Lovello sees 53pc jump in profits

Taufika Foods and Lovello Ice-cream PLC saw its profits jump by about 53 per cent in 2020-21 despite the ongoing coronavirus pandemic.

As such, the ice-cream maker's profits rose to Tk 11.98 crore in the previous financial year while it was Tk 6.20 crore in 2019-20.

Considering the increased profits, the company's board of directors has recommended 11 per cent cash dividends for 2020-21.

"Actually, our sales were comparatively low in 2019-20, so this year it soared," said Md Ekramul Haque, managing director of Taufika Foods and Lovello Ice-cream PLC.

"But, we had a huge preparation so it worked to see higher sales in the last year," he said.

The company's gross sales was around Tk 100 crore in 2020-21.

With plans to diversify its portfolio, Lovello aims to make much higher profits this year.

The managing director went on to say that they decided to disburse almost all profits to shareholders so that they remain confident in the business.

"As a newly listed company we want to ensure investors that we are investor friendly," he added.

Taufika Foods and Agro launched its Lovello Ice Cream brand on February 14, 2016. It got listed with the Dhaka Stock Exchange (DSE) earlier this year.

Lovello's stock price dropped 4.19 per cent to Tk 34.30 yesterday at the DSE.