Financial Performance Analysis of
“Olympic Industries Limited” from 2021-2024
FIN-101 (Section 7)
Prepared for
Rafayat Jalal
Lecturer
Department of Business Administration
East West University
Prepared by
Name
ID
Participation (%) Signature
Nurul Hasnat
2023-3-10-605
16.67
Nafisa Hossain Nur
2023-3-10-080
16.67
Mesbah Rahman Haque
2023-3-10-578
16.67
Mahia Tabassum
2023-3-10-096
16.67
Md. Meheraj Abedin Sunny
2023-3-10-075
16.67
Anamika Roy
2023-3-10-403
16.67
Submission Date: 20 May 2025
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Letter of Transmittal
Rafayat Jalal
Lecturer
Department of Business Administration
East West University
Aftabnagar, Dhaka-1212, Bangladesh
Subject: Submission of Term Paper on Financial Performance Analysis of “Olympic Industries
Limited” from 2021-2024
Dear Ma’am,
We are pleased to present our term paper, group report entitled Financial Performance Analysis
of “Olympic Industries Limited” from 2021-2024. We have utilized various sources to validate
our analysis.
During the course of this project, we spent a lot of time on the subject, employing huge amounts
of research and various viewpoints. We believe that this report gives a realistic picture of the
issues at hand and makes a good analysis of the financial performance made by Olymic
Industries Limited. It is our privilege to have been able to work on such a broad-based topic
since it has given us the opportunity to sharpen our analytical and innovative skills that will help
us in the future.
We also hope that this term paper will keep you informed regarding the recent developments and
issues regarding this industry. Please feel free to reach us if you need any clarification or want to
discuss further.
Yours sincerely,
Nurul Hasnat
Id: 2023-3-10-605
On behalf of Team Sinsierra
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Acknowledgement
On behalf of all the team members, we convey our warmest thanks and sincerest appreciation to
all those who assisted us and provided us with the chance to finish and submit this term paper.
To begin with, we are extremely thankful to the Almighty for providing us with this chance and
all the skills required to finish this term paper. We therefore would like to thank our worthy
course instructor, Rafayat Jalal, Lecturer, Department of Business Administration, East West
University, heart full. Her ongoing guidance, encouragement, advice, inspiration, frequent
assistance, useful ideas and helpful guidance helped me throughout every step in developing and
completing the term paper. We would also like to acknowledge our thanks for bowing down to
our noble faculty for such an effective amount of useful and considerate study materials, which
compelled us to think correctly and arrive at this term paper. We are actually in debt to our
instructor here for guiding and advising us to conduct this term paper successfully. Without her
constant motivation and oversight of our task, this term paper could never have been
accomplished successfully.
Finally, we would also like to thank our seniors in our department, as well as our Teaching
Assistant Abdullah Al Kowshik, for helping us with every step of this Term paper.
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Table of Contents:
Chapter 1
Executive Summary …………………………………….…………..
5
Chapter 2
Background of the Term Paper ………………………...………….
6
2.1. Introduction ……………………………………………………..
6
2.2. Topic of the Report ………………………………………………
6
2.3. Origin of the Report ………………………………….………….
6
2.4. Background of the Report …………………………….…………
6
2.5. Objective of the Study ………………………………….……….
7
2.6. Scope of the Report ……………………………….…………….
7
2.7. Duration of the Study ……………………….…………………..
7
2.8. Methodology ………………………………….…………………
7
2.9. Limitation of the Study ………………………….………………
8
Chapter 3
Company Profile .……………………………….….……………….
9
Chapter 4
Shareholding Position ………………………………………………. 12
Chapter 5
Financial Position ….………………………………….…..………… 16
Chapter 6
Corporate Social Responsibilities ………………..…………….…..
24
Chapter 7
Conclusion ……………...……………………………………………
27
Chapter 8
References …………………………………………………………… 28
4
Figures:
1.0.
Directors and Sponsors Shareholding Position ……………………………….. 12
1.1.
Institutions Shareholding Position …………………………………………….
13
1.2.
