Square Textiles to invest Tk3.76 billion to boost yarn production capacity to meet the growing demand and increase its market shares. The new project will complete in April 2023.
Square Textiles estimates that the new investment will increase yarn production by 11,565 tons annually.
The company expects that this new investment will enhance the company’s turnover by Tk3.71 billion.
A senior officer at Square Textile said to local media that leading textile mills are investing in this sector to meet the growing demand. And Square is also investing to grab more market stake.
In fiscal 2020-21, its earnings per share jumped 11 times to Tk3.41 thanks to a reduction in the corporate tax to 22.5%, from 25%, and an increase in productivity by using modern technology.