Olympic to purchase land for expansion
Olympic Industries Limited has decided to purchase 86 decimals of land adjacent to the biscuit and confectionery unit of the company at Lolati, Narayanganj at a cost of Tk2.75 crore for future expansion.
The company also spent Tk29 lakh for its registration charges and other miscellaneous expenses including fees for obtaining a certified copy of the purchase deed.
Olympic Industries – the country's leading biscuit manufacturer – posted impressive growth in sales in the second quarter (October to December) of the current fiscal year.
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From October to December of FY 2022-23, the revenue of the company increased by 26% to Tk680.28 crore from Tk538.63 crore in the same period of the previous year.
During the period, its net profit jumped by 90% to Tk58.62 crore from Tk30.85 crore in the same period one year ago.
Its earnings per share stood at Tk2.93, which was Tk1.54 in the same period of the previous year.
Its net asset value per share stood at Tk47.60 as of December 2022.
From July to December 2022, the revenue of the company stood at Tk1,367.36 crore and the net profit stood at Tk105.11 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, cartons, and plastic products.
