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Walton records profit growths in July-December of FY 2023-24
Walton Hi-Tech Industries PLC has recorded profit growth during the period July-December of the current Financial Year 2023-24.
The Bangladeshi electronics giant posted around 23 times or 2,270 percent higher profits during the July-December period of 2023, compared to the same period of the previous year, according to a press release.
Walton Hi-Tech also witnessed substantial growth in major financial indicators, including Operating Profit Margin, Earnings Per Share (EPS), Net Asset Value Per Share (NAVPS) etc. during the first six months (July-December) of the current FY 2023-2024, it said.
S Alam Group to import 12 lakh MT of daily essentials for Ramadan
Such picture of the company's financial indicators was reflected in its Q2 un-audited Financial Statements for the period ended December 31, 2023.
The report was published after reviewed and approved by the Company's Board of Directors in its 37th meeting held on Monday (January 22, 2024).
According to the published report, Walton Hi-Tech posted Tk 340.35 crore profit during the period from July to December, 2023 as against the profits of Tk 14.36 crore in the same period of the previous year.
In the Second Quarter (October-2023 to Decmber-2023), the profit of the Company was increased to Tk 138.28 crore as against of Tk 60.46 crore of the corresponding period of the previous year.
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The amount and percentage of finance costs during the period (July-2023 to December-2023) is significantly lower than the comparative period because of less impact of devaluation of taka against foreign currencies like Euro and USD. However, the company suffered foreign currency losses during the period of July 2023 to December of 2023 amounting to Tk 43.75 crore, which was Tk 336.10 crore in the corresponding period of the previous year.
As a result, the Company's EPS for the period ended December 31, 2023 stood at Tk 11.24 as against of Tk 0.47 of the same period of the last year. As on December 31 of 2023, the Company's Net Asset Value Per Share (NAVPS) stood at Tk 244.26 without revaluation and Tk 345.75 with revaluation.
In that period, the Company's Net Operating Cash Flows Per Share (NOCFPS) stood at Tk 27.16.
During the period from July 2023 to December 2023, the percentage of finance costs was reduced significantly. In that period, the percentage of finance costs against sales was recorded at 7.51 percent, which was 18.15 percent in the same period of the previous year.
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At the end of the Second Quarter of current Financial Year (2023-2024), the Company's total Finance Costs were recorded at Tk 177.93 crore, which was Tk 469.33 crore in the same period of the previous year. As a result, the Company's Profit After Tax for the period ended December 31, 2023 stood at 14.37% as against of 0.56% of the same period of the previous year.
However, the management of Walton Hi-Tech Industries PLC anticipated that the Company’s profits would be healthier in the next quarters of the current Financial Year.
S Alam Group to import 12 lakh MT of daily essentials for Ramadan
S Alam Group will import 12 lakh metric tonnes of daily essentials to ensure uninterrupted supply of essential consumer goods and to keep prices affordable for the month of Ramadan.
With an investment of more than hundreds of millions of dollars, the effort accounts for approximately 50 percent of the nation's total food demand for Ramadan. sugar, edible oil, wheat, lentils, and chickpeas are among the imported products, according to a press release.
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S. Alam Group fulfills 30, 20 and 35 percent of the current domestic market demand of oil, wheat and sugar respectively. The company is working diligently to increase the supply to 50 percent this year. Like previous years, S Alam Group has taken initiatives to import huge volume of daily necessities during Ramadan to benefit the mass people, it said.
The country's annual sugar demand is 24 lakh MT, with the month of Ramadan alone accounting for 2.72 lakh MT. S Alam Group is importing 641,300 MT of sugar, which is more than twice the demand during Ramadan, the release also said.
The yearly demand for edible oil in Bangladesh is about 22 lakh metric tons. Out of which, three lakh metric ton is demanded during Ramadan. S. Alam Group is importing 2 lakh 58 thousand metric tons of edible oil, 86 percent of the demand during Ramadan, to ensure market stability, it also said.
FBCCI President invites Sri Lankan investors to invest in Bangladesh's SEZ
The annual demand of wheat in the country's market is about 63 lakh metric tons (excluding domestic production). Consumers require about five lakh 28 thousand metric tons of wheat every month. S Alam Group is importing One lakh 78 thousand metric tons of wheat, 34 percent of the demand during Ramadan, to ensure market stability.