Foreign Investors Shareholding Position ……………………………………...
14
1.3.
General Public Shareholding Position ………………………………………...
15
1.4.
Net Profit After Tax …………………………………………………………...
16
1.5.
Tax Amount …………………………………………………………………… 17
1.6.
Total Assets ……………………………………………………………………
18
1.7.
Total Liabilities ………………………………………………………………..
19
1.8.
Dividend Paid …………………………………………………………………. 20
1.9.
Revenue ……………………………………………………………………….
21
1.10.
COGS …………………………………………………………………………
22
1.11.
Gross Profit ……………………………………………………………………
23
Photos:
1.0.
Olympic Logo …………………………………………………………………
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1.1.
Products by Olympic ………………………………………………………….
10
1.2.
Olympic’s Factory ……………………………………………………………
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1.3.
Olympic’s CSR Efforts ……………………………………………………….
24
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Chapter 1: Executive Summary
Bangladesh Fast-Moving Consumer Goods (FMCG) has seen extraordinary growth over the past
decades with rising consumer expenditure, substantially raised urbanization rates, and mounting
middle-class buying power of the country. Olympic Industries Limited is one of the market
giants with a brand reputation of quality, consistency, and innovation. Founded in 1979,
Olympic Industries initially ventured into the battery manufacturing business before branching
out to food and beverages, in which its business now stands as the largest manufacturer of
biscuits, confectionery, and snacks in Bangladesh.
The main purpose of this term paper is to study a thorough financial and managerial report of
Olympic Industries Limited for research purposes to examine its operational performance,
financial position, and corporate governance structures between 2021-2024. Based on various
finance metrics varying from revenue, net profit, assets, liabilities, and shareholders' ownership,
this study attempts to determine the vision of the company in the market and competition.
In addition to quantitative analysis, the paper also offers the vision, mission, core values, and
aspirations of the company to give a balanced image of its business philosophy. Data graphical
representation has been utilized heavily in this research to identify trends in growth in sales,
profitability, asset management, payment of dividend, and contribution to tax. Interpretation of
all the graphs is done to consider business situations, market forces, and managerial decisions
that influenced these results.
Furthermore, the term paper considers the implication of such money trends on the future of
Olympic Industries in terms of opportunities and threats to its capacity to establish sustained
market leadership. The last objective is to provide viable advice and strategic recommendations
that are able to help the company attain sustained long-term growth, profitability, and enhanced
brand reputation in local and overseas markets.
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Chapter 2: Background of the Term Paper
2.1. Introduction:
A firm's financial performance is one of the most important aspects of its stakeholders,
investors, and management. It reveals whether a firm is capable of efficiently utilizing its assets
to generate profit and keep operations within a competitive industry. The Fast-Moving
Consumer Goods (FMCG) industry of Bangladesh has also experienced remarkable growth, and
one of the prominent companies in this sector is Olympic Industries Limited. Being a finance
student, it is imperative to apply theoretical concepts to a practical sphere so that the process of
financial information, financial ratios, and trends can be properly understood in real life. This
term paper has been structured to address the theory-practice gap in learning and applied
financial analysis through a close examination of Olympic Industries' financial performance
between 2021 and 2024.
2.2. Report Topic:
An Analysis of Financial Performance of Olympic Industries Limited (2021-2024)
2.3 Report Source:
The report has been submitted as partial completion of FIN 101: Introduction to Finance course
at the direction and guidance of our respected course faculty.
2.4 Report History:
Throughout our FIN 101 course, we learned various financial concepts, terms, and performance
measurement methods utilized by organizations worldwide. We learned topics like financial
statements, profit margins, shareholders' equity, dividend policy, and shareholding patterns. In
order to confirm ourselves regarding our know-how in the background of a live business
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scenario, our teachers encouraged us to apply these principles by analyzing the financial data of
a well-known Bangladeshi company. Then we chose Olympic Industries Limited, a local brand
in FMCG products, as the study subject for this research on financial performance.
