Olympic’s profit slumps to seven-year low on high production cost

Business Desk :
The net profit of Olympic Industries Limited slumped to nearly Tk 1.21 billion in fiscal year (FY) 2021-22, the lowest in seven years, dented by higher production cost and rising raw materials prices.
The country’s leading biscuit maker has reported a profit after tax of Tk 1.21 billion for the year ended on June 30, 2022, down 41 per cent from the previous year’s net profit of Tk 2.04 billion.
Accordingly, its earnings per share (EPS) dropped to Tk 6.03 in FY 2021-22, as against Tk 10.19 in the last fiscal year.
This year’s net profit was the lowest in seven years since FY 2015-16, when the company’s net profit was Tk 1.62 billion, according to the company’s financial reports. In FY 2014-15, the company’s net profit was Tk 1.09 billion.
The company’s net profit was Tk 2.02 billion in FY 2019-20, Tk 1.87 billion in FY 2018-19, Tk 1.79 billion in FY 2017-18 and Tk 1.64 billion in 2016-17.
At its meeting on Thursday, the board of directors recommended 45 per cent cash dividend for the year ended on June 30, 2022. In 2021, it paid out 54 per cent cash dividend.
The board has also decided to invest Tk 247.5 million to set up a second instant noodles lines to expand its annual production capacity from 8,316 tonnes to 19,008 tonnes.