Olympic Industries' profit grew less than one per cent to Tk 591 million in October-December 2023, compared to the same quarter of the previous year.
The country's leading biscuit manufacturer's earnings per share stood at Tk 2.96 for the quarter, up from Tk 2.93 for the same quarter of the previous year, according to its unaudited financial statement published on Monday.
The company managed to reduce administrative costs by 19 per cent year-on-year in the October-December quarter while costs of production dropped 4 per cent to Tk 4.83 billion.
The company's half-yearly profit grew 10 per cent year-on-year to Tk 1.15 billion as the company offset some of the costs by increasing selling prices.
The cost of raw materials, including oil and flour, dropped in July-December 2023, compared to the same period of the year before, which ultimately reduced the production cost, said a company official, requesting anonymity.
The company's domestic sales dropped 6 per cent while exports rose 5 per cent in the July-December period.
Olympic Industries, which is considered one of the best performing blue-chip stocks, has been showing a consistent financial performance, with further growth prospects.
Olympic Industries is the market leader, capturing more than one-fourth share in the branded biscuit market in Bangladesh, and holds the second position in the battery market in Bangladesh.
The biscuit maker was the first choice in 2023 among the stocks that foreign investors invested in; it was not trapped on the floor.
As a result, the foreign stake in the company increased 3.87 percentage points to 24.92 per cent by December last year.
The stock price, however, dropped 0.39 per cent to Tk 153.8 per share on Monday.
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