Apparel exports see nearly 14% growth in July

Bangladesh’s apparel exports have raked in around $2.78 billion with nearly 14% year-on-year growth in the first 27 days of July, while the sector is bracing for around 30% shortage of work orders in the coming months. The sector enjoyed a whopping 1,128% growth year-on-year in a single day during the period, but the shipment also witnessed zero export on 10 July, said sources at the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Industry leaders fear that if the global economy does not recover soon from the economic slowdown caused by the ongoing war between Russia and Ukraine, apparel exports may fail to achieve the last fiscal year’s record receipts amounting to $42.2 billion. The government has set a target to earn $46 billion through RMG exports in the current fiscal year. Bangladesh’s major export destinations – the United States and European countries – are now facing a 40-year high inflation. In FY22, readymade garment shipments amounted to $42.2 billion with about 35% year-on-year growth.

Source: https://www.tbsnews.net/economy/apparel-exports-see-nearly-14-growth-july-468230

Bata posts 16 times higher profit in Apr-Jun as Covid restrictions go

Bata Shoe Company (Bangladesh) Limited posted 16 times higher profit year-on-year in the April-June quarter of this year, due to good business during the Eid seasons. During the period, the company earned a net profit of Tk26.54 crore, up from Tk1.56 crore a year ago. In April-June this year, Bata’s revenue grew by 45% to Tk313.57 crore from Tk217 crore during the same period a year ago. At the end of the first half of this year, the company’s total revenue stood at Tk528.13 crore and net profit at Tk33.39 crore. Its earnings per share (EPS) was Tk19.41 for the second quarter of this year and Tk24.41 for the first half. Meanwhile, Bata had paid 25% final cash dividends for 2021 while it had already disbursed 75% interim cash dividends for the year. For the year, Bata shareholders in Bangladesh are getting Tk10 cash as dividends against each share having a face value of Tk10. At the end of June this year, Bata’s net asset value per share stood at Tk274.24, while its shares closed 0.85% lower at Tk923.50 on Thursday on the Dhaka Stock Exchange.

Source: https://www.tbsnews.net/economy/bata-posts-16-times-higher-profit-apr-jun-covid-restrictions-go-468154

Standard Bank wins ‘The Quality Choice Prize 2022’ from ESQR

The European Society for Quality Research (ESQR) has awarded Standard Bank Limited with “The Quality Choice Prize 2022” in Gold category. Managing Director & CEO of the bank Khondoker Rashed Maqsood received the award at the presentation ceremony of the award held at the AC Hotel by Marriott, Barcelona, Spain recently, with the attendance of representatives from 35 countries and 43 award-winning companies in the presence of the international business community.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/standard-bank-wins-the-quality-choice-prize-2022-from-esqr-1659196422