Olympic Industries to set up chanachur factory with Tk23cr investment
The company invested Tk150cr for business expansion in three years
Olympic Industries Limited — a leading biscuit manufacturer in the country — has decided to set up machineries for making chanachur with a fresh investment of Tk22.71 crore.
The company will import the brand new capital machinery from India for snack food making plant with standard accessories for making Chanachur, said the company in a disclosure published on the Dhaka Stock Exchange on Sunday.
The purchase will be done from Global Marketing Services, Calcutta of India, for $18.85 lakh, which is equivalent to around Tk22.71 crore, reads the disclosure. The plant, with production capacity of 6,600 tonnes annually, will be installed at Kutubpur in Narayanganj.
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Olympic Industries has been expanding its capacity to meet the growing demand for biscuits, which surged rapidly after the pandemic as consumers chose packaged biscuits as a healthier option.
With over Tk150 crore invested in business expansion over the past three years, Olympic Industries achieved record revenue of Tk2,578 crore in the last fiscal year.
Meanwhile, in the first nine months of FY24, it reported a slight de-growth in revenue but posted growth in profit compared to the same time of the previous fiscal year.
In the July to March of FY24, its revenue declined to Tk1,941 crore, a lower from Tk1,978 crore in the same time of FY23. However, its profit increased to Tk157 crore, up from Tk145 crore in July to March of FY23.
Although its revenue and profit reported a fall in the first nine months of FY24, its revenue and profit increased in the January to March quarter of FY24.
During the period, its revenue increased to Tk655 crore, and profit to Tk42 crore, which was Tk611 crore and TK40 crore respectively in the same time of the previous fiscal year.
In January this year, the company decided to purchase land in the Purbachal Probashi Palli Land Project. The cost of purchasing land was Tk8.91 crore, according to a disclosure.
Founded in 1979 and listed on the Dhaka Stock Exchange (DSE) in 1989, battery manufacturer Bengal Carbide Limited was renamed Olympic Industries Limited after its business diversification.
The 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.
