Aman Cotton Fibrous financial analysis: 93.4% of FY2025 sales to one related party, 75.42% utilisation (Oct 2026)

Investment considerations: FY2025 profit of BDT 21.0m, 93.4% of sales to one related party, BDT 704.2m inter-company advances at March 2026

Aman Cotton Fibrous PLC. makes 100% cotton carded, combed and semi-combed ring-spun grey yarn at Boiragirchala, Sreepur, Gazipur, and sells it in the domestic market as deemed export [1 p.62] [1 p.12]. It was incorporated on 28 December 2005, began commercial production on 1 November 2007, and has traded on the Dhaka Stock Exchange since 6 August 2018 [1 p.9]. The company changed its name from Aman Cotton Fibrous Limited to Aman Cotton Fibrous PLC. with effect from 9 October 2025 [10]. This note is analysis only: it has no forecast, no valuation and no target.

The latest audited annual report covers the year to 30 June 2025; its statement of financial position is dated 'As at 30 June 2025' and the board approved the statements on 26 October 2025 [1 p.72] [1 p.76]. The FY2026 annual report is not in the corpus at 1-Nov-2026. For FY2026 this note uses the un-audited nine months to 31 March 2026 [2 p.2] and the figures the company announced on DSE on 28 October 2026 after its 27 October 2026 board meeting [10].

FY2025 sales were BDT 2,320.1m, 20.7% above FY2024's BDT 1,922.9m; gross profit was BDT 179.8m (7.7% of sales) and net profit after tax BDT 21.0m, after a BDT 25.2m loss in FY2024 [1 p.73] [20]. Operating profit of BDT 138.5m was below financial expenses of BDT 160.9m, so the printed 'Profit before Other Income' was a loss of BDT 22.4m; non operating income of BDT 58.9m, of which interest on FDR was BDT 52.9m, produced profit before tax of BDT 36.5m [1 p.73] [1 p.97].

For FY2026 the company announced EPS of BDT 0.37, NAV per share of BDT 33.35 and NOCFPS of BDT (1.15), against BDT 0.21, BDT 33.63 and BDT 7.45 for FY2025 [10]. Nine-month EPS was BDT 0.07 [2 p.2], so the June 2026 quarter is BDT 0.30 by subtraction (derived, not printed) [20].

A 6,780 MT cotton-yarn mill: utilisation 75.42% in FY2025, sales of BDT 394.4 per kg sold

The company describes itself as 'primarily engaged in manufacturing of high-quality cotton yarn in Bangladesh and marketing and selling of product in the domestic market as deemed export' [1 p.62]. Its products 'are supplied to local textile industries, which are exported mostly to Europe and USA' [1 p.10]. Note 1.04 describes the business as manufacture of yarn and selling 'in the global and domestic Market' [1 p.76]. Machinery came from Germany, Switzerland, Italy, Japan and China, per the directors' report [1 p.62]. The bankers named are Islami Bank Bangladesh PLC., Meghna Bank PLC. and Standard Bank PLC. [1 p.12].

Installed and licensed capacity has been 6,780 MT a year in every annual report from FY2020 to FY2025 [5 p.102] [1 p.101]. Utilised capacity, as printed in note 38.03 and its predecessors, was 3,513 MT (51.81%) in FY2020, 6,262 MT (92.36%) in FY2021, 6,511 MT (96.03%) in FY2022, 5,321 MT (78.47%) in FY2023, 6,159 MT (90.83%) in FY2024 and 5,114 MT (75.42%) in FY2025 [5 p.102] [4 p.101] [3 p.106] [1 p.101]. FY2025 production is printed twice: the directors' report gives 5,093 MT (2,368 MT carded and 2,725 MT combed) at 'approximately 75.42 %' [1 p.58], and note 38.03 gives utilised capacity of 5,114 MT at 75.42% [1 p.101]. This note uses the note 38.03 series for every year so the basis is the same.

The product mix moved between carded and combed yarn. In FY2025 the company sold 2,845 MT of carded yarn (BDT 1,081.7m) and 3,037 MT of combed yarn (BDT 1,238.3m); in FY2024 it sold 4,007 MT of carded (BDT 1,557.5m) and 920 MT of combed (BDT 365.3m) [1 p.94]. The 'Products & Services' page gives the FY2025 split as 48.37% carded and 51.63% combed by weight [1 p.10].

