Agricultural Marketing Company (PRAN) financial analysis: borrowings BDT 956.0m, FY2025 cash flow BDT 23.9m (Oct 2026)

Investment considerations: turnover BDT 3,490.7m and profit BDT 40.1m in FY2025; borrowings BDT 956.0m

Agricultural Marketing Company Limited (AMCL) was incorporated on 15 May 1985, converted into a public limited company on 22 June 1993 and went public in 1996; its shares are listed on the Dhaka and Chittagong stock exchanges under the code AMCL(PRAN) [1 p.96] [1 p.6]. Note 1.2 states that the company 'is engaged in manufacturing and marketing of various food products and to import, export, buy, sell and deal in raw materials' [1 p.96]. The industrial unit is at Ghagra, Ghorashal, Narsingdi [1 p.96]. The annual report describes AMCL as 'One of the group's long-established sister concerns' of PRAN-RFL Group [1 p.6]. The company has 8,000,000 shares of Tk. 10 each and a fiscal year ending 30 June [1 p.107].

Turnover was BDT 3,490.7m in FY2025, 5.6% above FY2024, and profit after tax was BDT 40.1m, EPS BDT 5.01 [1 p.93] [17]. Operating profit was BDT 252.8m and financial expenses BDT 162.7m [1 p.93]. Bank borrowings were BDT 956.0m at 30-Jun-2025: a term loan of BDT 88.8m from Commercial Bank of Ceylon and short term credit facilities of BDT 867.2m from nine banks [1 p.111]. Net cash from operating activities was BDT 23.9m [1 p.95]. The statements of changes in equity show cash dividends of Tk. 25,600,000 for each of 2021-22, 2022-23 and 2023-24, and the board recommended 32% (Tk. 25,600,000) for 2024-25 [2 p.89] [1 p.108] [1 p.122].

The FY2026 annual report (year to 30-Jun-2026) is not in the corpus at 1-Nov-2026. The board met on 26-Oct-2026 and DSE posted EPS of Tk. 5.03, 'NAV per share with revaluation of Tk. 165.66' and NOCFPS of Tk. 35.95, with a 32% cash dividend, record date 17.11.2026 and AGM on 24.12.2026 [10]. Those figures are used here and labelled as DSE-announced. The interim statements for the quarter to 30-Sep-2025 and the half year to 31-Dec-2025 are in the corpus [6 p.2] [7 p.2]; the nine-month statements to 31-Mar-2026 are in the corpus as a scanned file, read from the page images [8 p.2].

Business: PRAN juices, drinks, water and confectionery; export line 9.7% of FY2025 turnover

The directors' report lists the brands: Juice, Drinks & others include 'PRAN Fruit Juice, PRAN Mango Juice, PRAN Orange Flavour, PRAN Litchi Flavour, PRAN Orange Plus, PRAN Mango Plus, Robust, PRAN Rose Water, PRAN Synthetic Vinegar, Total Milk Tea, Safe Tasty Salted, Kofi House'; Mineral Water includes 'PRAN Drinking Water'; Soft Drinks include 'Maxx Lemon, PRAN Maxx Cola, Maxx Orange, Braver, Bulldozer, Cheer Up' [1 p.42]. Note 41 adds 'Ice Pop, Candy, Robust and Others', including 'PRAN Choco Choco, Milky Stick King, Fruto Toffee, PRAN Frooto Candy and others' [1 p.122]. The 'About us' page states that AMCL uses 'raw materials sourced directly through the group's contract-farming programs' and handles packaging 'across multiple formats (Tetra Pak, PET, glass, cans)' [1 p.6].

Note 41 prints capacity and production in pieces or packets of different sizes. Juice, drinks and others: capacity 279,212,000, production 132,878,908, utilisation 47.59%; mineral water 70.02%; soft drinks 61.26%; ice pop, candy, Robust and others 82.08% [1 p.121]. The directors' report states 'This year production capacity was same' [1 p.41]. The filings give no price or volume split of turnover and no turnover by product group.