Bangladesh’s demand for lentils stands at six lakh tons annually, with a monthly requirement of 50 thousand tons. The demand for lentils surge during Ramadan, reaching one lakh tons. S. Alam Group is importing 50 thousand metric tons of lentils, meeting 50 percent of the demand during Ramadan.
Similarly, annual chickpea demand is one lakh 36 thousand metric tons, with demand during Ramadan standing at 91 thousand metric tons. S. Alam Group is importing 50 thousand metric tons of chickpeas during Ramadan, covering 55 percent of the demand during Ramadan.
The company is optimistic that these proactive measures will contribute to maintaining affordable prices in the country's market during the Ramadan season, ensuring accessibility for the general populace.
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“We have once again undertaken the proactive step of importing essential products in large quantity to meet the overall demand during Ramadan. Some of these imported items are in stock, while several shipments are awaiting clearance. Our commitment aligns with the government's objective of ensuring affordability for the people during Ramadan. In the event of any shortages during the Holy month, we remain prepared to take further measures to import additional products.”
Coca-Cola appoints Nahar Choudhury as first Bangladeshi managing director
Coca-Cola, one of the country's leading beverage companies, has announced Ju-un Nahar Choudhury as the new Managing Director of Coca-Cola Bangladesh Limited. She is the first Bangladeshi woman to take on the role of Managing Director for Coca-Cola Bangladesh Ltd.
In this role, Choudhury will work closely with bottling and business partners, customers and other external stakeholders in the country.
She started her career with Unilever as a management trainee in marketing, and left her mark in various roles including leading the team who won a Guinness world record for the nationwide ‘Lifebuoy handwashing washing campaign’ covering 86,000 youth simultaneously in over 60 locations, said the comps on Monday.
She moved to Indonesia in 2014 with Reckitt Benckiser looking after the Dettol business. She also worked with Danone Indonesia as Head of Innovation and then joined aCommerce, an end-to-end ecommerce enabler present across seven ASEAN countries, as the FMCG director.
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After spending eight years in Indonesia, Choudhury moved back to Bangladesh and joined Apex as marketing director in 2023.
Speaking on her appointment, Ju-un Nahar Choudhury, Managing Director, Coca-Cola Bangladesh said, “I am delighted to join the Coca-Cola system and partner with our bottling partners, Coca-Cola Bangladesh Beverages (CCBB) & Abdul Monem Limited (AML), and other stakeholders to refresh our consumers in Bangladesh."
She also said, "I am humbled to lead Bangladesh on this Coca-Cola journey and I am committed to steer our brands and franchise operations to new heights.”
Choudhury is the first woman to be appointed to this position in Bangladesh and will be replacing former Managing Director, Ta Duy Tung, who was appointed back in 2021.
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Ajay Vijay Bathija, Vice President of Franchise Operations for Southwest Asia (SWA), said, “We welcome Ju-un to Coca-Cola. The Coca-Cola Company reiterates its focus on building a sustainable business in an important market like Bangladesh. Ju-un joins at an exciting time of the company’s journey in the country and our partners will gain a great deal from her wide experience in FMCG and e-commerce.”
Coca-Cola is the first company in Bangladesh to launch 100% recycled PET bottles in Bangladesh. Coke Studio Bangla, as a digital music platform, boasts a YouTube channel with 2.86 million+ subscribers, surpassing the combined subscriber count of some of Bangladesh's biggest brands.
As per a socio-economic impact study, the Coca-Cola system in Bangladesh contributes to the continuous economic growth of the country and also supports nearly 22,100 jobs which consist of 833 direct jobs and 21,300 indirect jobs.
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FBCCI President invites Sri Lankan investors to invest in Bangladesh's SEZ
The President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam invited Sri Lankan businessmen and investors to invest in the Special Economic Zones (SEZ).
The FBCCI President made this call during a courtesy meeting with the high commissioner of Sri Lanka in Bangladesh Dharmapala Weerakkody at FBCCI’s Gulshan office on Sunday afternoon.
Daraz launches Bangladesh’s first-ever free delivery festival
Mahbubul said the government has been establishing 100 special economic zones in Bangladesh with All kinds of facilities including oil, gas, and electricity for the investors.
