Profit and sales up in Oct-Dec
Olympic Industries, the maker of popular Energy Plus biscuit, is continuing with its profit march amid the pandemic.
Between October and December, the country’s leading biscuit manufacturer logged in profit of Tk 50.4 crore, up 2.1 per cent from a year earlier.
This takes its profit in the first half of its 2020-21 financial year, which runs from July to June, to Tk 107.4 crore, up 2.2 per cent.
Its sales in the second quarter increased 15.6 per cent year-on-year to Tk 467.1 crore.
Given the affordable price points of its biscuits, confectionery and bakery products, Olympic has emerged as one of the key beneficiaries of Bangladeshis spending more time at home for the coronavirus pandemic.
While stuck at home from March to May, it appears households preferred to munch on products of Olympic, Olympic, whose popular brands include Energy Plus, Tip, Nutty, First Choice and Hilux.
But the fact that sales have not slowed down even though life is progressively returning to a semblance of normalcy from July onwards suggests the momentum is here to stay.
Subsequently, in November, the company announced a fresh investment plan of Tk 42 crore to expand its production capacity and introduce more premium variety cracker and hard dough biscuits.
Shares of Olympic Industries, which got listed in 1989, closed at Tk 182.1 yesterday, down about 1.6 per cent from the previous day.
Olympic Industries declined to comment for the report.