Olympic Industries purchases additional land for manufacturing facility growth

This comes immediately after the organization last thirty day period acquired 16 decimals land for Tk 60 lakh to go with the 513.84 decimals it experienced bought previously in August

Olympic Industries, the maker of well-known Electricity Additionally biscuit, is setto order additional 1.75 decimals land adjacent to its manufacturing unit in Lolati, Narayanganj for about Tk 8.2 lakh, it claimed on Thursday.

 

This comes after the corporation last month bought 16 decimals land for Tk 60 lakh to go with the 513.84 decimals it had bought previously in August.

 

“We purpose to improve in just the present three campuses or amenities that we now work and the additional land will allow us to thoughtfully align and possibly even realign our creation traces and capacities to optimise output as perfectly as operational and logistical efficiencies,” the corporation claimed in its yearly report for the 2019-20 economic yr. 

The disclosure comes right after the company past thirty day period introduced a fresh expense prepare of Tk 42 crore to expand its manufacturing capacity and introduce more high quality wide range cracker and challenging dough biscuits.

In October, the organization introduced bringing in new machinery, equipment and spares from China at an approximated charge of $579,000.

“Since the demand from customers for our solutions is rising day by day, we are preparing on growing our manufacturing strains and introducing additional food items products,” Mubarak Ali, taking care of director of Olympic Industries, previously told Dhaka Tribune.

Olympic Industries, which benefitted from consumers’ urge for food for munching on biscuits although trapped at residence, has turned in back-to-back successful quarters at a time when most are floundering. 

Concerning July and September, the corporation logged in gain of Tk 57 crore, up 2.2 for every cent from a 12 months previously.

In the previous a few months, when the country was in the thick of a typical shutdown, Olympic, whose biscuits, confectionery and bakery products and solutions are hugely well known between center-cash flow households because of cost-effective price factors, posted a financial gain of Tk 48 crore in opposition to Tk 47.7 crore a calendar year previously.

Its profits between April and September stood at Tk 859.3 crore, up 19.7 for each cent from a yr before.

Bangladesh’s main biscuit manufacturer’s efficiency is in line with its world wide counterparts.

For instance, about in India, Britannia, the maker of Great Day biscuits, and Parle, the name at the rear of the Parle-G model biscuit, saw staggering product sales amongst April and September.

Ali credited the rise in demand from customers for its biscuits amid the pandemic to the packaged sort in which they are bought.

They are not bought loosely, so they are greater placed to capitalise on the change in consumption from out-of-house to in-property.

“We work incredibly intently with vendors of all sizes, ranging from tea stalls to typical stores to massive supermarkets. We have invested in 100,000+ co-branded retail store signage to prominently affirm the availability of our solutions.”

Subsequently, Olympic, whose preferred manufacturers involve Vitality Additionally, Idea, Nutty, Initially Decision and Hilux, logged in earnings of Tk 202.5 crore in its 2019-20 economic yr, up 8.2 for every cent 12 months-on-yr. Olympic’s financial yr operates from July to June.

The company declared a 52 for every cent money dividend for its 2019-20 monetary 12 months, its best but.

But Thursday’s announcement unsuccessful to excite investors: shares of Olympic Industries closed at Tk 195.3, down 5.4 per cent from the past working day.