2 listed ice cream makers hope for recovery as sales pick up | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
July 11, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JULY 11, 2025
2 listed ice cream makers hope for recovery as sales pick up

Corporates

Rafiqul Islam
31 May, 2021, 10:20 pm
Last modified: 31 May, 2021, 10:35 pm

Related News

  • Tk35 crore worth of forestland recovered in Gazipur; 205 illegal structures demolished
  • Foods that help you regain strength after a bout of dengue
  • Luxury car of ex-AL MP Anar, who was killed in Kolkata, found in Kushtia
  • Govt to form fund with seized assets to compensate depositors, aid poor: BB governor
  • 1,400 stolen firearms, 2.5 lakh rounds of ammo yet to be recovered: CA’s special assistant

2 listed ice cream makers hope for recovery as sales pick up

Ice cream consumption has increased during the ongoing pandemic

Rafiqul Islam
31 May, 2021, 10:20 pm
Last modified: 31 May, 2021, 10:35 pm
2 listed ice cream makers hope for recovery as sales pick up

The ice cream industry is gradually recovering from last year's coronavirus driven downturn, with two listed ice cream makers – Taufika Foods and Golden Harvest Agro – seeing a slight recovery now.

Ice cream consumption has increased in the ongoing pandemic, they say. They also hope for a full recovery, provided the present rebound continues and the pandemic subsides.

But to reach pre-pandemic levels, the industry will take more than a year, they said.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Industry sources say when Covid-19 broke out last year, a rumour that ice cream consumption might increase the risk of coronavirus infections made the rounds. Soon, the industry faced a big blow as sales decreased drastically.

Taufika Foods and Lovello Ice-cream PLC, popularly known as Lovello, posted a 19% negative growth in revenue and a 17.67% growth in profits in the first nine months of fiscal year 2020-21, compared to the same period in the previous fiscal.

Net profits jumped in this period as administrative and marketing expenses declined while other earnings increased.

Agro-based frozen food maker Golden Harvest's sales increased after almost coming to a halt last year due to the pandemic. The company is popularly known in the ice cream industry by its brand name, Bloop.

An official of the company said its agro, dairy, and ice cream product sales were increasing gradually after last year's lockdown.

Nirmal Chandra Sardar, company secretary of Golden Harvest, told The Business Standard that ice cream product sales had increased in the first nine months of FY21, compared to the same period last fiscal year.

"We started to recover in early 2021. The ice cream industry may return to normal next year," he added.

Lovello profit rebounds

According to the latest financials, in the first nine months of FY2020-21, Taufika Foods sales stood at Tk53.88 crore, which was Tk66.67 crore in the same period of the previous financial year.

At the end of this period, its net profit increased to Tk4.66 crore and earnings per share (EPS) stood at Tk0.76, which were Tk3.96 crore and Tk0.72 in the previous year respectively.

In the January-March period of FY2020-21, its revenues increased 0.62% to Tk17.91 crore from Tk17.8 crore compared to the same period in the previous fiscal year. In this period, its net profits increased 156% to Tk1.92 crore from Tk75.64 lakh.

Lovello was commercially launched in February 2016 and it was listed on both stock exchanges in 2021. It has a variety of mouth watering products, such as Hidden Heart, Heart Beats, Toffy Beats, Hazzle Beats, Sixty-Nine Double flavor Lolly, and many more.

Golden Harvest hopes for recovery

In the first nine months of FY2020-21, Golden Harvest's revenue fell 49% to Tk37.69 crore from Tk74.07 crore in the same period of the previous fiscal year.

As its revenues went down, it incurred a loss of Tk18.56 crore, while loss per share was Tk0.85.

According to its financials, its revenues come from two segments – frozen food, and ice creams and dairy products. The upper class of Bangladesh are the primary target customers of its frozen food products, while the ice cream segment serves mid level customers.

More than 90% of its revenues comes from 122 frozen food varieties.