The FOB value of export for FY2025 is printed as $19,276,065, equal to BDT 2,320,055,751 [1 p.102]. On those printed figures FY2025 sales per kg sold were BDT 394.4 and US$3.28, at an implied BDT 120.36 per US dollar (derived) [20]. Sales per kg sold rose in every year from BDT 273.7 in FY2020 to BDT 394.4 in FY2025 [20].

Line items: gross margin 7.7% in FY2025, operating profit below financial expenses in 4 of 6 years

Sales. FY2025 sales rose 20.7% to BDT 2,320.1m on 5,882 MT sold against 4,927 MT [1 p.94] [20]. Over FY2020-FY2025 sales ranged from BDT 981.7m (FY2020) to BDT 2,320.1m (FY2025) [20]. The auditor's key audit matter on turnover states that 'the Company’s sales have been increased about 21% compared to the previous year' [1 p.67]. Note 34 says 'Earnings per shares increased as compared same to the previous Financial year due to increased in the export sales' [1 p.99].

Raw material. Raw materials consumption was BDT 1,386.8m in FY2025 against BDT 1,804.4m in FY2024 [1 p.95]. Raw cotton purchased was 3,843 MT for BDT 946.5m in FY2025 (BDT 246.3 per kg, derived) against 6,490 MT for BDT 1,675.9m in FY2024 (BDT 258.2 per kg) [1 p.95] [20]. Raw cotton stock fell from 2,125 MT (BDT 532.6m) to 372 MT (BDT 92.3m) over the year [1 p.81]. Note 40 prints raw cotton purchases of BDT 946,460,158 and consumption at 94% of the total [1 p.102].

Conversion costs. Factory overhead on the face of note 28 was BDT 476.7m in FY2025 and BDT 383.7m in FY2024 [1 p.95]. The FY2025 rows of note 28.05 add to BDT 476,663,802, equal to the printed total; the FY2024 rows add to BDT 380,718,652, which is the note 28.05 total as printed and BDT 3,028,331 less than the BDT 383,746,983 on the face of note 28 [1 p.96] [1 p.95]. Inside note 28.05, the gas bill was BDT 196.8m (BDT 183.5m), wages and allowances BDT 90.1m (BDT 63.6m), spare parts and others BDT 78.4m (BDT 46.4m) and electricity BDT 23.8m (BDT 1.0m) [1 p.96]. Per kg of utilised capacity, gas was BDT 38.49 in FY2025 against BDT 29.79 in FY2024, and wages BDT 17.61 against BDT 10.32 (derived) [20].

Gross margin. Gross margin was 16.4% in FY2020, 20.2% in FY2021, 11.0% in FY2022, 8.0% in FY2023, 8.0% in FY2024 and 7.7% in FY2025 [20]. The cost of sales note also deducts a 'Free Sample Distribution' of BDT 1.9m in FY2025 and BDT 32.0m in FY2024 [1 p.95].

Operating expenses. Administrative expenses were BDT 31.5m and selling and distribution expenses BDT 9.8m in FY2025 [1 p.73]. Within selling expenses, L/C realisation charges were BDT 5.6m [1 p.97]. Audit fees were BDT 1,449,000 against BDT 221,506 [1 p.96].

Financial expenses. Financial expenses were BDT 160.9m in FY2025 against BDT 148.3m, made up of interest on short-term loans paid of BDT 39.3m, interest on short-term loans provided of BDT 67.9m, bank charges of BDT 1.0m and 'FC Fluctuation Charges' of BDT 52.7m [1 p.97]. The FC fluctuation line was 32.7% of FY2025 financial expenses (derived) [20]. No term-loan interest is printed for FY2025 against BDT 44.9m for Meghna Bank in FY2024 [1 p.97]; note 15.04 lists the Meghna Bank term loan's interest rate as 'Non Charging' [1 p.91].

Non operating income. Non operating income was BDT 58.9m in FY2025: interest on FDR BDT 52.9m, miscellaneous income BDT 1.8m, a loss on import payment of BDT 1.2m and a foreign-exchange transaction gain of BDT 5.4m [1 p.97]. Non operating income was larger than profit before tax in FY2020 (1.28x), FY2024 (6.13x) and FY2025 (1.61x) [20].

Tax. Current tax of BDT 36,894,577 in FY2025 is printed as 'Current tax (Higher of A or B)'; the computation takes tax on business income at the TDS on export of BDT 25,114,965 and tax on other income at BDT 11,779,612 [1 p.98]. Note 2.14 states current tax 'has been made at the rate of 12% on deemed export as prescribed at SRO No.44/Law/IT/2024' [1 p.77]. A deferred tax credit of BDT 21.4m reduced the total charge to BDT 15.5m, 42.5% of profit before tax [1 p.73] [20]. The company does not provide for WPPF, citing a legal opinion that it is a 100% export-oriented industry under section 232(3) of the Labour Act, 2006 [1 p.102].

