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The sales of Olympic Industries Ltd soared by 9 per cent year-on-year in the January-March quarter of the current fiscal year riding on the growing consumer demands for its biscuit items.
The biscuit maker also witnessed a stellar surge of 23.97 per cent in its sales in the first nine months (July-March) of the fis-cal year 2022-23 on a year-on-year basis.
The company posted Tk 40.75 crore in profit after tax in the January-March quarter of fiscal 2022-23, which was nearly 35 per cent higher than the profit of Tk 30.24 crore in the same quarter of fiscal 2021-22.
Meanwhile, the company’s revenue rose to Tk 1978 crore in the July-March period of FY23 from Tk 1596 crore in the same period last fiscal.
With this figure, the company’s revenue jumped by around 24 per cent year-on-year in the first nine months of fiscal 2022-23.
However, the company logged revenue of Tk 611.49 crore in the January-March quarter, up only 9 per cent than the figure of Tk 561.02 crore in the same period last fiscal.
The biscuit maker in its financial statement released for the Q3 of the current fiscal said its revenue jumped significantly due mainly to a massive boost in its sales in the period.
Nazimuddin, company secretary of Olympic Industries Ltd said the increase in the company’s earnings was due to the rise in consumer demand for their products in the domestic market.
The company was now expanding factory facilities to increase its production capacity to meet the growing demand.
The biscuit maker basically has been witnessing the surge in demands for its products since the outbreak of the Covid-19 pandemic.
Following the growing demand, the listed firm in November 2021 had announced to invest Tk 25.65 crore to expand its production capacity.
The company in July 2021 had purchased 48 decimals of land in Narayanganj at a cost of Tk 7.20 to build a fresh production unit where factory infrastructures are currently under construction.
In line with the expansion move, the food maker further announced to buy additional 86 decimals of land at a near location it previously bought land in Narayanganj at a cost Tk 2.75 crore, according to a DSE website.
The biscuit maker’s long-term debt stood at Tk 29.77 crore till March of 2023, up 8.25 per cent from that till March last year.
Alongside domestic sales, the company’s exports have also been rising at a steady pace.
In the third quarter of FY23, the company exported manufactured goods worth Tk 20.30 crore, up around 11 per cent than Tk 18.32 crore in the quarter last fiscal.
Aiming to boost its cartoon manufacturing, building the second baked snack processing line, and marketing chocolate un-der its brand, the company had purchased the property in 2021, according to another DSE disclosure.
In September 2022, the biscuit producer announced that it had started the infrastructural work of the new factory at an approximate cost of Tk 28 crore.
The new factory is expected to become operational in 2024, according to Nazimuddin.
The company has been involved in the manufacturing and marketing of consumer goods, particularly branded biscuits, con-fectionery items, and batteries.
It also produces plastic products and cartons, which are mainly used for personal consumption.
The company’s earnings per share (EPS) stood at Tk 2.04 for the third quarter of FY23, against Tk 1.51 for the same period of FY22.
The company, which went into operation in 1979, is the maker of popular biscuit brands such as Energy Plus, Tip, and Nutty.
The company is also a pioneer in exporting biscuits, with exporting branded biscuits to at least 30 countries, including the USA, the UK, Greece, France, Cyprus, Portugal, Ghana, and Somalia.
The company got listed on the Dhaka Stock Exchange in 1984 and Chittagong Stock Exchange in 1996.
With a market capitalisation of Tk 3,534 crore the company has Tk 736.5 crore in surplus reserve.
Olympic Industries shares closed at Tk 171.10 on the DSE trading floor on Thursday.
