Envoy Textiles Limited, manufacturer of high-quality fashion denim in Bangladesh and, reportedly, the world’s very first LEED certified Platinum denim manufacturing facility, which is also the first denim facility in Bangladesh to use Rope Dyed Technology, recently underlined that despite facing various challenges amidst the ongoing coronavirus pandemic, its business operation has been showing signs of recovery since the final quarter of the 2020-21 fiscal year (FY) even if the company recommended a 5 per cent final cash dividend, with another 5 per cent dividend declared earlier, for the FY ended on 30 June 2021.
Media reports maintained this adding Envoy Textiles, which made its debut on the stock market on 9 December 2012, reported earnings per share (EPS) of Taka 0.56 and net asset value (NAV) per share of Taka 37.79 for the year ended on 30 June 2021, as against Taka 1.63 and Taka 38.43, respectively, for the same period of the previous year even as in its filing with the Dhaka Stock Exchange, the company said that the significant deviation in its EPS was due to the company’s total revenue increasing by 5.97 per cent over the previous FY.
Rising cotton prices have come as a fresh blow to the business, putting stress on profitability in export markets, reportedly, maintained Envoy Textiles in its filing even as it added fabric has become costlier consequent to cotton prices almost doubling in a year even if higher fabric price induced by the global cotton price hike has come on top of surging freight charges and shipment delays, which has forced Envoy Textiles to compromise prices to stay afloat.