Besides, one-stop service, e-platform, and many other attractive incentives are on offer to facilitate business and investment in Bangladesh. Sri Lankan businessmen can be benefitted by setting up industry here on their own or in joint ventures, he said.
Bangladesh’s journey: From ‘basket case’ to aspiring economic powerhouse
He said garments, pharmaceuticals, eco-tourism, hospitality, etc. are some of the potential sectors in Bangladesh. If Sri Lankan investors want to invest in Bangladesh, FBCCI will provide all-out support.
Speaking at the meeting, the Sri Lankan High Commissioner Dharmapala Weerakkody said that Sri Lanka has many business entrepreneurs who are interested in doing business in Bangladesh.
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Besides many potential sectors, Sri Lanka receives a large number of tourists from Bangladesh every year. He said it is time to increase bilateral trade between the two countries.
FBCCI president praised the Sri Lankan Central Bank's role in overcoming the economic challenges.
Commercial Counselor of the Sri Lankan High Commission Srimali Jayarathna, FBCCI Vice-President Shomi Kaiser, Rashadul Hossain Chowdhury (Ronni), Secretary General Md. Alamgir, among others, were present at the meeting.
Daraz launches Bangladesh’s first-ever free delivery festival
Daraz, South Asia’s leading online e-commerce platform, is bringing the first-ever Daraz Free Delivery Festival.
Shoppers can enjoy free delivery nationwide from January 25- 31 on millions of items including fashion, beauty, electronics, home and decor, and much more, according to a press release.
This reinforces Daraz’s commitment to South Asian communities, showcasing the development and optimization of infrastructure and advanced tools to ensure seamless nationwide Free Delivery.
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With a focus on all categories, Daraz’s first sales campaign of the year encourages shoppers to unlock the best Free Delivery promotions during the Daraz Free Delivery Festival.
Customers can enjoy up to 70% discount on any 3 bundles from Tk 499, up to 70% discount on Hot Deals, up to 60% discount on Mega Deals, brand warranty, and up to Tk 10,000 voucher. To top it all, shoppers will also enjoy free delivery along with all the offers maximizing their savings.
The primary goal of the Daraz Free Delivery Festival is to provide opportunities for everyone to fulfil their everyday needs at the best value, regardless of one’s location without any added delivery cost.
In 2023, inflation nearly reached double digits, hitting a 12-year high at 9.93% in October.
Daraz Free Delivery Festival helps maximise the savings for the shoppers as they can now obtain their everyday needs from the comfort of their homes without the hassle of transportation or delivery costs.
Daraz also aims at using this platform to extend its reach to underserved communities by offering Free Delivery nationwide, making it possible for consumers outside Dhaka (Chittagong, Khulna, Rajshahi, Sylhet etc.) to conveniently get their everyday needs, at the best price. In December 2023 alone, more than half of Daraz shoppers already enjoyed free delivery, representing a 500% increase compared to January 2023.
It provides Small and Medium Enterprises (SMEs) with the opportunity to expand their businesses into unexplored territories and broaden their footprints, witnessing a substantial increase in their reach and revenue. With a growing objective for SMEs to expand their country coverage, Daraz sees more sellers embracing free delivery as a tool to grow their business, with 70% growth in sellers participating in free delivery in the past year.
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Khondoker Tasfin Alam, chief operating officer of Daraz Bangladesh, said "Our commitment has always been to create access to the largest selection of products at the best prices delivered directly to the doorstep of our customers, and the Daraz Free Delivery Festival is proof to this dedication. We have developed a fleet of hundreds of vehicles that connect strategically placed fulfilment and sorting centres across every region of the country."
Bangladesh’s journey: From ‘basket case’ to aspiring economic powerhouse
In the 21st century, Bangladesh has transformed into a formidable economic force. This metamorphosis is exemplified by its journey from a once aid-dependent nation in the 1970s to a self-sufficient and aspiring economic powerhouse. The key to this remarkable turnaround? Its people, especially the youth, representing a demographic dividend ready to be harnessed, Zaidi Sattar, economist and Chair of the Policy Research Institute of Bangladesh, writes in WhiteBoard, a premier policy magazine.