FY2026: nine-month sales down 29.4%, full-year EPS BDT 0.37 as announced

Nine-month sales to 31 March 2026 were BDT 1,262.7m against BDT 1,788.3m, and the January-March quarter was BDT 392.1m against BDT 761.6m [2 p.2]. Gross profit for the nine months was BDT 60.2m against BDT 158.7m; financial expenses were BDT 50.5m against BDT 149.6m; non operating income was BDT 50.6m against BDT 39.6m; profit before tax was BDT 34.1m against BDT 13.8m, and net profit after tax BDT 7.1m against BDT 5.4m [2 p.2].

The company's own explanations, posted on DSE, are quoted here as the company's words. For the first quarter: 'EPS has decreased sales decreased by 19% due to decline in unite price by 11% as consequence of declining RMG orders due to USA tariff increment.' For the half year: sales decreased '12% due to decline in unit price by 6% as consequence of declining RMG orders due to USA tariff increment. Finance expense decrease by 74% from last quarter due to settlement and rescheduling.' For the third quarter: 'Finance Expense decrease by 51% from last Quarter due to Settlement and rescheduling, Operating Expense decrease by 18% compare to the last Quarter. Although sales during the period decreased by 49% due to decline in unit price by 24% as consequence of declining RMG orders due to USA tariff increment, war.' [10]

The FY2026 full-year figures come from the DSE post of 28 October 2026: EPS BDT 0.37, NAV per share BDT 33.35 and NOCFPS BDT (1.15), with 10% cash (BDT 1 per share) recommended for general shareholders other than sponsor directors, payable on 50,833,333 shares as BDT 50,833,333 [10]. Nine-month NOCFPS was BDT 1.93 [10]. The FY2026 annual report, auditor's report and notes are not in the corpus at 1-Nov-2026.

Ratios: gross margin 7.7%-20.2% over six years, borrowings BDT 1,443.7m at June 2025

Margins. Gross margin ranged from 7.7% (FY2025) to 20.2% (FY2021) over FY2020-FY2025, and net margin from -4.3% (FY2023) to 7.8% (FY2021) [20]. Operating profit divided by financial expenses was 0.88x, 1.55x, 1.49x, 0.53x, 0.76x and 0.86x in FY2020-FY2025 [20].

Cash conversion. Operating cash flow was BDT 21.3m, BDT -525.1m, BDT 332.2m, BDT 433.4m, BDT 160.3m and BDT 751.1m in FY2020-FY2025 [20]. In FY2025 it was 35.8 times net profit; the year's cash flow statement shows cash received from customers and others of BDT 2,514.0m against payments of BDT 1,721.7m [1 p.75]. Interest paid is classed under financing activities (BDT 150.9m in FY2025) and interest on FDR under investing activities (BDT 53.0m) [1 p.75].

Leverage. Total borrowings (long-term, current maturity and short-term) were BDT 1,451.8m at 30-Jun-2020, BDT 1,955.8m at 30-Jun-2021, BDT 1,759.0m at 30-Jun-2022, BDT 1,502.6m at 30-Jun-2023, BDT 1,516.4m at 30-Jun-2024, BDT 1,443.7m at 30-Jun-2025 and BDT 1,400.4m at 31-Mar-2026 [20]. Borrowings less cash were BDT 81.5m at 30-Jun-2025 and BDT 546.0m at 31-Mar-2026 [20].

Market multiples are stated as facts. At the 1-Nov-2026 close of BDT 22.2 the market value is BDT 2,238.5m [9] [19]. P/E is 60.0x on the FY2026 EPS of BDT 0.37 announced on DSE (un-audited basis at the time of writing); DSE's own page prints 'Current P/E Ratio using Basic EPS' of 60 on the latest un-audited statements and 105.71 on the latest audited statements (FY2025 EPS BDT 0.21) for 1 November 2026 [9]. P/B is 0.67x on the announced NAV of BDT 33.35 at 30-Jun-2026, and 0.72x on the NAV without revaluation of BDT 30.92 at 30-Jun-2025 [10] [1 p.72]. The BDT 1 dividend is 4.5% of the price for holders entitled to it [20].

