Home ›› 09 Jan 2023 ›› Stock
Marico Bangladesh Limited, a publicly-traded multinational beauty and wellness brand, recorded the highest half-yearly profit in the current fiscal year since the fiscal 2018-19, thanks to a growing demand for its flagship product— Parachute coconut oil.
The company’s net profit in the July-December period of the current fiscal year stood at Tk 200 crore against Tk 198 crore in the same period last fiscal year.
Five years ago, in the fiscal year 2018-19, the company had posted Tk 103.6 crore in half-yearly net profit, meaning that its profit jumped by 92 per cent in the following five years.
The company, according to its financial reports, logged revenue of Tk 734 crore in the first six months of fiscal 2022-23 against Tk 675 crore in the same period of the last year.
Out of the figure, the Parachute sales alone generated revenue of Tk 467 crore.
The listed company earned Tk 435 crore in the first six months of the last year from the Parachute sales.
The multinational beauty brand’s cashbook presents that around 60 per cent of its half-yearly revenue in FY 23 came from Parachute sales.
The company’s revenue rose 8 percent year-on-year in the first six months of the current fiscal year with the parachute oil sales growing by 7 per cent year-on-year meantime. Though it is a multinational firm, it also exports goods to other destinations after producing them in Bangladesh’s factories.
The multinational cosmetics and personal-care company, however, has been continuing to invest more to capture the domestic market than the markets of other countries.
Consequently, its half-yearly export earnings fell by 57 per cent in the current fiscal year against a significant growth in domestic sales.
The company exported Tk 5 crore worth of beauty care goods in the first half of FY23 versus Tk 12.5 crore in the same period last year.
Marico Bangladesh’s flagship product – Parachute – completed its 12 years of footprint in the Bangladesh market riding on an ever-growing consumer base.
Marico Bangladesh Limited’s Company Secretary Sahabuddin said, “We have to import some raw materials and the global market has been unsteady since the start of the Russia-Ukraine war, that’s why we have to raise the prices of finished goods as well.”
“The prices of our products increased slightly. But, the demand for our products, especially the Parachute oil, is continuing to increase in the current fiscal year,” he added.
The company’s earnings per share (EPS) for the first six months of FY23 stood at Tk 63.51 against Tk 62.73 for the same period last year. Its shares remained unchanged Tk 2421 per share on the trading board of the Dhaka Stock Exchange (DSE) on Thursday.
Sponsors and directors jointly held a 90 per cent stake in the company, while institutional investors represented 4.71 per cent, foreign investors 3.35 per cent, and general investors 1.94 per cent as on March 31, 2021.
Incorporated in 1999, Marico Bangladesh started its operations in 2000 and got listed on the stock exchanges in 2009.