Turnover is reported in two parts. Local sales net of VAT and supplementary duty were BDT 3,150.3m in FY2025 and BDT 3,113.2m in FY2024; the export line, which includes cash incentive, was BDT 340.3m and BDT 192.9m [1 p.113]. The export line was 9.7% of FY2025 turnover and 5.8% of FY2024 turnover (derived) [17]. Cash incentive was BDT 15.6m in FY2025 and BDT 45.5m in FY2024 [1 p.113]. The directors' report states 'This year the export earning was Tk 34.03 cr' and that the company 'was able to earn greater revenues from previous year in foreign exports' [1 p.41]. The chairman's profile describes PRAN-RFL as 'exporting to more than 145 countries worldwide' [1 p.16] and the performance page prints 'Export over 145 countries' [1 p.8].

Annexure-2 splits the FY2025 profit and loss account between export and local. Export gross margin was 17.2% and local 19.3%; surplus was BDT 3.9m on export and BDT 36.2m on local sales [1 p.124] [17]. Note 39 prints 1,903 permanent employees at 30-Jun-2025 (1,038 head office, 865 plant) and 1,877 a year earlier [1 p.121].

Income statement: turnover up in every year to BDT 3,490.7m; gross margin 18.7%-19.1%

Turnover was BDT 2,641.3m in FY2020, BDT 2,948.9m in FY2021, BDT 3,153.7m in FY2022, BDT 3,226.4m in FY2023, BDT 3,306.1m in FY2024 and BDT 3,490.7m in FY2025 [5 p.64] [3 p.79] [2 p.88] [1 p.93]. Annual growth was 11.6%, 6.9%, 2.3%, 2.5% and 5.6% [17]. The directors' report table prints FY2025 revenue growth of 5.56% [1 p.42]; the management's discussion prints 'net turnover for the year 2025 increased by 5.58%' and states 'The growth was primarily driven by higher volume' [1 p.71].

Gross margin was 18.7% in FY2020 and 19.1% in FY2025 [17]. Operating margin was 7.5% in FY2020, 7.0% in FY2023 and 7.2% in FY2025 [17]. Distribution expenses rose from 3.5% to 3.9% of turnover and selling expenses from 1.7% to 2.3%; marketing expenses were 3.5% in FY2020 and 3.1% in FY2025 [17]. Net margin was 1.7% in FY2020 and 1.1% in FY2025 [17].

Total tax was 33.8% of profit before tax in FY2020, 29.8% in FY2024 and 50.5% in FY2025 [17]. Note 31.1 computes FY2025 current tax as the higher of regular tax, minimum tax at 1.00% of sales and AIT on export: local minimum tax of Tk. 31,503,457 and export AIT of Tk. 4,070,436, plus Tk. 35,105 on other income, Tk. 35,608,998 in all [1 p.115]. A prior-year adjustment of Tk. 6,684,352 brings current tax to Tk. 42,293,350; the FY2024 prior-year adjustment was Tk. (9,045,034) [1 p.115]. Note 32 states that EPS 'declined compared to the previous year, primarily due to a higher tax expenses imposed during the current year' [1 p.116].

Line items: materials 71.1% of turnover; interest on working capital BDT 159.2m in FY2025

Materials consumed were BDT 2,483.0m in FY2025 and BDT 2,341.0m in FY2024, 71.1% and 70.8% of turnover (derived) [1 p.113] [17]. Factory overhead was BDT 347.6m, of which power and fuel BDT 131.0m (BDT 118.7m in FY2024), salaries, allowances and wages BDT 140.7m (BDT 154.1m) and depreciation BDT 25.8m [1 p.113] [1 p.114]. Raw materials at 30-Jun-2025 were raw and chemical materials Tk. 427,432,661, packing materials Tk. 418,884,008 and store and spares Tk. 8,548,653 [1 p.104]. The directors' report states that 'Costs of other raw materials for packaging like resin, tetra packs foil etc. along with shipping cost increased substantially' and that management 'tried to avoid hiking of price of our consumer goods' [1 p.41].

