Bata declares 105% final cash dividend, profit drops 26% in 2024
Bata Shoe (Bangladesh) Limited has announced a final cash dividend of 105% for 2024, taking its total cash dividend for the year to 445%, including the 340% interim dividend it had paid earlier.
The declaration was made at a board meeting held on Tuesday (22 April), according to a company source. The company's annual general meeting (AGM) has been scheduled for 26 June, while the record date for shareholder entitlement has been set for 26 May.
Today (23 April), Bata's share price closed at Tk798.80 on the Dhaka Stock Exchange (DSE).
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According to its price-sensitive statement, the multinational footwear maker reported a profit after tax of Tk29.58 crore in 2024, a 26% or Tk10.52 crore drop from Tk40 crore in the previous year.
Earnings per share (EPS) also fell 26% year-on-year to Tk21.62. The company's net asset value (NAV) per share stood at Tk220.22 as of December 2024.
Speaking to The Business Standard, Company Secretary Riajur Reza Muhammad Faisal said, "Last year had been a challenging year for Bangladeshi consumers. With food inflation over 10%, customers tightened their belts, decreasing consumer spending significantly."
He added that nationwide unrest also disrupted retail operations, with around half of Bata's stores forced to close intermittently during the third quarter of 2024.
"Despite these challenges, Bata performed well, riding out the uncertainties. The company focused on operational efficiency and customer engagement, laying a strong foundation for recovery and future growth," he said.
He further said Bata has been able to achieve 94% of last year's (2023) turnover in 2024, as per initial reports, demonstrating remarkable resilience in the face of challenging external circumstances.
Bata began its operations in Bangladesh in 1962 and currently operates two manufacturing units in Tongi and Dhamrai, with a combined daily production capacity of 1.6 lakh pairs of shoes.
Annual sales stand at approximately three crore pairs, according to the company's website.
Bata Bangladesh is a subsidiary of Bafin (Nederland) BV in the Netherlands, which holds 70% of the company's shares and is one of the operating companies of the worldwide Bata Shoe Organisation
