Marico Bangladesh has reported a remarkable surge in profit during the second quarter of the current financial year.
Their success can be attributed to a reduction in the cost of sales and improved finance income.
In the July-September quarter ending on September 30, Marico’s revenue increased by 2% year-on-year, reaching Tk 3.75 billion as disclosed by the company.
The company managed to decrease its raw materials cost by 9% year-on-year during the same period. Additionally, Marico trimmed its marketing, selling, and distribution expenses.
This year, the company successfully rebounded from last year’s negative net finance income, leading to significant gains in the current year.
As a result, Marico’s net profit for the July-September period of this financial year increased by an impressive 20%, reaching Tk 1.16 billion, compared to Tk 971 million during the same period in the previous year.
The earnings per share (EPS) also witnessed a substantial increase, rising to Tk 37.11 for the three months ending on September 30, up from Tk 30.85 in the previous year.
Marico’s overall performance for the current financial year has been strong, with a 25% growth in EPS, reaching Tk 79.29 for the April-September period, compared to Tk 63.51 in the previous year.
For the first six months of the 2023-24 financial year, the multinational company reported a net profit of approximately Tk 2.50 billion, a notable increase from the Tk 2 billion during the same period in the previous year, according to the company’s data.