Apex Tannery Limited, a prominent name in Bangladesh’s leather processing and finishing sector, has announced plans to re-establish partnerships with three footwear exporters to sell its finished leather products. The company anticipates annual sales of approximately Taka 16 crore from these agreements, as detailed in a recent disclosure.
The company plans to collaborate with FB Footwear, Footbed Footwear, and Nuovo Shoes (BD), all of which operate under a shared management structure.
The latest disclosure revealed that some directors of Apex Tannery also hold directorships in the three footwear companies. Notably, Hedayetullah Ron serves as managing director for all three firms, as indicated by the member directory of the Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB).
According to the stock exchange filing, Apex Tannery’s contract will involve the sale of finished leather at market prices, covering various specified grades and qualities. The expected sales breakdown estimates contributions of Taka 10 crore from FB Footwear, Taka 5 crore from Footbed Footwear, and Taka 1 crore from Nuovo Shoes (BD). However, the actual sales figures may fluctuate based on market demand.
Despite these initiatives, Apex Tannery has reported a net loss of Taka 12.66 crore for the fiscal year 2023-24, a slight increase compared to the Taka 12.44 crore loss recorded in the previous fiscal year. Consequently, the loss per share has risen to Taka 8.31 from Taka 8.17 in FY ’23, according to DSE data.
Founded in 1976 and listed on the DSE since 1985, Apex Tannery remains a fully export-oriented enterprise, supplying leather products to key markets in Europe, China, and South America.
