Carew & Company (Bangladesh) Ltd, the nearly 90-year-old state-owned industrial enterprise in Darshana of Chuadanga, is on course to post its highest-ever net profit, despite continued losses in its sugar production unit.

According to the company's potential profit and loss account for the 2025-26 financial year, Carew's combined net profit from all its units could reach 165,24 31,000.

If achieved, the figure will surpass its previous record profit of Tk 129,44,74,000, posted in 2024-25.

The projected profit highlights a striking contrast within the company: while its traditional sugar factory continues to make losses, its distillery and other sugarcane by-product-based businesses are generating strong returns.

Distillery drives record profit

Carew's distillery unit is expected to remain the main source of profit in 2025-26. The unit is projected to earn Tk 2,23,79,32,000.

Other profitable units are also expected to contribute to the company’s earnings, with the bio-fertiliser unit projected to earn Tk 1,47,84,000, the commercial farm Tk 5,47,000, the Akandbaria unit Tk 7,62,000 and the distillery pharmaceuticals unit Tk 3,79,000.

After accounting for the losses of the sugar factory, the company's combined projected net profit still stands at Tk 1,65,24,31,000.

Sugar factory remains a major burden

The sugar factory, however, continues to weigh heavily on Carew's finances. Its projected loss for 2025-26 is Tk 60,19,73,000.

The factory recorded a loss of Tk 62.35 crore in 2024-25, when Carew posted a record overall net profit of Tk 1,29,44,74,000. In the same year, the distillery earned Tk 1,90,26,77,000 in profit.

Carew's net profit in 2023-24 was Tk 1,12,79,10,000. It rose by Tk 17,36,83,000 in 2024-25.

If the latest projection is achieved, Carew's net profit will have increased by more than Tk 53 crore in just two years.

Old sugar plant, strong by-products

The continuing losses in sugar production have long raised concerns among stakeholders. They have attributed the losses to factors, including ageing machinery, the quality of sugarcane and a low recovery rate.

At the same time, Carew has turned sugarcane by-products into a major source of income. In particular, the distillery business has emerged as the company's main profit engine, helping offset the losses of the sugar unit.

Carew's sugar and distillery factory was established in Darshana in 1938. The factory initially had the capacity to process 1,000 tonnes of sugarcane a day and produce 18,000 proof litres of spirit.

It has since developed into a large industrial complex with sugar, distillery, pharmaceutical, farming and bio-fertiliser units.

Md Rabbik Hasan, managing director of Carew & Company, said the company earned more from its various units this year than in previous years.

“The losses in the sugar industry have also decreased slightly. We are working to reduce the losses further and increase the company's profits in the future,” he said.

For Carew, the numbers point to a clear shift: sugar production remains a long-standing financial challenge, but the success of its distillery and other by-product businesses is pushing the company towards another record year.