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PHOTO: STAR

Standard Insurance made Tk 10cr profit in 2022
STAR BUSINESS REPORT
Standard Insurance Limited posted a 2.6 per cent year-on-year increase in profit to Tk 10.17 crore in 2022.
The profit stood at Tk 9.91 crore in 2021.
The insurer reported earnings per share of Tk 2.35 for 2022 against Tk 2.29 a year ago.
The net asset value per share rose to Tk 20.77 from Tk 19.84 in 2021 while the net operating cash flow per share slipped to Tk 2.19 from Tk 4.12 during the period.
The board of directors of Standard Insurance has recommended a 13 per cent cash dividend for the year that ended on December 31.
The company’s shares were unchanged at Tk 43.30 on the Dhaka Stock Exchange yesterday.

Retailers’ Eid sales fall short of expectations
SUKANTA HALDER, SAJJAD HOSSAIN and MD ABU TALHA SARKER
Businesses across the country had mixed bag of reactions when asked about their sales prior to the just-concluded Eid-ul-Fitr on April 22, with many blaming an inflation-induced rise in the cost of living and a heatwave taking a toll on shoppers.
In March, consumer prices jumped to a seven-month high of 9.33 per cent following 8.78 per cent in February. On April 15, the temperature in Dhaka had reached a 58-year high of 40.4 degrees Celsius.
For apparel retailers, Eid accounts for around half of annual sales.
Fashionwear retailer Kay Kraft’s sales in the one and a half months prior to Eid were up around 10 per cent year-on-year.
“This time our preparation was better than last year and investments were also high… But daytime sales were hampered due to the record-breaking heat wave,” said Co-Founder Khalid Mahmood Khan.
Meanwhile, Rang Bangladesh’s sales in the month prior to Eid was down 10 per cent year-on-year, which Chief Executive Officer Soumik Das attributed to the overall rise in the cost of living taking a toll on middle-income families.
Retailers in New Market, Elephant Road and Aziz Cooperative Supermarket in Shahbagh also did not seem to be too happy with the customer purchases.
Sales of footwear were also apparently not up to expectations of the retailers.
Bata, one of the top manufacturers, said to have witnessed a growth of around 3 per cent year-on-year in the month prior to Eid. It is quite difficult to run a business with this growth, said its head of retail, Arfanul Hoque.
Meanwhile, Apex Footwear Limited saw a single digit growth, which Raihan Kabir, its marketing manager, confirmed was not the expected target.
High prices have affected demand for mobile phones, wellness items and other luxury items as many budget-conscious consumers opted for cheaper items.
Mohammed Mesbah Uddin, chief marketing officer of Fair Group, the manufacturer of Samsung smartphones, said sales of consumer electronics and home appliances dropped 37 per cent year-on-year in the month prior to Eid.
But for Walton Hi-Tech Industries PLC, sales of all consumer electronics products had increased, especially air conditioners, which witnessed a rise of 72 per cent in the one month, according to its chief marketing officer, Didarul Alam Khan.
Sales Drop Outside of Dhaka
Anwar Chowdhury, a clothing retailer in Sylhet, said despite stocking new clothes worth nearly Tk 20 lakh, sales only averaged at around Tk 1 lakh per day in the last seven days before Eid.
Last year, it was around Tk 1.5 lakh during the same period, he said.
Another clothing retailer in Khulna, Kawsar Hossain, said there had been a 30 per cent year-on-year reduction in sales across all types of clothing in the seven days prior to Eid.
Anisur Rahman, a sales assistant of Mostafa Clothes Store at Mostafa Plaza in Sirajganj, said overall sales have been good but they expected a bit better this Eid.
Alamin Hossain, a shoe retailer in Shariatpur, said they experienced a 45 per cent year-on-year reduction in sales in the seven days prior to Eid. “This can no longer be called an Eid market,” he added.
Meanwhile, Jakir Hossain, a phone retailer in the same area, said, “Our sales were reduced by 20 per cent.”
Jalal Uddin, a shoe retailer in the same area, said their sales decreased by 25 per cent. “We understand that customers are facing an economic crisis which is impacting their spending,” he said.
Dwoha Chowdhury, The Daily Star’s Sylhet correspondent, also contributed to this report.