Balance sheet and audit: cash BDT 1,362.2m at June 2025, four emphasis-of-matter paragraphs

At 30-Jun-2025 total assets were BDT 5,100.8m: property, plant and equipment BDT 1,724.1m, inventories BDT 1,130.6m, accounts and other receivables BDT 309.4m, advances, deposits and prepayments BDT 574.4m and cash BDT 1,362.2m [1 p.72]. At 31-Mar-2026 total assets were BDT 5,126.1m, with inventories of BDT 1,358.8m, receivables BDT 50.2m, advances, deposits and prepayments BDT 1,170.0m and cash BDT 854.4m [2 p.1].

Land is carried at a 2013 revaluation: S.H. Khan & Co. valued land and land development at BDT 464,338,000 against book value of BDT 185,025,622 on 15 May 2013, a surplus of BDT 279,312,378, carried net of deferred tax at BDT 273,726,130 [1 p.89]. Plant and machinery had a written-down value of BDT 78.5m at 30-Jun-2025 on cost of BDT 1,353.0m [1 p.103].

Receivables and inter-company balances. Note 7 splits receivables into accounts receivable of BDT 105,475,499 and 'Interest Receivable from Sister Concern' of BDT 203,920,321, unchanged from 30-Jun-2024 [1 p.82]. The related-party table's interest-receivable rows add to BDT 219,038,729 and its interest-payable rows to BDT 37,523,293 (computed from the printed rows) [1 p.100] [20]. Note 8.02 lists loans and advances (inter company) of BDT 161,730,263 at 30-Jun-2025 [1 p.83]; at 31-Mar-2026 the same note lists BDT 704,201,210: Anwara Mannan Textile Mills Ltd BDT 373,391,486, Islam Brothers & Co. BDT 291,769,158, Akin Carrier Ltd. BDT 25,491,562 and Aman Cold Storage Ltd BDT 13,549,003 [2 p.10]. The nine-month cash flow shows an outflow of BDT 608,357,588 on the 'Inter company current account' line [2 p.4].

Two printings in the Islam Brothers & Co. roll-forward. Note 8.02 opens FY2025 at BDT 91,552,707, adds BDT 725,833,464, deducts BDT 927,946,425 and closes at BDT 110,560,254 as an asset [1 p.84]; the printed rows add to minus BDT 110,560,254 (computed). For 30-Jun-2024, note 20 shows Islam Brothers & Co. as a liability of BDT 91,552,707 while the roll-forward below it closes FY2024 at BDT 92,303,444, and the related-party table prints (92,303,444) [1 p.92] [1 p.93] [1 p.100].

Land advances. Advances include BDT 123,337,500 against land purchase and BDT 9,227,119 against land development [1 p.83]. Note 35(d) identifies the land advance as paid to Islam Brothers (BDT 108,275,000, deed 8750) and Anwara Mannan Textile Mills Ltd (BDT 15,062,500, deed 8751), both with baina registered on 29.06.2016, for 316.25 decimals at Sreepur, Gazipur [1 p.99].

Borrowings. The Meghna Bank PLC term loan closed FY2025 at BDT 624,042,062 after additions of BDT 187,271,998 and payments of BDT 89,071,523, of which BDT 147,057,840 is current [1 p.90]; note 15.04 prints a limit of 58.32 crore, a 60-month tenure and security of 368 decimal land [1 p.91]. Short-term borrowings of BDT 819,678,951 were mostly from Islami Bank Bangladesh PLC. (BDT 792,452,298) under a BDT 1,100,000,000 sanction [1 p.92]. Undrawn credit is printed in note 35(b) as: 'There is no un-availed credit facilities BDT 178,868,769, other than those in the normal course of business, available to the company as on 30 June, 2025' [1 p.99].

Contingencies: the notes and the auditor. Note 2.13 states: 'In the year under review there is no such contingent liabilities as well as no commitment is made , to be settled in the future.' [1 p.77]. Note 35(c) lists income-tax assessments under appeal or reference for six assessment years totalling BDT 58,538,119, and the printed rows add to that total [1 p.99] [20]. The auditor's fourth emphasis-of-matter paragraph refers to note 35 'contingencies' [1 p.66]. Note 2.13 also states that 'no commitment is made'; note 35 is headed 'Contingent liabilities & Capital Commitments', and its item (d) is printed as 'Capital Commitments under the head advance against land purchase at Sreepur, Gazipur for Tk 12,33,37,500.00' [1 p.77] [1 p.99].

