Home ›› 24 Feb 2022 ›› Stock
Olympic Industries Ltd—the largest manufacturer, distributor, and marketer of biscuits in Bangladesh, has begun production at its newly installed cracker and hard dough biscuit line.
The new line having a production capacity of around 12,442 metric tonnes per annum has been successfully commissioned with effect from February 22, 2022, said the company in a filing with the Dhaka Stock Exchange (DSE) on Wednesday.
With the new production capacity, the company’s total production will stand at around 1,29,656 metric tonnes of biscuits and bakery items per annum.
On November 30, 2020, Olympic announced to import a 1.80-meter width cracker and hard biscuit line from Italy.
The company also announced to import ancillary & packing machinery, flour & sugar handling systems and gas generators from China, Hong Kong, India and also procure some items from local sources. The total cost of the entire process has been estimated at Tk 42 crore.
On November 24, 2021, the company had announced it will invest Tk 25.65 crore for expanding its capacities.
Under the investment plan, it established a line for plain and custard cake production in its Lolati factory at Narayanganj’s Kanchpur and invested Tk 6.49 crore in the first phase for machinery imports.
Packing Line, Nitrogen generator, metal detector and other items were imported from China at an estimated cost of over Tk 5.47 crore and more than Tk 1 crore was spent on making clean rooms, procurement of various utility items, contingencies etc.
And as much as Tk 9 crore is spent on developing land and constructing boundary wall, main gate, security guards room and internal road on newly purchased land at Lolati.
To increase the storage facility, the company invested Tk 8.50 crore in building a five-story building at Narayangonj’s Kutubpur plant.
To enhance the production capacity of corrugated carton units the estimated investment required for these works was over Tk 1.66 crore which was met based on the time of requirement.
Energy Plus, Tip, and Nutty are the most widely sold and top brands of Olympic Industries that began operation in 1979.
The company is the pioneer in exporting biscuits. At present, it is exporting to 30 countries, including USA, UK, Greece, France, Cyprus, Portugal, Ghana and Somalia.
It was listed on the Dhaka Stock Exchange in 1984 and Chittagong Stock Exchange in 1996. Its market capitalisation stood at Tk 3,019 crore and has Tk 724 crore in surplus reserve.
Its share price declined slightly to Tk 150.70 on Wednesday in Dhaka bourse and moved between Tk 150 to Tk 221.
The company is owned by controversial businessman Aziz Mohammad Bhai. His name was on the list of accused in the murder case of film hero Salman Shah.
