Olympic Industries earns record revenue in FY23

Olympic Industries, the country's leading branded biscuit manufacturer, achieved record revenue in fiscal 2022–23, despite the contraction in public expenditure caused by rampant inflation.

According to its financial statement, earnings grew 20% year-over-year to Tk2.578 crore, the highest in the company's history, thanks to its diversified portfolio.

Over the past three years, Olympic Industries has invested around Tk155 crore to diversify its product portfolio and expand its business.

EBL Securities Limited, in its equity note on Olympic, said the company has made significant investments in entering various major segments such as instant noodles, dry cakes, soft cakes, chocolate-enrobed wafers, filled candies, toffees, toasts and rusks, and savoury snacks.

These investments clearly point out the company's expansion strategy, according to the equity note.

Olympic's business was not hurt much by the economic crisis. Rather, the company kept on investing in business expansion, even amid the crisis, it added.

Its net profit increased at the same rate as its revenue.

During the last fiscal year, Olympic's net profit grew by over 29% to Tk155 crore compared to the previous year.

Owing to the profit growth, the company recommended a 60% cash dividend, which is also the highest in its history, for its shareholders.

Founded in 1979 as a dry-cell battery manufacturer, Olympic Industries diversified its product line to include biscuits, confectionery, and ballpoint pens. Today, Olympic is the largest commercial biscuit manufacturer in Bangladesh.

According to the Bangladesh Auto Biscuit and Bread Manufacturers Association and the Bangladesh Bread Biscuit-O-Confectionery Prostutkarak Samity, Olympic ranks first among its peers with a 22% market share in the snacks industry and around a 25%–30% share in the auto biscuit manufacturing industry.

In July this year, Olympic Industries appointed Aziz Mohammad Bhai, who holds 3.10 crore shares in the company, as its chairman.

The company has also appointed his sister Nurjehan Hudda as the managing director, according to a stock exchange filing.

Both have been serving as directors for the company for a long time. However, Aziz did not attend any board meetings as he lives abroad.

The two posts fell vacant following the deaths of Olympic Industries' chairman Mohammad Bhai in 2018 and managing director Mubarak Ali in 2023.

In June this year, the company appointed Asar Aziz M Bhai, son of Aziz Mohammad Bhai, as a director nominated by Ambee Limited, which holds a 3.29% stake in Olympic Industries.

Additionally, Ahad Mohammad Bhai, son of Aziz's late brother Raja Mohammad Bhai, was appointed as a shareholder director.

On Thursday, its shares closed 1.11% lower at Tk159.90 each on the Dhaka Stock Exchange.