Its subsidiary, Golden Harvest Ice Cream, is a new player in the ice cream industry with the brand Bloop, which offers 106 types of ice cream, including sticks, cups, calippo, sorbets, tubs, cakes, and many more.

Ice cream market

According to Golden Harvest Agro's annual report, the estimated size of the domestic ice cream market is around Tk1,400 crore.

Apart from the leading brands, there are numerous local ones with limited geographic presence and low to non-existent brand image.

Even though the market size of non-brand companies was large in the past, this has become smaller in the last five years in the face of aggressive expansion and distribution by big brands.

Igloo holds 43% of market share while Polar has 21%, Kwality 13%, Bloop 8%, Bellissimo and Za n Zee 7% each, Lovello 5%, and others 3%.

Bangladesh / Economy / Top News

Taufika Foods / Golden Harvest Agro / Recovery

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Bangladesh's delegation, led by Commerce Adviser Sk Bashir Uddin, began high-level negotiations with USTR Ambassador Jamieson Greer at 9pm Bangladesh time on Thursday (10 July). Photo: Collected from the Facebook handle of Golam Mortoza, Press Minister at the Bangladesh Embassy in the US
    No need to worry as US tariff talks ongoing: Fouzul tells biz leaders
  • Economist Abul Barkat; Photo: Courtesy
    Economist Abul Barkat arrested in graft case
  • Representational image. Photo: Syed Zakir Hossain/TBS
    Explainer: Why SSC pass rate hit a 17-year low

MOST VIEWED

  • Graphics: TBS
    BB raises startup fund limit, drops upper age barrier
  • Workers pack undergarments at the packing section of a garment factory in Ashulia, on the outskirts of Dhaka, Bangladesh, April 19, 2025. Photo: REUTERS/Fatima Tuj Johora
    After US tariffs, jobs hang by a thread in Bangladesh's garments sector
  • Photo: Mohammad Minhaj Uddin/TBS
    SSC, equivalent results: Pass rate drops to 68.45%, GPA-5 also declines
  • File photo of containers at Chattogram port/TBS
    US buyers push Bangladeshi exporters to share extra tariff costs
  • Govt vehicle purchase, foreign trip, new building construction banned: Finance ministry
    Govt vehicle purchase, foreign trip, new building construction banned: Finance ministry
  • Students sit for SSC exam at Motijheel Girls' High School on 10 April 2025. Photo: Mehedi Hasan/TBS
    SSC exam results out: Here's how you can check online and via SMS

Related News

  • Tk35 crore worth of forestland recovered in Gazipur; 205 illegal structures demolished
  • Foods that help you regain strength after a bout of dengue
  • Luxury car of ex-AL MP Anar, who was killed in Kolkata, found in Kushtia
  • Govt to form fund with seized assets to compensate depositors, aid poor: BB governor
  • 1,400 stolen firearms, 2.5 lakh rounds of ammo yet to be recovered: CA’s special assistant

Features

Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

3h | The Big Picture
Illustration: TBS

Behind closed doors: Why women in Bangladesh stay in abusive marriages

6h | Panorama
Purbachl’s 144-acre Sal forest is an essential part of the area’s biodiversity. Within it, 128 species of plants and 74 species of animals — many of them endangered — have been identified. Photo: Syed Zakir Hossain/TBS

A forest saved: Inside the restoration of Purbachal's last Sal grove

6h | Panorama
Women are forced to fish in saline waters every day, risking their health to provide for their families. Photo: TBS

How Mongla’s women are bearing the brunt of rising salinity

1d | Panorama

More Videos from TBS

'Hypocrisy' will not continue, Iran tells IAEA

'Hypocrisy' will not continue, Iran tells IAEA

2h | TBS World
OpenAI to release web browser in challenge to Google Chrome

OpenAI to release web browser in challenge to Google Chrome

2h | TBS World
Will the title 'Honorable and Excellency' be abolished?

Will the title 'Honorable and Excellency' be abolished?

3h | TBS Today
July Declaration must be constitutionally recognized: Akhtar Hossain

July Declaration must be constitutionally recognized: Akhtar Hossain

2h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net