Olympic Industries to invest Tk17cr in land for expansion
The leading branded biscuit manufacturer will cover all registration costs, including VAT, taxes, and other charges
Olympic Industries will purchase six pieces of land spanning 273 decimals adjacent to its factory in Lolati, Narayanganj, for Tk17 crore to facilitate future expansion, according to a stock exchange filing.
The leading branded biscuit manufacturer will cover all registration costs, including VAT, taxes, and other charges.
Over the past six years, Olympic Industries has consistently invested in land, totalling around Tk181 crore in properties across Bashundhara, Tejgaon, Purbachal, and Narayanganj by October 2024.
Additionally, it has invested Tk178 crore in diversifying its business segments, including Tk22.71 crore for chanachur production, Tk24.75 crore for noodles, Tk12 crore for chocolate, Tk25.65 crore for cakes, Tk64 crore for biscuits, and Tk28.50 crore for infrastructure and packaging.
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Analysing its reports, the company showed a 63% growth in revenue to Tk2,592 crore over the last five years until June 2024, compared to June 2020. Its revenue significantly surged during the pandemic, when consumers chose packetized snacks to avoid coronavirus infection.
Olympic Industries also plans to buy 84 decimals of land behind its Lolati factory in Narayanganj at an agreed price of Tk3.36 crore, with a price of Tk4 lakh per decimal.
Additionally, the company will acquire 1.1871 acres (118.71 decimals) of land near its factory in Narayanganj for Tk11 crore from Sultan Ahmed and Mosamat Shafiya Khaton.
Olympic Industries will also invest Tk1.40 crore to purchase 35 decimals of land – at Tk4 lakh per decimal – from Joynal Abedin and three other sellers. Furthermore, it will buy 36.1 decimals of land near its factory for Tk1.28 crore.
Witnessing a 0.55% growth in revenue and a 17.85% increase in profit in FY24, Olympic Industries reported a 15.89% growth in revenue, reaching Tk1,490 crore, and a 0.93% increase in profit, reaching Tk116 crore in the first half of the current fiscal year.
Regarding its revenue growth, the biscuit maker attributed the 15.89% increase during the period to effective management measures aimed at boosting sales. According to its report, operating expenses – primarily administrative and selling expenses – increased by 34.38% to Tk239.95 crore in the first half of FY25.
