of surging freight charges and shipment delays, forcing the company to compromise prices to stay afloat.
The company recommended a 5% final cash dividend, with another 5% dividend declared earlier, for the FY ended on June 30, 2021.
It also offered a 5% interim cash dividend that has already been paid.
The company also reported earnings per share (EPS) of Tk0.56 and net asset value (NAV) per share of Tk37.79 for the year ended on June 30, 2021, as against Tk1.63 and Tk38.43 respectively for the same period of the previous year.
In its filing, the company said that the significant deviation in its EPS is due to the company’s total revenue increasing by 5.97% over the previous FY.
The annual general meeting (AGM) of the company is scheduled to take place on December 27, 2021, via a digital platform.
Envoy Textiles made its debut on the stock market on December 9, 2012. The closing price for each of its shares was Tk43.9 during Tuesday’s trade.
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