2.5 Objective of the Study:
The overall aim of this study is to advance our understanding concerning terms of financial
performance using their usage within an actual scenario, based on Olympic Industries Limited
annual reports of 2021 to 2024 whose figures were directly extracted from those reports. This
analysis aims to explain some of the various financial indicators such as net profit, revenue, total
assets, liabilities, dividends, and shareholding positions in an attempt to measure the financial
well-being and operational efficiency of the company.
2.6 Scope of the Report:
Financial data of companies in the present age of digitization are easily accessible through web
sources, annual reports, and stock exchange websites. This report takes advantage of this ease of
access to make a complete analysis based on Olympic Industries Limited's annual reports as
published. The topic of this report is the four years' past financial performance of the company,
interpreting the dominant financial trends and how such trends affect the destiny of the
company.
2.7 Study duration:
Study period lasted a month, within which respective financial data were collected, summarized,
processed, and analyzed to come up with this term paper.
2.8 Methodology:
The research method adopted for this term paper is quantitative based on secondary data
collected from publicly available annual reports of Olympic Industries Limited. Accounting data
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such as sales revenue, net profit, assets and liabilities, shareholding pattern, and dividends were
compiled and summarized in the form of graphs and charts. Ultimately, each graph was
analyzed to uncover the underlying monetary trends and inferences.
2.9 Limitation of the Study:
Since this research was performed for an introductory finance course, the research has a few
limitations. The report relies solely on secondary data gathered through the internet and
available financial reports. Field visits, individual interviews, or in-house company data
collection methods were not employed. Apart from that, since our working financial knowledge
at this point is rudimentary, the analysis would not be as thorough and sophisticated as in
professional financial audits or consultancy reports.
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Chapter 3: Company Profile
Olympic Industries Limited is a pioneer and leader fast-moving consumer goods (FMCG)
manufacturer in Bangladesh with diversified product range and glorious history of development
and growth. It was originally incorporated in June 1979 as Bengal Carbide Limited and
previously produced dry cell batteries. Taking advantage of the increasing demand of food
commodities by the customers in the country, diversified its business activities and shifted its
interest to the confectionery and biscuit sector and subsequently re-named the company as
Olympic Industries Limited. Gradually, Olympic Industries became a market leader in the
biscuit industry in the country and diversified its operations to bakery, confectionery, snacks,
and noodles, beverages, and batteries. The company was first listed on the Dhaka Stock
Exchange (DSE) in June 1984 and subsequently on the Chittagong Stock Exchange (CSE) in
September 1996, emerging as a body as a public listed company and open to public investment
and ownership by shareholders.
Photo 1.0. Olympic Logo
The corporate headquarters of the company is now located at Amin Court, Dhaka, and employs
about 9,820 employees working in various divisions and units of factory. Olympic Industries
manufactures a gigantic variety of products ranging from best-selling biscuits like Energy Plus,
Nutty, Tip, Milk Plus, Biscotti, Digestive, and Lexus, to a gigantic number of confectionery
items like Pulse Masala Candy, Eclairs, Toffeto, and Chokito, bakery items like Daily Cake,
Biscotti Cookies, and Premium Toast, snacks, noodles, and beverages. These products include
not only broad distribution across Bangladesh but also exportation to over 32 countries
worldwide, making appreciable contributions to the export earnings of the country. The mission
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of the company is to contribute to the well-being of stakeholders—employees, customers,
broader society, and the environment—in terms of producing quality, hygienic, and safe
products that nourish people and improve livelihoods. Its business mission is to remain the
market leader in Bangladesh's biscuit and confectionery business by continuously delivering
innovative quality products, safeguarding shareholders' interests through sound financial
management, being the choice employer, and pursuing corporate social responsibility and
sustainable business operations to its commitment.
