The country's leading biscuit manufacturer Olympic Industries Limited has decided to purchase 48 decimals of land just beside its existing factory in Narayanganj at a cost of 8 crore to increase its production capacity.
The company earlier decided to dismantle an old building and construct a new five-storey one at a cost of Tk51 crore by August 2024 for installing a new production line.
From July to March of the fiscal year 2020-2021, the revenue and the net profit of Olympic rose 15% and 3%, compared to the previous fiscal year.
At the same time, the cost of goods sold increased by 19.6%, while administrative and selling expenses soared by 9%.
Sources in the company said the prices of raw materials for biscuits and confectioneries had shot up in the pandemic, resulting in an increase in both manufacturing costs and other expenses.
Sales have gone up too. "During the pandemic, people are avoiding eating out at hotels and restaurants and, as an alternative, preferring branded biscuits," said an official at the company, preferring not to be named.
According to financial statements, in the first nine months of the fiscal year 2020-21, the company's revenue stood at around Tk1,373 crore, which was Tk1,196 crore in the previous fiscal year.
The net profit rose to Tk159 crore from Tk154.5 crore.
In the January-March quarter, the revenue rose 11% and profit Tk4.61% to Tk440 crore and Tk51.68 crore.
Olympic Industries, which got listed in 1989, manufactures and supplies biscuits, candies and confectionery items to the local market as well as exports them.
Also, the company sells dry cell batteries, carton and plastic products.