Half a century ago, Bangladesh grappled with a food deficit and a population considered a burden. Fast forward to today, the nation boasts a food production of 40 million metric tons, showcasing its journey to self-sufficiency. The country’s economic stride is further marked by its graduation from a lower-middle-income country in 2015 to a developing country status set for 2026 by the United Nations.
This economic renaissance hasn’t gone unnoticed. The Wall Street Journal in 2010 wrote “Bangladesh, ‘Basket Case’ No More,” leading global investment firms like Goldman Sachs and JP Morgan to view Bangladesh as a new investment frontier, Sattar writes. Today, Bangladesh stands as the world’s second-largest apparel exporter, a remarkable feat considering its initial lack of a significant textile industry.
Development economist Amartya Sen lauded Bangladesh’s human development progress, outpacing its South Asian counterparts. Despite advancements, challenges like the low female labour force participation, at 40%, remain. Addressing this could further boost economic growth. The nation’s resilience is also evident in its self-funded mega-infrastructure, the 6.4 km Padma Bridge, highlighting its economic independence.
Under the leadership of Sheikh Hasina’s government, Bangladesh has maintained over a decade of macroeconomic stability, crucial for its current and future growth. The nation’s economic tale is one of balance, with agriculture providing food security and rural employment, while trade and industry propel its development forward, writes the economist.
The year 2022 posed significant challenges to global economies, including Bangladesh. However, its robust macroeconomic management over three decades allowed it to withstand shocks like the Russia-Ukraine war, highlighting its resilience during global crises.
Bangladesh’s economic strategy has been pivotal in its success. Since the 1990s, the country embraced an export-oriented trade policy, a shift from its previous inward-looking approach. This transition was influenced by the successful models of East Asian economies and has played a crucial role in Bangladesh’s development since 2010, Sattar is of the view.
The country’s export success, especially in clothing, is a testament to its effective use of comparative advantage. Embracing an export-led growth model, Bangladesh has seen consistent increases in GDP growth rates and a significant reduction in poverty rates. However, the nation must also focus on modernizing its tariff structure to diversify exports and further its development agenda.
Looking forward, Bangladesh’s economic story is not just about exports but also includes a strong role in global trade in services, bolstered by remittances from migrant workers. The country’s future competitiveness lies in developing world-class service industries, adapting to global trade trends, and adhering to international trading blocs’ disciplines.
As Bangladesh strides towards its graduation from the least developed country status, it faces the challenge of evolving its industrial policies in line with global trends. Its long-term Perspective Plan 2041 aims to transform Bangladesh into an advanced high-income economy, requiring strategic coordination between government and businesses.
Bangladesh’s economic journey from a struggling nation to a promising global player is a story of strategic policy choices, resilience, and innovation. As the world anticipates the “Asian century,” Bangladesh is poised to be a significant player, showcasing its remarkable journey from struggle to prosperity, writes Sattar.
Huawei offers 3-day free tour to MWC in Barcelona
Huawei is offering a three-day tour to Mobile World Congress (MWC) 2024, scheduled to be held in Spain's Barcelona, through a social media contest.
"Anyone can participate in the #SeedsTourMWC24 UGC Campaign. The top three winners will go on the tour from 25-28 February. Huawei will provide air tickets and accommodation for four nights," said a press release.
Two-day long Islami Bank business development conference begins
To participate in the campaign, in the first round, participants must share Huawei's campaign announcement (https://www.facebook.com/huawei/posts/pfbid02P6DSsd6AjUQaYRunPL9toKDyCGA...) post on their personal Twitter, Facebook, or LinkedIn accounts, accompanied by their response to the question, "What are you most excited to discover at MWC 2024 Barcelona?".
Two-day long Islami Bank business development conference begins
A two-day Business Development Conference of Islami Bank Bangladesh PLC began on Saturday at a hotel in the capital.
Dr. Tanveer Ahmad, vice chairman of the Bank inaugurated the conference as chief guest while Mohammed Monirul Moula, managing director and CEO of the bank presided over the program, said a press release.
