Walton comes back strongly amid pandemic with 123% rise in profits

Local electronics giant Walton Hi-tech Industries saw its profit doubled in the recently concluded 2020-21 financial year thanks to the higher sales of air-conditioners and refrigerators after experiencing a massive fall in earnings since the Covid-19 outbreak.

The country's largest electronic and electrical company's profits rose 123 per cent year-on-year to Tk 1,642 crore in the last financial year.

Depending on the profit, Walton announced 250 per cent cash dividend for general shareholders and 170 per cent cash dividend for directors and sponsors of the company.

In 2020-21 fiscal year, the company's earnings per share (EPS) was Tk 54.21, up from Tk 24.21 the previous year.

In FY20, Walton's EPS dropped 47 per cent year-on-year to Tk 24.21, according to data from the Dhaka Stock Exchange.

Walton's profit soared riding on higher sales in the year, said Omar Faruk Ripon, chief financial officer of Walton Hi-tech Industries.

The pandemic hit the country mainly at the closing months of 2019-20 fiscal year while last year was comparatively better, he said.

"The second wave hit the country in the last few days of 2020-21 while our products' demand rose in the early summer season. During summer, sales of air-conditioners rose while refrigerator sales were also higher thanks to the eid."