Olympic Industries to invest Tk26cr in land purchase for factory expansion
The decision was approved at a board meeting held on Tuesday via Zoom, according to a disclosure published on Wednesday (29 April) through the stock exchanges.
Olympic Industries, the country's leading branded biscuit manufacturer, is set to invest Tk26.22 crore to purchase 489.89 decimals of land adjacent to its existing factory for future expansion.
The decision was approved at a board meeting held on Tuesday via Zoom, according to a disclosure published on Wednesday (29 April) through the stock exchanges.
Over the years, the company has invested hundreds of crores to acquire lands adjacent to its factory in preparation for scaling up operations.
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At the meeting, the board also approved the company's financial statements for the first nine months ending in March. Its statements showed that revenue in the third quarter (Jan-Mar) rose by 8.61%, while nine-month revenue grew by 5.30%.
However, net profit declined by 33.75% in the third quarter and by 6.97% over the nine-month period, which the company attributed to a higher tax burden.
During the July to March period, revenue stood at Tk2,256 crore, while net profit fell to Tk148.18 crore, according to the report.
Olympic Industries said its board has approved the purchase of 322 decimals of land adjacent to its Lolati factory at a total price of Tk17.71 crore to support future expansion.
At the same mouza in Madanpur of Narayanganj, the company also decided to acquire 84.90 decimals of land for Tk4.67 crore for expansion purposes.
In addition, it approved the purchase of two more plots – 64.99 decimals and 18 decimals – near the Lolati factory at agreed prices of Tk3.25 crore and Tk59.40 lakh, respectively, to facilitate further construction and expansion.
In the disclosure, the company said the purchaser, Olympic Industries, will bear all registration costs, including VAT, tax, and other charges.
