Biscuit-maker Bangas thrives amid inflation

Bangas Limited – one of the leading biscuit-makers of the country – has reported a 32% year-on-year profit growth in the July to December period of the fiscal 2022-23.

According to industry people, an increase in the demand for biscuits is what mainly helped the company post such profit growth even when the prices of raw materials are skyrocketing.

In the October to December quarter of 2022, the sales volume of Bangas biscuits was high enough to help offset the company's year-on-year profit decline in the previous July to September quarter and post an overall profit growth in the first half.

In the July to September quarter of 2022, Bangas' net profit declined by 16.6% and stood at Tk3.81 lakh, compared to the first quarter of FY22.

But in the next October to December quarter, the profit jumped by a staggering 88% to Tk5.42 lakh year-on-year.

And, in the July to December period, its net profit after tax stood at Tk9.40 lakh, and earnings per share at Tk0.12.

Bangas, which manufactures several popular brands of biscuits such as Pineapple, Lexus and Grand Choice Salted Biscuits, was listed on the Dhaka Stock Exchange (DSE) in 1984.

After missing the deadline to publish its first quarter financials, Bangas published the financials of two quarters together on Tuesday.

Earlier this month, Olympic Industries also reported a 46% profit growth in the first half of FY23, compared to the same period of the previous fiscal.

Olympic's Company Secretary Md Nazimuddin said earlier, "Owing to several disruptions in shipping the raw materials, we have sometimes been unable to supply as per the growing demand."

"Therefore, we had to increase the prices of our products, however slightly," he added.