Other footings. Unclaimed dividend (note 22) rows add to BDT 21,274,294 against BDT 21,274,295 printed; provision for tax (note 23) rows add to BDT 19,217,140 against BDT 19,217,141 printed [1 p.93] [20]. In note 40, the spare-parts row prints local BDT 31,569,406, import BDT 41,578,379 and total BDT 71,850,554; the two parts add to BDT 73,147,785 [1 p.102] [20]. Retained earnings roll forward from BDT 1,553,568,841 with a prior-year adjustment of BDT 9,957,971, which note 12 says 'has been adjusted against previous year’s loan interest overestimation and repetation of LC Charge Payments' [1 p.89].

Auditor's opinion, quoted word for word from the FY2025 report of PKF Aziz Halim Khair Choudhury, signed 26 October 2025 by Dr. Jamshed S A Choudhury FCA [1 p.69]: 'In our opinion, the accompanying financial statements of the Company give a true and fair view of the financial position of the Company as at 30 June 2025, and of its financial performance and its cash flows for the year ended 30 June 2025 in accordance with International Financial Reporting Standards (IFRS), The Company Act 1994 and other applicable laws and regulations.' [1 p.66]

Basis for Opinion, in full: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence, we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.' [1 p.66]

The report has no 'Other Matter' paragraph [1 p.66] [1 p.69]. No company explanation of the emphasis-of-matter paragraphs is printed in the annual report (searched the directors' report, the corporate-governance pages and the notes) [1 p.58]. The FY2024 report, by the same firm, carried five emphasis-of-matter paragraphs; its second reads: 'As referred Note# 6.0 Inventories which demonstrate the value BDT. 1,608,641,156. Due to time constraints physical verification were not possible during the course of the audit. So, we could not able to confirm the quantity and the value.' [3 p.72]. Inventories on the FY2024 statement of financial position were BDT 1,841,956,530 [3 p.78]. DSE posted the FY2025 emphasis-of-matter notice on 21 December 2025 and the FY2024 notice on 24 November 2024 [10].

Governance: six directors, three printings of the shareholding, related-party sales of BDT 2,167.0m

Board as printed in the FY2025 annual report: Md. Shofiqul Islam, Chairman; Md. Rafiqul Islam, Managing Director; Md. Toufiqul Islam, Director; Md. Rabiul Haque, Nominated Director (the profile says 'Representing Aman Seeds Storage Ltd.'); A.K.M Delwer Hussain, FCMA, Independent Director; and Mohammad Shams-Ul Islam, Independent Director [1 p.14] [1 p.15] [1 p.56]. The governance statement says the board 'Comprise of 6 (six) Directors, including two independent Directors' [1 p.23]. The independent director's name is printed as 'A.K.M Delwer Hussain', 'A.K.M. DELWER HUSSION' and, in notes 36 and 37, 'Md. Delower Hossain' [1 p.56] [1 p.100] [1 p.101].

Audit committee: A.K.M Delwer Hussain, FCMA (Chairman), Md. Rafiqul Islam, Md. Toufiqul Islam and Md. Rabiul Haque (Members), with Shariful Islam, CMA (Final) as Member Secretary; it held 4 meetings, and the printed attendance is A.K.M Delwer Hussain 3, Md. Rafiqul Islam 4, Md. Rabiul Haque 4 and Shariful Islam 4, with no row for Md. Toufiqul Islam [1 p.25] [1 p.23]. Nomination and remuneration committee: A.K.M Delwer Hussain, FCMA (Chairman), Md. Rafiqul Islam, Md. Toufiqul Islam and Md. Rabiul Haque; it 'met twice', with no per-member attendance printed [1 p.49]. The corporate-management page lists the same committee with the fourth member printed as 'Md. Rabiqul Haque' and Shariful Islam, CMA (Final) as Member Secretary [1 p.14].

Management committee and key officers, as printed: Md. Rafiqul Islam, Managing Director; Md. Toufiqul Islam, Director; Md. Aminul Islam, FCMA, Chief Financial Officer; Md. Humayun Kabir, Head of Internal Audit; Shariful Islam, CMA (Final), Company Secretary [1 p.14]. The top-five salaried officers for FY2025 were Bishwazit Chakraborty, Executive Director - Factory (BDT 6,295,000), Md. Ismail Hossain, DGM - Maintenance & Utility (BDT 3,210,000), Md. Aminul Islam, CFO (BDT 2,470,000), K M Ziaul Monir, AGM-Marketing (BDT 1,910,000) and Md. Ahsan Ullah, Manager- Finance & Accounts (BDT 1,221,000); the FY2024 list named Md. Mamun-Ur-Rashid Chowdhury as CFO (BDT 4,080,000) [1 p.101].