Marketing expenses include advertisement of BDT 57.9m in FY2025 and BDT 54.1m in FY2024 [1 p.114]. Distribution expenses include carriage outwards and loading of BDT 56.4m and freight and forwarding of BDT 7.4m [1 p.115]. Selling expenses include salaries and allowances of BDT 65.0m and sales incentive of BDT 7.1m [1 p.114]. Note 40 states that 'No compensation/ perquisite was allowed by the Company to the Directors' and that board attendance fees are Tk. 1,500 per director per meeting, 'But no meeting fee was drawn' [1 p.121].

Financial expenses were BDT 162.7m in FY2025: interest on working capital loan BDT 159.2m, interest on lease obligation BDT 0.4m and bank charges BDT 3.0m [1 p.115]. Interest paid in the cash flow statement was BDT 159.2m [1 p.95]. Financial expenses were 4.9% of turnover in FY2020 and 4.7% in FY2025 [17]. Note 36.5 states that 'local currency loans are not significantly affected by fluctuations in interest rates, as the rates are below market rates' [1 p.118].

Other income was a loss of BDT 5.1m in FY2025 and BDT 18.0m in FY2024 [1 p.93]. Note 30 shows realised exchange losses of BDT 5.9m and BDT 6.8m and un-realised exchange losses of BDT 0.8m and BDT 12.9m in the two years [1 p.115]. Note 36.4 states that the company 'has not entered into any derivative instruments to hedge its foreign currency risk' [1 p.118].

FY2026 to date: DSE-announced EPS BDT 5.03, NOCFPS BDT 35.95, NAV with revaluation BDT 165.66

Quarter to 30-Sep-2025 (statements in the corpus): turnover Taka'000 1,006,596 against 850,451, net profit after tax 13,628 against 13,723, EPS 1.70 against 1.72, NAV per share 94.66 [6 p.2] [6 p.3]. Half year to 31-Dec-2025: turnover Taka'000 2,030,399 against 1,751,905, a rise of 15.9% (derived); financial expenses 85,219 against 75,081; net profit after tax 27,313 against 28,317; EPS 3.41 against 3.54 [7 p.2] [17]. Short term loan from bank was Taka'000 818,286 and cash 46,659 at 31-Dec-2025 [7 p.3].

Nine months to 31-Mar-2026 (statements, read from the page images): turnover Taka'000 2,988,459 against 2,638,852; financial expenses 128,897 against 116,004; net profit after tax 37,954 against 39,420; EPS 4.74 against 4.93 [8 p.2]. NOCFPS was 35.91 against 16.39 and NAV per share 94.50 at 31-Mar-2026; short term credit facilities were Taka'000 880,689 and cash 30,687 [8 p.4] [8 p.3]. Year to 30-Jun-2026 (DSE post of 27-Oct-2026): EPS Tk. 5.03 against 5.01, NOCFPS Tk. 35.95 against 2.98 and 'NAV per share with revaluation of Tk. 165.66' against Tk. 92.88 [10]. On 8.0m shares those are profit of about BDT 40.2m and equity of about BDT 1,325.3m (derived) [17]. The H1 FY2026 notes state that 'The company has planned to carry out a revaluation of its property, plant and equipment in the upcoming quarter' [7 p.12]; the FY2026 accounts with the revaluation detail are not in the corpus at 1-Nov-2026.

Balance sheet: bank borrowings BDT 956.0m (1.29x equity); inventories BDT 914.5m

Total assets were BDT 1,799.0m at 30-Jun-2025: inventories BDT 914.5m, advances, deposits and prepayments BDT 458.3m, property, plant and equipment BDT 272.2m, trade receivables BDT 129.3m and cash BDT 21.1m [1 p.92]. Equity was BDT 743.0m, 41.3% of total assets; it was 49.0% at 30-Jun-2021 [17]. Bank borrowings were 0.89x equity at 30-Jun-2021 and 1.29x at 30-Jun-2025, and 3.78x FY2025 operating profit [17].

