Envoy Textiles declares a 20% cash dividend for FY24
In a disclosure on Thursday, Envoy Textiles’ board of directors recommended this dividend. The company paid a 15% cash dividend for its shareholders for FY23
Envoy Textiles Ltd, recognised as the world's first LEED-certified green denim manufacturing facility, has recommended a 20% cash dividend for its shareholders for the 2023-24 fiscal year.
In a disclosure on Thursday, Envoy Textiles' board of directors recommended this dividend. The company paid a 15% cash dividend for its shareholders for FY23.
According to the disclosure, its earnings per share (EPS) increased by 83.59% to Tk3.58 year-on-year, which was Tk1.95 by the end of FY23.
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The net profit of the company stood at Tk60.04 crore in FY24, up from Tk32.73 crore compared to the previous fiscal.
The net asset value (NAV) per share increased 35% to Tk51.93 year-on-year.
The annual general meeting (AGM) is scheduled for 2 November through a hybrid system, and to identify the shareholders, the record date has been fixed on 30 September.
The company's share price closed at Tk47.60 on the Dhaka stock exchange on Thursday.
On Thursday, Envoy Textiles also unveiled plans to invest in a waste fabric recycling plant in Bhaluka to start commercial production by June 2025.
Kutubuddin Ahmed, founder and chairman of Envoy Textiles, told TBS that the project's total investment is estimated at Tk23.70 crore, with 70% financed through loans and 30% through equity.
"We anticipate that the plant will be fully operational by the end of this fiscal year, which will significantly enhance our production capacity and address the increasing sustainability requirements of our clients," Ahmed added.
