Dhaka, Wednesday

29 May 2024

Business Insider Bangladesh

Walton profits surge by 205% in July-March

BI Report || BusinessInsider

Published: 00:16, 23 April 2024  
Walton profits surge by 205% in July-March

Photo: Collected

Walton Hi-Tech Industries PLC has demonstrated remarkable resilience and growth under strong leadership, achieving a significant increase in sales and profit during the first nine months of the financial year 2023-24.

During the period of the current financial year, the company's profit soared by Tk 512.42 crore, reflecting a remarkable 205 percent growth compared to the previous year.

The growth was reflected across major financial indicators, including Operating Profit Margin, Earnings Per Share (EPS), and Net Asset Value Per Share (NAVPS).

The company's third-quarter unaudited Financial Statements for the period ended March 31, 2024, showcased a profit of Tk 762.34 crore, a substantial increase from Tk 249.91 crore in the same period of the previous year.

The report was published following a review meeting approved by the Company's Board of Directors during its 38th session held on Sunday, reports a press release.

According to the report, the EPS for the period reached Tk 25.17 at the end of March compared to Tk 8.25 for the same period of the previous year.

The NAVPS stood at Tk 258.22 without revaluation and Tk 359.68 with revaluation as of March.

Notably, Net Operating Cash Flows Per Share (NOCFPS) stood at Tk 22.88 during the same period.

In the period from July 23-March 24, the finance cost percentage on sales decreased to 6.14 percent from 14.79 percent in the same period of the previous year, with total finance costs at Tk 263.07 crore at the end of Q3 of 2023-24, compared to Tk 604.79 crore in the previous year.

The amount and percentage of finance costs during the period from July 2023 to March 2024 are significantly lower than the comparative period because of less impact of the devaluation of taka against foreign currencies like the Euro and USD.

However, the company suffered foreign currency losses from July 2023 to March 2024 amounting to Tk 41.60 crore, which was Tk 392.73 crore in the corresponding period of the previous year.

From January to March 2024, the profit of the Company increased to Tk 421.98 crore as against the profit of Tk 235.55 crore of the corresponding period of the previous financial year.

Anticipating healthier profits in the last quarter of the current financial year from April to June 2024, the management remains optimistic about Walton Hi-Tech's continued growth and performance.