Olympic Biscuit maker Industries Profit 42% Increase
Olympic Industries, a prominent local manufacturer of biscuits, announced that its profit surged by 42% in the first three quarters of the current financial year (2022-23) thanks to increased sales revenue.
Olympic produced a profit of Tk 145.85 crore from July to March, compared to Tk 102.36 crore during the same period last year, according to the company’s unaudited financial statement for the time period.
Olympic sold biscuits and baked goods worth Tk 1,978.85 crore in the nine months before March 2023, an increase of 24% from the same period last year.
The January-March quarter also saw an increase in sales and earnings for Olympic, which the company attributed to its management’s efforts to boost sales.
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Olympic’s gross profit margin rose to 24.66% in the current year, up from 24.39% in the previous year. Although shares of Olympic rose to Tk 176.8 on April 26, they dropped 3.04% to Tk 165.90 the following day amid profit booking.
In March of this year, the biscuit and bakery maker announced its decision to purchase 86 decimals of land for future expansion.
Olympic also reported that its net operating cash flow per share rose in the first three quarters of the financial year due to higher sales and collections.
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