The term loan from Commercial Bank of Ceylon was Tk. 88,806,985 at 30-Jun-2025, of which Tk. 21,234,996 current [1 p.111]. Short term credit facilities of Tk. 867,207,575 were spread across nine banks; Commercial Bank of Ceylon held Tk. 653,115,509, against Tk. 52,998,842 a year earlier [1 p.111]. Note 17 states: 'The loans are secured by a common charge over the Company's current assets, which serve as security to all consortium banks equally' [1 p.111]. The AR2024 balance sheet printed the June 2024 term loan as Tk. 91,757,500 (non-current) and short term credit as Tk. 698,525,856 [2 p.87]; AR2025 reprints them as Tk. 105,454,106 and Tk. 684,829,250 [1 p.92]. Both printings total BDT 790.3m.

Inventories were BDT 591.9m at 30-Jun-2021 and BDT 914.5m at 30-Jun-2025, 90 and 118 days of cost of goods sold [17]. At 30-Jun-2025 they comprised raw materials Tk. 854,865,322, work in process Tk. 10,037,854 and finished goods Tk. 49,555,396 [1 p.104]. The inventory key audit matter describes inventory as 'about 51% of total assets' [1 p.89].

Trade receivables were BDT 50.9m at 30-Jun-2024 and BDT 129.3m at 30-Jun-2025: Tk. 78,945,525 less than 6 months and Tk. 50,381,633 between 6 and 12 months [1 p.105]. Note 7 states that 'The increase in trade receivables during the last three months is primarily due to higher export sales' [1 p.104]. Advances, deposits and prepayments of BDT 458.3m include advance against income tax of Tk. 247,091,707, VAT Tk. 67,818,759 and merchandise in transit Tk. 52,349,453 [1 p.105].

Note 14 discloses a correction: 'deferred tax on revaluation of land had previously been calculated on the total revalued amount of the land instead of the revaluation surplus. As a result, the Deferred Tax Liability had been overstated and the Revaluation Surplus had been understated', corrected 'In compliance with the requirements of IAS 8' [1 p.108]. The deferred tax income taken to equity was Tk. 1,326,246 in FY2025 [1 p.107].

Cash flow: BDT 643.6m from operations and BDT 716.4m of interest paid over FY2021-FY2025

Net cash from operating activities was BDT 169.8m in FY2021, BDT 156.6m, BDT 195.4m, BDT 97.9m and BDT 23.9m in FY2025 [4 p.68] [3 p.81] [2 p.90] [1 p.95]. Over FY2021-FY2025 operating cash flow totalled BDT 643.6m, interest paid BDT 716.4m, PPE and CWIP outflows BDT 145.5m (from taka: 1,085,900 + 46,065,008 + 98,299,463; FY2021 printed investing total was a BDT 0.4m inflow) and dividends paid BDT 132.8m [17]. The company shows interest paid in financing activities; operating cash flow plus investing less interest paid was BDT -150.9m in FY2024 and BDT -135.4m in FY2025 (derived) [17].

Note 33 explains the FY2025 fall in NOCFPS: 'increased export sales in the last three months, outstanding collection have risen, and also over payment to suppliers, income tax & employees and others as compared to previous year' [1 p.116]. The reconciliation in note 35 shows inventories absorbing BDT 61.1m, trade receivables BDT 78.4m and advances, deposits and prepayments BDT 41.4m in FY2025 [1 p.116]. Operating cash flow was 3.95x profit after tax in FY2021 and 0.60x in FY2025 [17].

Dividends paid were 57.2% to 70.6% of profit after tax in each year FY2021-FY2025 [17]. The dividend policy lists 'Profitability of the current year', 'Availability and Liquidity of Funds' and 'Cost of raising funds from alternate sources and cost of debt' among the internal factors [1 p.63]. The directors' report states: 'no stock dividend or bonus share has been declared during the year or shall be declared in future as interim dividend' [1 p.42].

