Biscuit maker Olympic's profit jumps 42%

Local biscuits manufacturing giant Olympic Industries today said its profit jumped 42 per cent in the first three quarters of the current financial year of 2022-23, powered by increased sales revenue.

The biscuit maker logged Tk 145.85 crore in profit in the July-March period of the current financial year, up from Tk 102.36 crore a year ago, said Olympic in its unaudited financial statement for the period.

Olympic sold biscuits and bakery products worth Tk 1,978.85 crore in nine months to the end of March 2023, recording 24 per cent year-on-year growth.

Sales and earnings of Olympic in the January-March quarter also marked a rise.

The company said its revenue grew due to the efforts of its management to boost sales.

Olympic said its gross profit margin rose to 24.66 per cent in the current year from 24.39 per cent in the previous year.

Shares of Olympic, which rose as much as Tk 176.8 on April 26, dropped 3.04 per cent to Tk 165.90 yesterday from the previous day amid profit booking.

The biscuit and bakery maker in early March this year said it decided to buy 86 decimals of land keeping its future expansion in mind.

The company said its net operating cash flow per share rose in the first three quarters of the financial year of 2022-23 mainly due to higher amount of sales and collections.