Meeting fees per named party as printed in notes 36 and 37 (FY2025): Md. Rabiul Haque BDT 20,000; Md. Delower Hossain, Independent Director, BDT 15,000; Md. Shams Ul Islam BDT 5,000; Md. Rafiqul Islam and Md. Shofiqul Islam nil; Md. Iftikhar-Uz-Zaman nil; total BDT 40,000 [1 p.100] [1 p.101]. Note 36 also lists Md. Toufiqul Islam and Md.Toriqul Islam with nil fees [1 p.100]. The directors' report table prints the BDT 15,000 row under the name 'A.K.M Delwer Hussain' [1 p.59]. For FY2024, notes 36 and 37 of AR2025 print Md. Delower Hossain at BDT 10,000 [1 p.100] [1 p.101]; the directors' report gives A.K.M Delwer Hussain's appointment date as 14/11/2024 [1 p.61]; and AR2024 note 37.01 prints the FY2024 BDT 10,000 against Md. Mizanur Rahman, Independent Director [3 p.106]. The other FY2024 fees printed in AR2025 are Md. Rafiqul Islam BDT 25,000, Md. Rabiul Haque BDT 25,000, Md. Shofiqul Islam BDT 5,000 and Md. Iftikhar-Uz-Zaman BDT 5,000 (total BDT 70,000) [1 p.101]. Directors' remuneration is printed as nil [1 p.101].

Shareholdings: three printings. Note 10.01 lists at 30-Jun-2025 Md. Rafiqul Islam, Md. Shofiqul Islam and Md. Toufiqul Islam with 15,600,000 shares each (15.47%), Md. Toriqul Islam with 22,800,000 (22.61%, up from 15,600,000), Aman Seed Storage Ltd. with 3,200,000 (3.17%) and general shareholders with 28,033,333 (27.80%) [1 p.88]. The directors' report pattern of shareholding lists Md. Toriqul Islam at 19,816,000 shares under holders of 10% or more [1 p.61]. The shareholding-structure page, dated 30 September 2025, lists the three sponsor directors at 15.47% each, Aman Seeds Storage Ltd. at 3.17%, general public 37.84%, institutions 12.48% and foreign 0.10%, with no separate line for Md. Toriqul Islam [1 p.20]. DSE shows Sponsor/Director at 49.58% for 30-Jun-2025, 31-Aug-2026 and 30-Sep-2026 [9]. Note 36 describes Md.Toriqul Islam as 'Director & Shareholder' [1 p.100]; he is not on the board list on pages 14-15 [1 p.14]. No family relationship between directors is printed in the annual report (searched).

Directorships at related parties, as printed in the profiles [1 p.52] [1 p.53] [1 p.54] [1 p.55]: Md. Shofiqul Islam is Director of Aman Tex Ltd., Anwara Mannan Textile Mills Ltd., Aman Cold Storage Ltd., Aman Jute Fibrous Ltd., Aman Packaging Ltd., Aman Packaging & Accessories Ltd. and Aman Foods Ltd., and Managing Director of Aman Feed PLC.; Md. Rafiqul Islam is Chairman of Aman Tex Limited and Aman Feed PLC., Managing Director of Anwara Mannan Textile Mills Ltd., Aman Cold Storage Ltd., Aman Foods Ltd., Aman Packaging Ltd., Aman Jute Fibrous Ltd. and Aman Packaging and Accessories Ltd., and Proprietor of Islam Brothers & Co; Md. Toufiqul Islam is Managing Director of Aman Tex Limited and Director of Anwara Mannan Textile Mills Ltd., Aman Cold Storage Ltd., Aman Foods Ltd, Aman Feed PLC., Aman Jute Fibrous Ltd., Aman Packaging Ltd. and Aman Packaging & Accessories Ltd. The related-party table names 'Aman Food Limited.' and 'Aman Feed Ltd.'; the profiles print 'Aman Foods Ltd.' and 'Aman Feed PLC.' [1 p.100]. Akin Carrier Ltd. and Aman Cement Mills unit-2 Ltd do not appear in the profiles under those names.

Sales to Aman Tex Ltd. were BDT 2,166,969,326, 93.4% of sales (computed), against BDT 1,499,547,447 (78.0%) in FY2024 [1 p.100] [20]. The table prints receivables from Aman Tex Ltd. of BDT 109,002,590; total accounts receivable in note 7.01 were BDT 105,475,499, and the same note states 'There is only related party transaction with Aman Tex Ltd.' [1 p.82].

