Olympic Industries to Invest Tk22.71 crore Crore in Chanachur Factory2 min read
Olympic Industries Limited, a prominent biscuit manufacturer in Bangladesh, has announced a significant investment of Tk22.71 crore to establish a new chanachur production facility. The company disclosed this move in a recent announcement on the Dhaka Stock Exchange. The investment will be used to acquire state-of-the-art machinery from Global Marketing Services, Calcutta, India, costing $18.85 lakh (approximately Tk22.71 crore). The new plant, set to be built in Kutubpur, Narayanganj, will have a production capacity of 6,600 tonnes annually.
This expansion aligns with Olympic Industries’ strategy to boost its production capabilities in response to the increasing demand for snacks. The company has experienced a surge in demand for its biscuit products following the pandemic, as consumers have shifted towards packaged snacks for convenience and perceived health benefits.
Over the past three years, Olympic Industries has invested more than Tk150 crore in expanding its business operations. This investment contributed to a record revenue of Tk2,578 crore in the last fiscal year. Despite a slight revenue dip to Tk1,941 crore in the first nine months of FY24 compared to Tk1,978 crore during the same period the previous year, the company’s profit increased to Tk157 crore from Tk145 crore. In a positive turn, Olympic Industries reported growth in revenue and profit for the January to March 2024 quarter, with revenue rising to Tk655 crore and profit reaching Tk42 crore, up from Tk611 crore and Tk40 crore respectively in the same quarter of the previous fiscal year.
Earlier this year, the company also invested Tk8.91 crore in purchasing land in the Purbachal Probashi Palli Land Project, further supporting its expansion efforts. Founded in 1979 and listed on the Dhaka Stock Exchange in 1989, Olympic Industries has transitioned from its origins in dry-cell batteries to becoming the largest biscuit manufacturer in Bangladesh, diversifying its product line to include confectionery and ballpoint pens.
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