Related parties: Taka 597.50 crore of guarantees given; BDT 1,519.6m of purchases from sister concerns in FY2025

Note 38(ii)(a) lists corporate guarantees issued under board resolution in favour of banks on behalf of sister companies, Taka 597.50 crore in total [1 p.120]; note 37.1 states 'The Company has corporate guarantee as commitment amounting Taka 597,50 (Crore) as at 30 June 2025' [1 p.119]. That is BDT 5,975.0m, 8.0x equity at the same date (derived) [17]. Note 38(ii)(b) lists guarantees received from related parties of Taka 634.00 crore [1 p.120]. The AGM notice includes the agenda item 'To approve mutual transactions of temporary loans and/or corporate guarantee with sister concerns' [1 p.36].

Note 38(ii)(c) lists 'Expenses/Purchase' transactions with six sister concerns, with no outstanding balance at either year end: Pran Dairy Ltd. Taka 44.54 crore, Pran Foods Ltd. 40.41 crore, Pran Agro Ltd. 28.90 crore, Habigonj Agro Ltd. 22.77 crore, Mymensing Agro Ltd. 14.83 crore and Banga Building Materials 0.51 crore in FY2025 [1 p.121]. The total is BDT 1,519.6m in FY2025 and BDT 1,534.0m in FY2024, 43.5% of FY2025 turnover (derived) [17]. Note 38(i) lists the holdings of the directors in group companies: Mr. Ahsan Khan Chowdhury holds 96.93% of PRAN Foods Ltd., 82.64% of PRAN Dairy Ltd., 39.99% of PRAN Agro Ltd. and 23.34% of Property Development Ltd. [1 p.119].

Audit: unmodified FY2024 and FY2025 opinions with an emphasis of matter on the 1996 revaluation

The FY2025 auditor is S. F. Ahmed & Co., Chartered Accountants (engagement partner Md. Enamul H Choudhury, FCA), report dated 26 October 2025 [1 p.91]. The Opinion section reads: 'We have audited the financial statements of Agricultural Marketing Company Limited (the "company") which comprise the statement of financial position as at 30 June 2025 and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies In our opinion, the accompanying financial statements 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 in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange Rules 2020 and other applicable laws and regulations.' [1 p.87] The basis for opinion reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAS). Our responsibilities under those standards are further described in the Auditors' 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 and the Institute of Chartered Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.87]

The FY2025 emphasis of matter reads in full: 'We draw attention to Note-5 and Annexure-1 of the financial statements, which disclose the carrying amount of property, plant, and equipment (PPE) as of 30 June 2025, amounting to Taka 272,203,149, out of which the revalued amount represents Taka 15,149,578. The company had revalued its land, factory building, machinery & equipment and vehicles on 10 December 1996, and subsequent increases in the net carrying amount were recognized in their respective years as additions to valuation. As per IAS 16.31 and IAS 16.34, those assets under the revaluation model should be revalued with sufficient regularity (i.e in every three or five years) to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Our opinion is not modified in respect of this matter.' [1 p.87] The FY2025 report contains no other-matter paragraph [1 p.87] [1 p.90] [1 p.91].

The FY2024 report, by the same firm and partner, is dated 27 October 2024 [2 p.86]. Its Opinion section reads: 'We have audited the financial statements of Agricultural Marketing Company Limited (the "company") which comprise the statement of financial position as at 30 June 2024 and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the company as at 30 June 2024 and of its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange Rules 2020 and other applicable laws and regulations.' [2 p.82] Its basis for opinion uses the same wording as FY2025 with '(ISAs)' [2 p.82]. Its emphasis of matter reads: 'We draw attention to Note-5 and Annexure-1 of the financial statements, which disclose the carrying amount of property, plant, and equipment (PPE) as of 30 June 2024, amounting to Taka 298,358,016, out of which the revalued amount represents Taka 15,184,377. The company had revalued its land, factory building, machinery & equipment and vehicles on 10 December 1996, and subsequent increases in the net carrying amount were recognized in their respective years as additions to valuation. As per IAS 16.31 and IAS 16.34, those assets under the revaluation model should be revalued with sufficient regularity (i.e in every three or five years) to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Our opinion is not modified in respect of this matter.' [2 p.82] Its other matter reads: 'The financial statements of the company as at and for the year ended 30 June 2023 were audited by another auditor who expressed an unmodified opinion on these financial statements on 28 October 2023.' [2 p.85]

The FY2023 statements were signed by M. J. ABEDIN & CO, Chartered Accountants [3 p.78]. DSE posted emphasis-of-matter notices for the FY2024 and FY2025 reports on 24-Nov-2024 and 17-Nov-2025 [10]. The statement of corporate governance states that the auditor 'placed there report and no adverse remarks found in the Auditor's Report' [1 p.73].

