Company net profit was Tk9.39 crore and operating profit were Tk0.56, compared to Tk27.41 crore and Tk1.63 the previous year.
In addition, during the previous fiscal year, the business suggested a 5% cash dividend to stockholders. Previously, it have issued a 5% cash dividend as an interim dividend for the first previous quarter fiscal year. For fiscal year 2021, the total dividend will be 10%. The firm will convene an annual general meeting (AGM) on December 27 to authorize the dividend. The AGM’s time frame will be November 15th. According to company authorities, revenue was high in the previous fiscal year, but business costs climbed due to a rise in cotton prices in the worldwide industry.
Starting july, the firm announced plans to invest Tk176 crore to expand the spinning project’s output capacity by establishing an extension facility.
Subject to normal business and health environment conditions, the project is expected to be completed by July 2022.
The current development would have a capacity of 3,710 tonnes of yarn per year. The business would contribute Tk56 crore from its retained profits, with the remainder coming from banks.
Envoy Textiles Chairman Kutubuddin Ahmed told The Business Standard that the company is investing in additional ability to create composite yarn, which would assist decrease under costs.
Envoy Textiles’ stock price, which was launched in 2012, has increased by 118 percent in the previous six months and ended at Tk47 on Monday on the Dhaka Stock Exchange.
