A long-established, well-known shoe and leather maker with steadily growing sales and a reliable dividend record — but heavy borrowings and a sharp dip in the latest year's profit are the things to watch.
Apex Footwear is one of Bangladesh's big, established listed shoe makers — a decades-old brand with growing sales and a long habit of paying a dividend every year. The catch is that it runs on a lot of borrowed money, so most of its strong operating profit is eaten up by interest, leaving only a thin final profit that dropped sharply in the most recent year. It suits patient, income-minded investors who value an established brand and steady dividends and can look past a bumpy, debt-heavy profit picture.
Value today
Looks cheapToday
৳219
Rough estimate
৳3,162
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳199
- Priced like similar companies (profit)৳9,080
- Its own usual price vs asset value৳371
- Based on the dividend it pays৳41.7
A rough, educational estimate from the figures we have — not a price target or advice.
Data as of 2026-07-16
What does this company do?
Apex Footwear is a big, long-established listed shoe and leather-goods maker, on the market since 1993.
Apex Footwear Limited makes and sells shoes and leather products. It has been listed on the Dhaka Stock Exchange since 1993 — over 30 years — which makes it one of the oldest and best-known names in the country's footwear business. It sits in the exchange's "Tannery Industries" group, the cluster of leather and shoe companies.
It is one of the bigger, more established names in that group. In its latest year (ended June 2025) it sold about Tk 1,773 crore worth of goods. It shares the listed leather-and-shoe group with names such as Bata Shoe, Fortune Shoes, Legacy Footwear, Apex Tannery and Samata Leather. The company has a small share base — about 1.97 crore shares of Tk 10 face value each — and has built up reserves (past profits kept in the business) of around Tk 664 crore.
In plain terms, this is a large, established manufacturer-and-retailer with a real brand and a long track record — not a small or new player.
How does it make money?
It earns by selling large volumes of footwear and leather goods, but thin margins and interest costs mean only a little reaches final profit.
The company earns money the simple way — it makes shoes and leather products and sells them in large quantities. Sales have grown steadily, from about Tk 1,176 crore in 2021 to about Tk 1,773 crore in 2025, roughly a 51% rise over five years. So the top of the business — customer demand — is healthy and growing.
The problem is what's left after costs. Footwear is a high-volume, thin-margin business. In 2025 the company earned about Tk 170.4 crore of operating profit (its best in five years) on those Tk 1,773 crore of sales — a strong result from the core business. But after paying interest on its large borrowings, the final profit was only about Tk 13.6 crore. In other words, most of the money the business makes goes to servicing debt, and only a thin slice reaches shareholders.
So the engine (selling shoes) runs well and is getting bigger, but the fuel bill (interest on loans) is high — and that is the defining feature of how this company's money works.
Is it actually making money?
Yes, it is consistently profitable, but the latest year's profit and per-share earnings fell sharply.
Apex Footwear has made a profit every year we can see. Net profit rose from about Tk 10.5 crore in 2021 to a peak of about Tk 17.6 crore in 2024, then fell to about Tk 13.6 crore in 2025. Over the whole 2021–2025 stretch profit is up about 30%, so the long trend is upward — but the most recent year was a clear step down.
Per share, the picture is a little weaker. Earnings per share went from Tk 9.36 (2021) up to Tk 12.86 (2023), stayed near Tk 12.34 (2024), then dropped to Tk 8.62 in 2025 — down about 8% across the five years overall. Two things pulled the latest figure down: the profit itself fell, and the company issued bonus (stock) shares, so the same profit is now split among more shares.
A key point sits under these numbers. The core business actually earned more in 2025 — operating profit of Tk 170.4 crore was the highest in five years — yet final profit fell. The difference is largely the interest bill on the company's heavy borrowings. So the earnings weakness is less about selling shoes and more about the cost of the debt behind them.
Is it financially safe?
Its own capital has grown a lot, but it runs on very large bank loans, and that is the main risk.
There is a strong side and a worrying side here. On the strong side, the company's own money (equity) has grown from about Tk 288.9 crore in 2021 to about Tk 686.6 crore in 2025, and the accounting value of assets behind each share is around Tk 437. An independent credit-rating agency (CRISL) rated the company "AA" for the long term with a stable outlook — a solid grade.
The worrying side is debt. The company carries very large borrowings — total loans of about Tk 1,923 crore, which is more than double the roughly Tk 664 crore of reserves it has built up. This is the report's one clear red flag. On a narrower debt measure reported in the accounts, debt compared with the company's own money has actually improved — from about 1.74 times in 2022 to about 0.57 times in 2025 — but either way, this is a business that leans heavily on borrowed money.
Cash generation is real but lumpy: operating cash flow has swung between about Tk 35 crore and Tk 261 crore over the five years (about Tk 88.8 crore in 2025). One more caution — the auditor gave a "qualified opinion" on the 2025 accounts, meaning they flagged something they could not fully sign off on. A heavy-borrowing, thin-final-profit company has less cushion if sales or margins wobble.
How do we judge if it's fairly priced?
We compare today's price against four yardsticks; the durable inputs are its per-share profit and asset value and its own usual pricing level.
To judge whether the share is fairly priced, we don't rely on one number. We line today's price (shown live in the box beside this report) up against four yardsticks: how the share has usually been priced against its own profit over the years, how similar companies are priced, the value of what the company owns, and the dividend it pays.
