Olympic Industries’ profit rose 21% in Q1

Despite a decreased revenue, Olympic Industries- the country's leading branded biscuit manufacturer- posted higher year-on-year profit growth in the first quarter of the current fiscal year.  

From July to September 2023, the revenue of the company decreased by 7.81% to Tk633.37 crore from Tk687.08 crore compared to the same period of the previous year.

Of this revenue, Tk627.42 crore revenue came from local sales and Tk5.95 crore from exports.

During the quarter, its net profit rose by 20.71% to Tk56.12 crore from Tk46.49 crore compared to the same period one year ago.

Its earnings per share was Tk2.81, which was Tk2.33 in the same period the previous year.

The company said in its statements that the revenue decreased by 7.81% due to natural calamities, like heavy rainfall, and storms in some areas of the country.

The company has been able to maintain net profit due to effective measures taken by the management.

Additionally, the company said that the long-term loans have been decreased due to regular repayments made to the banks.

The company is involved in the manufacturing and marketing of dry cell batteries, biscuits, candies, and confectionery items. The products are sold in the local market as well as abroad.

Plastic products and cartons are also produced by the company, which are mainly used for its own consumption.

The company will be able to minimize its operating expenses by 20.33% to Tk85.05 crore from Tk106.76 crore compared to a year ago.

Founded in 1979 as a dry-cell battery manufacturer, Olympic Industries diversified its product line to include biscuits, confectionery, and ballpoint pens. Today, Olympic is the largest commercial biscuit manufacturer in Bangladesh.

On Monday, its shares closed 1.20% lower at Tk156 each on the Dhaka Stock Exchange.