Dhaka Int’l trade fair begins Sunday
Mohammad Solaiman, FCA, Chairman, Audit Committee, Professor Dr. Mohammad Saleh Jahur, Chairman, Risk Management Committee, Md. Joynal Abedin, Professor Dr. Mohammad Sirajul Karim, Syed Abu Asad, Mohammad Quamrul Hasan, Professor Md. Fashiul Alam, Khurshid-Ul-Alam, Mohammed Nasir Uddin, FCMA, Borhan Uddin Ahmed, Abu Sayeed Mohammad Quasem, & Showkat Hossain, FCA, Directors and Maolana Obaid Ullah Hamzah, Chairman, Shariah Supervisory Committee of the Bank attended the program as special guests.
United Aygaz holds daylong gathering for distributors, retailers in Ctg
Speakers said that Islami Bank paid the highest tax in the govt. exchequer. It has been recognized as the country’s 'Strongest Islamic Retail Bank'. They said that 23 per cent of the country's total remittances came through the Islamic Bank alone.
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Islami Bank received the Bangladesh Bank Remittance Award-2023 for collecting the highest remittance and the "Payment Excellent Award 2023" by world-renowned payment gateway VISA, read the release.
Dhaka Int’l trade fair begins Sunday
The 28th edition of the Dhaka International Trade Fair (DITF) will begin on Sunday at Purbachal—16.6 kilometres east of the capital city.
Prime Minister Sheikh Hasina will inaugurate the month-long event.
AHM Ahsan, vice-chairman of the Export Promotion Bureau (EPB), said like the previous year, the DITF will be held at the Bangabandhu Bangladesh-China Friendship Exhibition Centre (BBCFEC) at Purbachal.
The fair will continue from January 21 to February 20. The Ministry of Commerce and the EPB have been organising trade fairs since 1995.
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The DITF usually commences on 1 January each year. However, the EPB postponed the fair due to the 12th national elections.
The trade fair will run from 10 am to 9 pm daily and to 10 pm on weekends. The entry fee is Tk 40 for adults and Tk 20 for children.
BRTC buses have been arranged from Farmgate and Kuril Biswa Road to the fair premises for the convenience of general visitors.
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A total of 330 stalls have been allotted along with 23 pavilions and 27 mini pavilions.
There will also be 15 food stalls of different categories. As usual, local and foreign companies will showcase their products.
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United Aygaz holds daylong gathering for distributors, retailers in Ctg
United Aygaz LPG Ltd. organised a daylong meet programme for its distributors and retailers spanning diverse territories in Chattogram at Radisson Blu Hotel, Chattogram Bay View recently.
The event 'Aygaz Business Partner's Meet' featured fervent business-centric discussions, insightful consultations, glimpses into future directions, and the warm embrace of hospitality.
The business firm’s Chief Executive Officer (CEO) Ahmet Ercüment Polat, Plant Operations General Manager Mostafizur Rahman Jinnah and Head of Sales Showkat Osman Jamil, other officials and dedicated distributors affiliated with the company were present on the occasion.
The programme began through reciting from the Quran while one minute of silence was observed for the salvation of the departed soul of United Group Director Nasiruddin Akhter Rashid.
CEO Ahmet said “Today, I had the privilege of acknowledging the invaluable role played by our esteemed group of distributors and retailers. They are not just partners; they are ambassadors for our brand and the driving force behind Aygaz United’s success. Their spontaneous participation in this event brings me genuine joy, reinforcing my confidence in the enduring partnership between Aygaz United and our distributors and retailers. I assure unwavering support in the future as we continue this journey together.”
Showkat Osman Jamil, said “In sharing my vision for future collaboration with our retailers, I unveiled strategic plans during my address. My heartfelt gratitude extends to all attendees who make these endeavors meaningful. I also took the opportunity to introduce our diligent Chittagong team, emphasizing their consistent efforts in maintaining close ties with our valued distributors and retailers.”
The event at Radisson Blu was a testament to the collaborative spirit and shared success of United Aygaz and its dedicated network of retailers, fostering a sense of unity and optimism for the journey ahead.
United Aygaz operates under the broader umbrella of the United Group, a joint venture with the esteemed Turkish LPG company Aygaz A.S.
Aygaz is a concern of Koç Holding, Turkey’s largest industrial and services group, which holds 9% of the GDP. Aygaz United aims to be a game changer in the LPG industry in Bangladesh with its expertise, JV structure with United Group, financial power, sustainable supply chain and distributor and customer-oriented business model.