Apex Footwear announced that its profit grew in the second quarter of the fiscal year 2024-25, driven by reduced operating expenses.

The shoe manufacturer posted a profit of Tk 3.19 crore in the October-December quarter, marking a 32 percent year-on-year growth.

Shares of Apex gained 0.68 percent to Tk 206 yesterday at the Dhaka Stock Exchange (DSE).

Apex Footwear stated that earnings per share (EPS) for the quarter soared to Tk 2.03 in the October-December quarter, up from Tk 1.53 during the same period a year ago, according to a disclosure on the DSE.

The company attributed the increase primarily to a reduction in operating expenses, which fell to Tk 81.71 crore in Q2 from Tk 87.27 crore in the same quarter last year.

With the second-quarter earnings results, the total profit of Apex Footwear increased by 31 percent year-on-year to Tk 6.02 crore in the July-December period of FY25 compared to the previous year.

However, its cash flow, a major indicator of the financial health of a company, declined.

Apex reported that its net operating cash flow per share (NOCFPS) dropped 14 percent year-on-year to Tk 71.34 in the July-December period of FY25.

The footwear maker explained that the decline was due to higher payments to suppliers, employees, and other costs, driven by increased material procurement expenses, higher direct labour costs, and rising utility expenses.

Founded in 1990, Apex Footwear began as an export-focused factory and went public in 1993. It launched Gallerie Apex in 1997 and the brands Apex and Moochie in 2000. By 2018, Apex had become Bangladesh's largest retail chain, with over 250 stores, according to its website.