Auditor rotation and AGM business. The directors' report states PKF Aziz Halim Khair Choudhury 'completed their audit for the period of three consecutive years' and that the audit committee recommended Arun & Company, Chartered Accountants, as statutory auditor for FY2026 at BDT 450,000 and Rahman Sayd Zillur & Co. as corporate-governance auditor at BDT 90,000, subject to shareholders' approval [1 p.61]. The directors' report states that Md. Toufiqul Islam 'shall retire in the 20th Annual General Meeting by rotation' and has offered his candidature for re-appointment [1 p.58]. The 20th AGM was held on 29 December 2025 on a digital platform [9].

Dividend record. DSE lists cash dividends of 10% for 2018, 2019, 2020, 2022, 2023, 2024 and 2025 and 11% for 2021, with no stock dividend [9]. For FY2025 and FY2026 the board recommended the dividend for general shareholders other than sponsor directors, who hold 50,000,000 of the 100,833,333 shares [10]. The company holds unclaimed sponsor-director dividends of BDT 20,520,000 for 2018-19 and 2019-20 [1 p.60].

Peers: FY2025 gross margin 7.7% (ACFL), 15.0% (Matin), 9.8% (Saiham)

Peers are DSE spinners with published AnalystBro notes, compared on the same period (year to 30 June 2025) and on each company's standalone statement, with each company's printed labels. Matin Spinning Mills PLC's annual report prints 'No. of Spindle 88,400' and 'Yarn production 20,020 MT' [13]. Saiham Textile Mills Ltd. describes its aim as 'producing the best quality various counts of yarns' [16].

Audit opinions as printed in each filing. Matin: 'In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at June 30, 2025' (A. Qasem & Co.) [12]. Saiham: 'In our opinion, the accompanying financial statements present fairly in all material respects', with two emphasis-of-matter paragraphs and the sentence 'Our opinion is not modified in respect of these matters.' (Khan Wahab Shafique Rahman & Co.) [15]. ACFL: 'give a true and fair view', with four emphasis-of-matter paragraphs, the fourth ending 'Our opinion is not modified in respect of this matter.' [1 p.66].

What's next: record date 3-Dec-2026, AGM 30-Dec-2026, Q1 FY2027 board not yet notified

The board meeting for the July-September 2026 quarter had not been notified on DSE at 1-Nov-2026 [10]. The inferred date is built from five precedents: the first-quarter statements were signed on 14 November 2021, 14 November 2022 and 14 November 2023 [6 p.1] [7 p.1] [8 p.1], and DSE posts show board meetings on 14 November 2024 (rescheduled from 13 November) and 12 November 2025 [10]. In 2026, 13 and 14 November fall on a Friday and a Saturday, so the last DSE business day inside the precedent window is Thursday 12 November 2026 (inferred, 5 years). The FY2026 accounts are not overdue: the board approved them on 27 October 2026, against 26 October 2025 and 28 October 2024 in the two prior years [10] [3 p.82].

Capacity and capex. The directors' report states that 'The management has a plan to expansion its existing project by acquisition & installation of brand-new European machineries and increasing its existing production capacity' [1 p.62], and that IPO money for 'acquisition & installation of machinery is under process of purchasing' [1 p.63]. The 24-month DSE news sweep (1-Nov-2024 to 1-Nov-2026) shows no board approval of a capex amount or machinery purchase; it shows monthly auditor's reports on IPO proceeds utilisation, the last posted on 14 October 2026 for August 2026 [10]. No capex budget or commissioning date is printed in the FY2025 annual report or the DSE posts reviewed.

LDC graduation. The UN General Assembly adopted the move of Bangladesh's graduation from 24 November 2026 to 24 November 2029 on 29 October 2026 in New York (30 October in Dhaka) [17] [18]. The company's filings do not link LDC graduation to any line item.

Items in the filings: 93.4% of FY2025 sales to one related party (Aman Tex Ltd.), inter-company advances, tax appeals

The directors' report lists interest rate, exchange rate, currency, industry, market and operational risks; it states that the company 'primarily secures long-term financing at fixed interest rates' and that 'foreign exchange fluctuation risks are not considered material in the case of Letter of Credit (LC) settlements' [1 p.62]. Note 31.01 prints FY2025 financial expenses including BDT 52.7m of 'FC Fluctuation Charges' [1 p.97].