Photo 1.1. Products by Olympic
Olympic Industries has a solid foundation of core values, including its dedication to quality
products, business honesty, professionalism and commitment of employees, and aggressive
pursuit of environmentally friendly and sustainable business policies. In line with the United
Nations Sustainable Development Goals (SDGs), the company is most dedicated to ensuring
health and nutrition, enhanced accessibility to education, gender equality in their activities, and
mitigation of climate change. (TBS Report, 2024) Among its other significant achievements in
this regard is the precipitous fall of its carbon emission level from 1.17 kg to 1.01 kg for each
kilogram of production between 2016 and 2019, and a publicly declared goal of achieving
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carbon neutrality by the year 2030 due to adopting environmentally friendly technologies,
optimized processes of production, and eco-friendly packaging arrangements.
Photo 1.2. Olympic’s Factory
On the capital front, as of March 31, 2025, Olympic Industries has an authorized capital of
৳2,000 million and a paid-up capital of ৳1,999.39 million, with a total market capitalization of
some ৳30,990.53 million. (The Daily Star, 2024) It carries a stable AAA long-term credit rating
and an ST-1 short-term credit rating, indicating that it is a financially sound, regularly profitable,
and well-risk-managed firm. In FY2024, it returned ৳9.17 per share and declared a 10% cash
dividend for its shareholders. The strategic initiatives of Olympic include continued product
innovation through investing aggressively in research and development, enhancing operating
efficiency by mechanizing and computerizing processes, broadening its local and international
market base, and embracing sustainability practices in all business activities with a view to
creating long-term value for all the stakeholders.
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Chapter 4: Shareholding Position
a) Directors & Sponsors:
Figure 1.0. Directors and Sponsors Shareholding Position
●​ Definition: This category is the percentage of total shares outstanding held by the firm's
initial sponsors, board of directors, and top management officials.
●​ Trend: The percentage of Directors & Sponsors increased steadily from 39.34% in 2021
to 46.75% in 2024.
●​ Meaning: High holding by Directors & Sponsors means higher internal faith in
long-term growth in the company. It means higher control internally over important
decisions and lower dependence on external investors.
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b) Institutional Investors:
Figure 1.1. Institutions Shareholding Position
●​ Definition: These include domestic institutional holdings, i.e., insurance companies,
banks, mutual funds, etc., and other big corporate groups.
●​ Trend: The institutional holdings decreased marginally from 19.02% in 2021 to 18.20%
in 2024.
●​ Meaning: Marginal fall is a warning signal from institutional investors, might be
because of uncertainty in the market or change in investment hunger. But the
comparatively good number is a reflection of steady hunger for the future of the
company.
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c) Foreign Investors:
Figure 1.2. Foreign Investors Shareholding Position
●​ Definition: Foreign institutional and individual investor investment in Bangladesh.
●​ Trend: The share of foreign investors gradually fell from 27.86% in 2021 to 23.97% in
2024.
●​ Meaning: The consistent decline would indicate declining foreign investor confidence,
switching of investment time frame or taking the profits in view of performance of local
economies. It would indicate foreign capital moving out of emerging economies to safe
haven investment targets.)
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d) General Public:
Figure 1.3. General Public Shareholding Position
●​ Definition: The percentage owned by retail Bangladeshi origin individuals that are not
associated with the company or institutions.
●​ Trend: The General Public holding declined from 13.78% in 2021 to 11.08% up to
2024.
●​ Explanation: Decline in shareholding by the public is a reflection of decreased
investment by retail investors, perhaps due to market risk, price volatility, or other
investments. It may also reflect the presence of stock price volatility in affecting the
confidence of retail investors.
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Chapter 5: Financial Position
a) Net Profit After Tax:
Figure 1.4. Net Profit After Tax
●​ Definition: The final amount of profit remaining after taxes and costs have been
deducted from revenues.
●​ Trend: Net profit decreased from ৳2.03 billion in 2021 to ৳1.20 billion in 2022, then
returned to ৳1.83 billion in 2024.
●​ The fall in the early part can be justified on the basis of problems like rising expenses or
market pressures in 2022, but the recovery indicates higher operating efficiency and
resilience against the market, an indication of the improved times ahead for profitability.
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b) Tax Amount:
Figure 1.5. Tax Amount
●​ Definition: Total amount of taxes levied to the state by Olympic Industries between the
period of 2021-2024.
