Worker shortage a new challenge for RMG

Fakir Apparels Ltd (FAL) appointed 400 new workers last month after training them for three months at its training centre as the Narayanganj-based garment factory has received 25 per cent more work orders this season compared to the last season.Industry people say they are incurring production losses and missing shipments due to a 15 to 20 per cent shortage of workers. This means the labour crunch may hit the recovery of the garment sector, which accounts for about 85 per cent of the national export receipts.Base Fashions Ltd, which employs 1,000 workers, is now facing at least 10 per cent worker shortage as many labourers either did not return to the factory after it reopened following the national lockdown in 2020 or switched to other factories and sectors.Now, many factories are running at nearly 90 per cent capacity as orders are aplenty. Usually, they run at 60 per cent of the capacity or even below. As a result, garment exports grew 28.02 per cent year-on-year to $19.90 billion between July and December.

Source: https://www.thedailystar.net/business/economy/news/worker-shortage-new-challenge-rmg-2952581

Most listed drug makers declare higher profits

Almost all listed pharmaceutical companies in Bangladesh registered higher profits in the first half of the ongoing financial year (FY) thanks to increased health consciousness amid the coronavirus pandemic. Among the 10 major drug makers that recently disclosed their latest financial reports, nine companies logged higher profits while only Silva Pharmaceuticals declared lower earnings for the period between July and December last year.The 10 listed drug makers witnessed sales growth of 16 per cent on an average in the past six months, according to their earnings reports.Among the top profit booking companies, Square Pharmaceuticals logged Tk 868 crore in the July-December period of FY 2021-22, up 19 per cent compared to the same period of the previous year. Meanwhile, Beximco Pharmaceuticals saw its profits jump 41 per cent to Tk 313 crore. In terms of consolidated sales, the company achieved over 17 per cent growth year-on-year.Another top profit booking company, Renata Ltd, saw its turnover rise 6.5 per cent to Tk 1,512 crore in the July-December period this financial year.Ibn Sina booked a 28 per cent growth in profits, registering Tk 32 crore in the last six months, when its sales rose 25 per cent to Tk 452 crore. Profits of Orion Pharmaceuticals soared by 173 per cent to Tk 41 crore as the company’s sales rose 13 per cent to Tk 146 crore, as per its financial report. The Acme Laboratories saw its profits grow 37 per cent to Tk 109 crore while its revenue soared 16 per cent to Tk 1,161 crore

Source: https://www.thedailystar.net/business/economy/news/most-listed-drug-makers-declare-higher-profits-2952506

Islami Bank ‘strongest Islamic retail bank in Bangladesh’

Islami Bank Bangladesh has been recognised as the “Strongest Islamic Retail Bank in Bangladesh” in a 7th Islamic Retail Banking Awards by UK-based Cambridge IFA and Islamic Retail Banking Awards. The Cambridge Institute of Islamic Finance conducted their consensus for the award based on a global ranking of Islamic banks and retail financial institutions from the US, Asia and Africa.

Source: https://www.thedailystar.net/business/economy/banks/news/islami-bank-strongest-islamic-retail-bank-bangladesh-2952441

BRAC Bank adopts ‘phygital’ strategy to grow bigger

BRAC Bank Limited has embraced a multi-channel strategy with a combination of physical and digital capabilities to reach out to more people and expand the businesses across the country. Taking stock of socio-economic condition, state of technological infrastructure and different customer segments, it is so important to choose the right balance between physical branches and digital services, which is popularly coined as ‘phygital’, to reach to people of different strata of society and become successful in Bangladesh. At the same time, BRAC Bank is rapidly expanding its Agent Banking network to serve the unbanked at the remote part of the country. They already have presence in 64 districts through 700 plus outlets and by 2022, they hope to attain at 1,000. Riding on the massive expansion plan, BRAC Bank has planned to double its business within the next four years by implementing its multi-channel strategy to serve the customers across geography and demography.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/brac-bank-adopts-phygital-strategy-to-grow-bigger-1643733400