Walton going big abroad
Walton Hi-Tech Sectors yesterday made open public the good thing of its surging income and ideas to strengthen its footprint overseas, leading to a three % rise of its stocks.
The listed local electronic giant made a decision to open up either branches or liaison office buildings in India, Nepal, the United Arab Emirates and South Korea which not only would expand its market and help source technology.
"We are already sending our goods to these countries but now you want to strengthen our market show there," stated Managing Director Golam Murshed.
Exceptional marketing and service teams will continue to work in those offices to achieve the upgradation target of becoming among the top five global electronic devices giants within 2030, he said.
South Korea will permit research and production of products, he said.
Its plank of directors also made a decision to invest $500,000 in the Walton Company United States of America to get standard and preferential shares, at the mercy of approval of Bangladesh Bank and other relevant regulators.
The aforementioned company provides import, export and procurement services in North America, Walton Hi-Tech Industries said in a Dhaka STOCK MARKET web post.
"In the US, we've started to provide items to the American e-commerce giant Amazon," explained Murshed, adding that now that effort will be advanced further.
The company's stocks surged 2.97 % to Tk 1,286 crore after the news broke on the DSE website.
Between July 2020 and March 2021, its profits rose 34 % to Tk 1,029 crore.
Throughout that period, its product sales rose 18.6 % year-on-year to Tk 4,291 crore.
About the profits, Murshed said people's confidence on the company boosted sales.
The demand for freezers, air-conditioners and home appliances was higher this year while televisions topped those being exported, he said.
Earlier last February, Walton made a decision to make a fresh expenditure of $640 million, equal to Tk 5,440 crore, to expand conveniences to produce and boost export of electrical and electronic goods.
With it, the business sought 300 acres of area at Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram.
Now Walton comes with an over 20,000-good workforce in 22 creation bases in 680 acres of factory area in Chandra, Gazipur.
