Walton achieves remarkable profit growth of 2,270% in July-December 2023

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Walton achieves remarkable profit growth of 2,270% in July-December 2023

BM Desk:

In a surprising turn of events amid the global business challenges, Walton Hi-Tech Industries PLC. has reported an extraordinary profit surge during the period from July to December in the current Financial Year 2023-24.

This financial success is outlined in the company’s Second Quarter (Q2) Un-audited Financial Statements for the period ending on December 31, 2023. The report received approval after careful review during the Company’s 37th Board of Directors meeting held on Monday, reads a press release.

The renowned Bangladeshi electronics giant has unveiled a staggering 2,270% profit increase during the July-December period of 2023, compared to the corresponding period of the previous year.

Walton Hi-Tech also experienced substantial growth in key financial indicators, including Operating Profit Margin, Earnings Per Share (EPS), and Net Asset Value Per Share (NAVPS) during the initial six months of the current FY 2023-2024.

According to the published report, Walton Hi-Tech achieved a profit of Tk 340.35 crore during July-December 2023, a significant increase from Tk 14.36 crore in the same period the previous year. In the Second Quarter (October-December 2023), the company’s profit soared to Tk 138.28 crore compared to Tk 60.46 crore in the corresponding period of the previous year.

The impact of finance costs during July-December 2023 was notably lower than the comparative period due to the reduced devaluation of Taka against foreign currencies like Euro and USD. However, the company did face foreign currency losses amounting to Tk 43.75 crore during this period, a significant drop from Tk 336.10 crore in the corresponding period of the previous year.

Consequently, the Company’s EPS for the period ending December 31, 2023, reached Tk 11.24, a substantial increase from Tk 0.47 of the same period the previous year. As of December 31, 2023, the Company’s Net Asset Value Per Share (NAVPS) stood at Tk 244.26 without revaluation and Tk 345.75 with revaluation. Additionally, the Company’s Net Operating Cash Flows Per Share (NOCFPS) reached Tk 27.16 during this period.

The percentage of finance costs against sales during July-December 2023 dropped significantly to 7.51%, compared to 18.15% in the same period the previous year. The Company’s total Finance Costs at the end of the Second Quarter of the current Financial Year (2023-2024) were recorded at Tk 177.93 crore, a considerable decrease from Tk 469.33 crore in the same period of the previous year.

Consequently, the Company’s Profit After Tax for the period ending December 31, 2023, stood at 14.37%, a remarkable increase from 0.56% of the same period the previous year.

Despite these achievements, the management of Walton Hi-Tech Industries PLC. anticipates even healthier profits in the upcoming quarters of the current Financial Year.

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