Olympic to shell out Tk 70cr on expansion - Share market analysis of dhaka stock exchange, Bangladesh

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19 January, 2017 10:08 AM Source: The Daily Star Bangladesh

Olympic Industries has undertaken a Tk 70.6 crore expansion plan, including the installation of a manufacturing unit to add a new food item to its product basket.

The listed food-maker will finance the expansion with its own funds and bank loans.

The company will import noodles manufacturing and packaging machinery from Japan at an estimated cost Tk 18.7 crore to produce the food item.

The unit will have an estimated annual production capacity of 9,000 tonnes, Olympic said in a filing to Dhaka Stock Exchange yesterday. Olympic is a leading manufacturer of biscuits, cookies, chocolate and bread. It also manufactures dry-cell batteries.

In line with the latest business expansion plans, it will also import snacks manufacturing machinery from India and China at an estimated cost of Tk 7.7 crore.

“This unit will have an estimated annual production capacity of 3,700 tonnes,” the company said.

In addition, Olympic will import a carton manufacturing line, complete with corrugation and printing machinery, from China at an estimated cost of Tk 12 crore. The unit will have an estimated annual production capacity of 6.6 crore cartons.

It will also import a tunnel oven and ancillary machines from India and China at an estimated cost of Tk 7.2 crore.

“This machinery will increase the company's annual production capacity of bakery products by 1,800 tonnes.”

Olympic will start construction of an 88,000 square feet building and power sub-station at its Kutubpur factory that will cost around Tk 25 crore.

Olympic came to the stockmarket in 1989. Its net profit stood at Tk 162.37 crore last year, up from Tk 109.43 crore a year ago.

On the premier bourse yesterday, each Olympic share traded between Tk 315 and Tk 325, before closing at Tk 315.7.

Sponsors hold a 28.92 percent stake in Olympic, institutions 12 percent, foreign investors 42.88 percent and general public the rest 16.19 percent, according to DSE data. 

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