●​ Trend: Taxes fell from ৳652.52 million in 2021 to ৳399.33 million in 2022, increased to
৳629.08 million in 2023, and fell again to ৳514.08 million in 2024.
●​ Meaning: This is in line with the volatility of profitability. Falls in taxes in 2022 are in
line with falling profits in 2022, while rises thereafter are in line with the return to
earnings.
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c) Total Assets:
Figure 1.6. Total Assets
●​ Definition: Depicts all the assets of the company, including property, cash, and
inventories, for the years 2021 to 2024.
●​ Trend: Total assets remained the same at ৳14.41 billion for 2021, increased slightly in
2022, and decreased slightly to ৳14.02 billion in 2024.
●​ Interpretation: This indicates asset balance maintenance, although the decrease may
indicate that the company lost some assets or scaled back investment in newer fixed
assets or inventories.
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d) Total Liabilities:
Figure 1.7. Total Liabilities
●​ Definition: Total cumulative obligations and debt Olympic Industries incurred between
2021-2024.
●​ Trend: Liabilities went down steadily from ৳5.17 billion in 2021 to ৳3.36 billion in
2024.
●​ Meaning: A good fiscal indicator of improved debt handling, which can rise investor
confidence and generate cash for business growth or dividend distribution.
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e) Dividend Paid:
Figure 1.8. Dividend Paid
●​ Definition: Cash dividend distributed by companies out of profit.
●​ Trend: Dividends rose from ৳983.39 million in 2021 to ৳1.24 billion in 2024, though
declining in 2023.
●​ Meaning: Increased dividends are indications of confidence by the management about
cash flows and shareholder-friendly policy though profitability is volatile.
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f) Sales Revenue:
Figure 1.9. Revenue
●​ Definition: Gross revenue of goods before expenses are accounted for.
●​ Trend: Revenue rose consistently from ৳18.03 billion in 2021 to ৳25.92 billion in 2024.
●​ Meaning: Evidence of sound growth pattern of sound demand for the products, good
marketing quality, and probable market share acquisition.
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g) Cost of Goods Sold (COGS):
Figure 1.10. COGS
●​ Definition: The total direct cost of the goods produced to be sold by Olympic Industries.
●​ Trend: COGS shifted from ৳12.75 billion in 2021 to ৳19.75 billion in 2024.
●​ Meaning: The growth is matched by revenue, but gross margin needs to be preserved. If
COGS is growing at a less rapid pace than revenue, there will be squeezed profit.
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h) Gross Profit:
Figure 1.11. Gross Profit
●​ Definition: Revenue - COGS — indicates profit from core business prior to overhead
and tax.
●​ Trend: Gross profit declined marginally in 2022 to ৳4.92 billion and increased to ৳6.17
billion in 2024.
●​ Meaning: Respectable recovery from a small decline can be seen here at first glance.
Indicating that the company had managed to keep its costs under control and enhance
efficiency and thus enhance the profitability of its core business.
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Chapter 6: Corporate Social Responsibilities
Olympic Industries thinks that to be a good company, it has to be sustainable. Apart from that, it
also believes that being a good company means doing good to its employees, customers,
community, and the most important, the planet. (The Financial Express, 2022) Olympic
Industries realizes it is not possible for a single organization to solve all the problems happening
in the world, but it does its best to ensure that it does its part in contributing towards making this
world a better place to live. In accordance with this commitment, Olympic has objectives that
not only serve to be beneficial to society but also place the company at a higher standard level as
a responsible corporate citizen. To make decisions more focused and meaningful, Olympic
Industries maps all its projects to the United Nations' Sustainable Development Goals (SDGs).
The company also provides the long-term sustainability of its Corporate Social Responsibility
(CSR) initiatives.
Photo 1.3. Olympic’s CSR Efforts
To meet its obligations, goals, and social responsibilities, Olympic Industries looks after some
important areas.
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Health & Nutrition: As a food company, the health of its products is a top concern for Olympic
Industries. The company is committed to delivering both healthy and delicious products to its
customers. Olympic endeavors to supply products with increased nutritional value. The
company also takes care of the health of its workforce by running programs that offer minimum
medical care to the workforce and their communities.
