The country’s leading biscuit and confectionery producer Olympic Industries has decided to invest in “multi colour cookie production” to stay ahead of competitors after its recent investment in production of crackers, chocolate, chanachur, and cake.
In a stock exchange filing on Thursday, the company said its board of directors had planned to purchase new machinery to produce multi-coloured cookies.
Olympic Industries now produces 49 types of biscuits and 7 types of cookies along with various snacks, powder drinks, batteries, and bakery items, such as cake, and confectionery.
It is going to install a brand-new production line with standard accessories having production capacity of 9,048 metric tons of the new type of cookies a year. The cost of machinery import from China and installation is estimated to be $1.08 million or Tk 132 million.
The new production setup will be at Madanpur factory, Keodhala in Narayanganj.
Meanwhile, the stock rose 2.18 per cent to Tk 144.50 per share on Thursday on the Dhaka Stock Exchange.
The company started investing in new segments after enduring a 40 per cent year-on-year decline in profit to Tk 1.2 billion in FY22. Its earnings rose to Tk 1.56 billion in the next fiscal year and then to Tk 1.83 billion in FY24.
Olympic Industries has an annual capacity of approximately 129,656 metric tonnes of biscuits and bakery items.
In February 2022, Olympic commissioned a new cracker and hard dough biscuit line with a capacity of 12,442 metric tonnes per year. Three years later it invested Tk 13.66 crore to establish a multi-functional chocolate plant.
The plant has a production capacity of 3,300 tonnes per year and is located at Lolati factory in Sonargaon, Narayanganj.
In the meantime in August 2024, Olympic invested Tk 22.71 crore to set up a new chanachur factory. The plant at Kutubpur in Narayanganj is capable of producing 6,600 tonnes per year.
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