The durable inputs behind those yardsticks are worth knowing. In its latest year the company earned about Tk 8.62 of profit per share, and the accounting value of what it owns is about Tk 437 per share. Historically, for every Tk 100 of yearly profit, buyers have on average paid roughly Tk 2,300 for the share — that is its own usual pricing level, a useful anchor.
One caution on the "similar companies" yardstick: the other listed leather-and-shoe firms are mostly tiny, and several barely made a profit in the latest year, which makes their pricing look wildly stretched and not a fair comparison. So for this company the more trustworthy anchors are its own history, its asset value and its dividend. The live box beside this report turns these into an up-to-date estimate.
Value today
Looks cheapToday
৳219
Rough estimate
৳3,162
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳199
- Priced like similar companies (profit)৳9,080
- Its own usual price vs asset value৳371
- Based on the dividend it pays৳41.7
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
Yes — it has paid a cash dividend every year, comfortably covered by profit, though it trimmed the cash portion in the latest year.
Apex Footwear has a long, steady habit of paying dividends. For four years running (2021–2024) it paid a 35% cash dividend — that is Tk 3.5 per share on the Tk 10 face value — plus bonus shares on top. In the latest year (2025) it paid 25% cash (Tk 2.5 per share) and a larger 25% bonus-share dividend.
Is the payout safe? On the earnings test, yes. In 2025 the Tk 2.5 cash dividend used well under half of the Tk 8.62 the company earned per share, and in earlier years the Tk 3.5 payout was similarly well covered. So the company is not straining to pay its cash dividend out of profit.
Two honest caveats. First, the cash dividend was cut in the latest year (from Tk 3.5 to Tk 2.5), tracking the weaker profit — a reminder that the payout can move with results. Second, the cash actually on hand swings a lot from year to year, so a steady dividend depends on the company managing its cash and heavy loan repayments well. (Today's dividend yield sits in the live box, since it moves with the price.)
What makes it special?
Its edge is scale and brand — a large, established, well-known name that held up better than its rivals in a tough year.
Apex Footwear's main advantage is being big and well-known. It is an established branded maker with about Tk 1,773 crore of sales, sitting in the listed leather-and-shoe group alongside Bata Shoe, Fortune Shoes, Legacy Footwear, Apex Tannery and Samata Leather. A recognised brand, a nationwide retail presence and three decades of operating history are things new entrants cannot copy quickly.
Scale also shows in consistency. Apex Footwear stayed clearly profitable in the latest year while several rivals in the same group saw their earnings collapse — a sign its business is steadier than most of its peers, even in a tough year for the sector.
But the edge has limits. Footwear is competitive and margin-thin, and much of Apex's operating strength is offset by its interest costs, so the scale advantage does not turn into fat profits. The edge is real but modest — it protects the company's position more than it fattens its bottom line.
Why it could do well
An established brand, growing sales, a reliable dividend and a solid asset base all argue in its favour.
- Large, established brand: a well-known, three-decade-old branded maker, with sales up about 51% over five years (Tk 1,176 crore to Tk 1,773 crore).
- Strong, growing core business: 2025 operating profit of Tk 170.4 crore was the highest in five years.
- Reliable dividend habit: a cash dividend every single year, comfortably covered by profit, plus regular bonus shares.
- Solid asset backing per share: accounting asset value of about Tk 437 per share and an "AA" long-term credit rating with a stable outlook from CRISL.
- Aligned owners: sponsors and directors hold about 31% of the company, so insiders have real skin in the game.
What could go wrong
Heavy debt, a sharp profit dip, a trimmed dividend, an audit caution and lumpy cash flow are the main risks.
- Heavy debt: total loans of about Tk 1,923 crore — more than double its Tk 664 crore of reserves — and the interest bill keeps final profit thin.
- Latest profit fell sharply: net profit dropped from Tk 17.6 crore (2024) to Tk 13.6 crore (2025), and per-share earnings from Tk 12.34 to Tk 8.62.
- Dividend was trimmed: the cash dividend was cut from Tk 3.5 to Tk 2.5 per share, tracking the weaker profit.
- Audit caution: the auditor gave a "qualified opinion" on the 2025 accounts, and the book value jumped sharply in 2024 by far more than that year's profit — worth understanding before leaning on the asset-value figure.
- Lumpy cash flow: operating cash swings widely from year to year (about Tk 35 crore to Tk 261 crore), so cash cover for loans and dividends is uneven.
So, is it for you?
Best for patient, income-minded investors who want an established brand and steady dividends and can accept a debt-heavy, thin-profit picture.
Apex Footwear is an established branded company with growing sales and a dependable dividend record — the kind of steady, long-established name that suits patient, income-minded investors more than thrill-seekers.
But it comes with a clear condition: this is a debt-heavy business where big interest costs keep final profit thin, and the latest year showed how quickly that profit can dip. Anyone considering it should be comfortable with the large loan load, the trimmed dividend and the auditor's caution on the most recent accounts.
In short — a solid, established name with a steady dividend, best held with patience and with both eyes on its borrowings. Whether today's price is attractive is a separate question, answered by the live value estimate beside this report, not by this durable story.
This report is educational information, not investment advice. It explains the company's past record and business; it does not tell you to buy or sell, and it does not predict the share price. Always do your own research or consult a licensed adviser before investing.