Despite suffering heavy losses in its sugar unit, Carew and Company posted record revenue and profit in growths due the profit it made from its distillery unit in FY22, according to the company's latest audit report.
State-owned Carew and Company (Bangladesh) Ltd has produced and sold a record amount of liquor in the financial year 2022-23. During this time, the company earned about Tk439 crore by selling 57,73,000 proof litres of liquor. Carew's net (actual) profit in the last financial year stood at Tk80 crore after adjusting the income and expenses of other products and giving revenue which is about Tk13 crore more than the previous financial year, reports media.
As the demand for liquor in the country's market has increased, Carew's distillery division has produced a record amount of liquor.
In the financial year 2022-23, a total of 59,67,000 proof litres of liquor have been produced. Out of this, 16,42,000 proof litres of foreign liquor and 32,80,000 proof litres of local liquor are produced. Also, denatured spirit, rectified spirit and other essential products are produced.
A total of 57,73,000 proof litres of liquor have been sold in the country's market. The income from the sale of alcohol is about Tk439 crore. Tk145.50 crores have been deposited in revenue. The profit of the distillery is Tk152 crore.
In the financial year 2021-22, the distillery department produced 53,79,000 proof litres of liquor. 54,48,000 proof litres of liquor were sold. Its market value was Tk368.51 crore. Tk113.36 crore had been deposited as revenue. The profit of the distillery was Tk132 crore.
Carew's liquor sales started increasing significantly since 2021, as the National Board of Revenue (NBR) imposed some restrictions to import alcohol to curb tax evasion.
Carew and Co, currently has six units – sugar, distillery, pharmaceuticals, commercial farm, Akandabaria Farm (experimental), and bio-fertiliser. Among them, the distillery, pharmaceuticals and the organic fertiliser units are profitable.
Carew is currently not facing any raw materials crisis at present, but if the growing demand of liquor continue, it will face a raw materials crisis at the end of this year,s said relevant sources.
Currently, Carew and Company needs around 20,000 tonnes raw materials annually for producing alcohol. It gets its supply of raw materials from the state-owned sugar mills.
Now, the Bangladesh Sugar and Food Industries Corporation (BSFIC) owns 15 sugar mills including Carew and Company, but in 2020, owing to heavy losses, the government shut down six sugar mills.