Key questions and the filings that answer them

These questions follow from the printed figures above. Each signpost is a filing that the company is required to publish; the FY2026 annual report is not in the corpus at 1-Nov-2026, and the AGM is set for 30 December 2026 [10].

FAQ

What does Aman Cotton Fibrous make?

100% cotton carded, combed and semi-combed ring-spun grey yarn for knitting and weaving, at Boiragirchala, Sreepur, Gazipur [1 p.62].

What is its capacity?

6,780 MT a year installed; 5,114 MT was utilised in FY2025 (75.42%) [1 p.101].

Who buys the yarn?

In FY2025, BDT 2,166,969,326 of the BDT 2,320,055,751 of sales went to Aman Tex Ltd., a 'Common Director' party [1 p.100] [1 p.73].

What were FY2026 results?

As announced on DSE on 28 October 2026: EPS BDT 0.37, NAV per share BDT 33.35, NOCFPS BDT (1.15) [10]. The FY2026 annual report is not in the corpus at 1-Nov-2026.

What dividend was declared for FY2026?

10% cash (BDT 1 per share) for general shareholders other than sponsor directors; record date 3 December 2026, AGM 30 December 2026 [10].

Was the FY2025 audit opinion modified?

The auditor wrote that the statements 'give a true and fair view' and included four emphasis-of-matter paragraphs; the fourth ends 'Our opinion is not modified in respect of this matter.' [1 p.66]

How much IPO money is unutilised?

BDT 717,498,337 at 30 June 2025, per the auditor, with the deadline extended to 31 December 2028 [1 p.66].

What is the share price basis used here?

The DSE close of BDT 22.2 on 1 November 2026; the 52-week closing range is BDT 16.9-24.9 on unadjusted trading-day closes [19].

When does the financial year end?

On 30 June [1 p.76].

Sources

1. Aman Cotton Fibrous PLC. Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. Aman Cotton Fibrous PLC. un-audited third-quarter financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
3. Aman Cotton Fibrous Ltd. Annual Report 2024 (year to 30-Jun-2024) · link · accessed 2026-11-01
4. Aman Cotton Fibrous Ltd. Annual Report 2023 (year to 30-Jun-2023, with FY2022 comparatives) · link · accessed 2026-11-01
5. Aman Cotton Fibrous Ltd. Annual Report 2021 (year to 30-Jun-2021, with FY2020 comparatives) · link · accessed 2026-11-01
6. Aman Cotton Fibrous Ltd. first-quarter statements to 30-Sep-2021 (signed 14-Nov-2021) · link · accessed 2026-11-01
7. Aman Cotton Fibrous Ltd. first-quarter statements to 30-Sep-2022 (signed 14-Nov-2022) · link · accessed 2026-11-01
8. Aman Cotton Fibrous Ltd. first-quarter statements to 30-Sep-2023 (signed 14-Nov-2023) · link · accessed 2026-11-01
9. Dhaka Stock Exchange, Aman Cotton Fibrous PLC. company page (market data 1-Nov-2026, P/E, shareholding Jun-2025/Aug-2026/Sep-2026, dividend history, loan status), accessed 1-Nov-2026 · link · accessed 2026-11-01
10. Dhaka Stock Exchange news archive for ACFL, 1-Nov-2024 to 1-Nov-2026 (posts dated 11-Nov-2024 to 28-Oct-2026), accessed 1-Nov-2026 · link · accessed 2026-11-01
11. Matin Spinning Mills PLC Annual Report 2024-25, Statement of Profit or Loss, p.152 (page image) · link · accessed 2026-11-01
12. Matin Spinning Mills PLC Annual Report 2024-25, Independent Auditor's Report, p.146 (page image) · link · accessed 2026-11-01
13. Matin Spinning Mills PLC Annual Report 2024-25, Value Creation Model, p.106 (page image) · link · accessed 2026-11-01
14. Saiham Textile Mills Ltd. Annual Report 2024-2025, Statement of Profit or Loss and Other Comprehensive Income, p.66 (page image) · link · accessed 2026-11-01
15. Saiham Textile Mills Ltd. Annual Report 2024-2025, Independent Auditor's Report, p.59 (page image) · link · accessed 2026-11-01
16. Saiham Textile Mills Ltd. Annual Report 2024-2025, Vision and Mission, p.11 (page image) · link · accessed 2026-11-01
17. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
18. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
19. AnalystBro price data (TradingView feed): DSE:ACFL daily bars, 2-Nov-2025 to 1-Nov-2026 · link · accessed 2026-11-01
20. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01