Gender Equality: Olympic Industries believes that the most effective working conditions are
those where men and women are equal. In view of the continuing gender inequalities in
Bangladesh, the company makes every effort to avert discrimination against women. It ensures
total employment opportunities, safe and decent working conditions for all, and equal
remuneration for work of equal value. (Fahad,2022)
Education: It is the view of Olympic Industries that education is a fundamental human right.
Olympic Industries is dedicated to giving back to society through making education available. It
strives to allow every girl and boy to finish primary and secondary education, and further seeks
to achieve equal chances for men and women to gain access to quality and affordable technical,
vocational, and tertiary education, including university education.
Environmental Impact: With the climate changing significantly day by day, Olympic
Industries understands its responsibility to keep the world healthy and prosperous. Olympic
Industries will reduce its environmental footprint by lowering solid waste to insignificant levels,
minimizing greenhouse gas emissions, maximizing the use of recycled material, and promoting
the use of renewable sources of energy such as natural gas, government-provided electricity, and
diesel.
Disaster Response: As one of the most climate change-prone nations, Bangladesh is hit by
natural disasters almost every year. Olympic Industries, as part of its social responsibility,
swings into action to help disaster-stricken communities during times of calamity.
Employee Well-being: Olympic Industries understands that happiness, health, and satisfaction
of employees directly affect productivity, retention, engagement, and business success.
Employee well-being is, therefore, a priority issue for Olympic. Olympic conducts CSR
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activities like blanket distribution, T-shirt and saree distribution, and snacks distribution. These
initiatives lead to better employee well-being, morale, community support, employee
engagement, and stronger relationship building in the workplace.
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Chapter 7: Conclusion
This term paper was critically analyzing the financial and managerial performance of Olympic
Industries Limited during 2021-2024 under the depth analysis of efficiency in operations,
financial stability, and corporate governance rules. It brings to foresight through quantitative
numbers as well as qualitative results to the fact that Olympic Industries emerged as a market
leader in Bangladesh's rapidly growing FMCG business sector due to wise business strategies,
customer orientation, and ongoing product innovation.
Financial ratio analysis of important financial ratios such as revenue growth, profitability, asset
management, and dividend policy indicates a strong and agile company weathering market
troubles but seizure-mindedly capitalizing on new opportunities. The study further analyzes the
way the vision, mission, and core values of the company have acted as the driving force behind
its business philosophy and upholding customer trust in the long run.
Graphical representation of numbers shows stability in profitability and growth in sales, and
healthy management and healthy tax contribution. All the trends as a whole graphically
represented suggest that Olympic Industries is highly capable of coping with future market
forces with room for growth as well as challenges of increased competition and shifting
customer requirements.
In conclusion, Olympic Industries will have to continue investing in the establishment of brands,
diversification of products, and enhanced operations and branch out to the potential foreign
markets to consolidate its leadership status. By making its long-term goals responsive to world
standards and market demands, the company can be sure that it sustains its growth, profitability,
and enhanced brand positioning locally and internationally.
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Chapter 8: References
Farhad, T. (2022, February 24). Olympic starts production at its new manufacturing line. The
Business
Post.
https://businesspostbd.com/stock/olympic-starts-production-at-its-new-manufacturing-l
ine-2022-02-24
The Financial Express. (2022). Olympic Industries’ investment spree on to boost business.
https://today.thefinancialexpress.com.bd/stock-corporate/olympic-industries-investment
-spree-on-to-boost-business-1746378367
TBS Report (2024, October 12). Olympic invests Tk360cr in six years for business
diversification.
The
Business
Standard.
https://www.tbsnews.net/economy/stocks/olympic-invests-tk360cr-six-years-business-d
iversification-965341
The Daily Star. (2024, November 13). Olympic Industries posts Tk 56 crore Q1 profit. The
Daily
Star.
https://www.thedailystar.net/business/news/olympic-industries-posts-tk-56-crore-q1-pr
ofit-3751791