Governance: chairman holds 20.40%; two independent directors appointed after June 2025

Board meetings and attendance in FY2025 (year to 30-Jun-2025): Ahsan Khan Chowdhury (Chairman) 10 of 10, Md. Eleash Mridha (Managing Director) 10 of 10, Uzma Chowdhury (Director) 8 of 10, Mrs. Sabiha Amjad (Director) 6 of 10 and Md. Abdus Salam FCA (Independent Director, 'Completed his term on 07.07.2025') 10 of 10 [1 p.47]. The directors' report states that Mr. Md. Rezaul Hasan and Mrs. Zakia Sultana were appointed independent directors 'with effect from 6th October 2025' for 3 years, subject to approval at the AGM [1 p.46]; the compliance annexure remark states they were 'appointed as Independent Directors of the company for upcoming 03 years dated on. 10,11,2025' [1 p.76]. The directors' report gives the board as six, two of them independent, at the report date [1 p.43]; the statement of corporate governance gives five (5) as on 30 June 2025 [1 p.73].

The audit committee report for FY2025 lists Mr. Md. Abdus Salam, FCA (Chairman), Mr. Ahsan Khan Chowdhury and Mrs. Sabiha Amjad, each attending 4 of 4 meetings [1 p.68]. The corporate directory, at the report date, lists Mr. Rezaul Hasan (Chairman), Mrs. Sabiha Amjad and Mrs. Zakia Sultana [1 p.9]. Condition 5(2)(b) in the annexure, 'The Board shall appoint members of the audit committee who shall be non-executive directors of the company excepting Chairperson of the Board', is ticked complied [1 p.81]. The NRC report states that 'the Committee met once' in the year and prints attendance of '2/2' for each member [1 p.69] [1 p.70].

Key management: Managing Director Mr. Md. Eleash Mridha (also listed as Chief Executive Officer), Chief Financial Officer Mr. Mohammad Yeamin and Company Secretary (CC) Mr. Muhammad Shariful Islam [1 p.9] [1 p.45]. The head of internal audit is printed as 'Mr. Md. Arafatul Islam' in the corporate directory [1 p.9] and as 'Mr. Sumit Saha' in the shareholding table of the directors' report [1 p.45]. The same table names Mr. Md. Muniruzzaman as Chief Operating Officer [1 p.45]. The directors' report prints remuneration of '50,000/-' for Md. Abdus Salam FCA and '-' for the other directors [1 p.46]; note 40 states that 'No compensation/ perquisite was allowed by the Company to the Directors' and 'no meeting fee was drawn' [1 p.121].

Ownership at 30-Jun-2025 (note 10.1): sponsors and directors 3,212,130 shares (40.15%), general public 2,540,572 (31.76%) and financial institutions 2,247,298 (28.09%), held by 3,678 shareholders [1 p.107]. A year earlier general public held 34.18% and financial institutions 25.66% [1 p.107]. Holders of 10% or more: Mr. Ahsan Khan Chowdhury 1,632,000 shares (20.40%) and Property Development Ltd. 1,380,130 (17.25%) [1 p.45]. The named sponsor and director holdings in the directors' report add to 3,246,130 shares, 34,000 more than the note 10.1 sponsors and directors figure; the difference equals the 1,000 and 33,000 shares printed for Mr. Md. Eleash Mridha and Mrs. Uzma Chowdhury 'in the own name' [1 p.45] [1 p.107] [17]. The same table prints Mrs. Uzma Chowdhury's 33,000 shares as 0.041%; 33,000 of 8,000,000 is 0.4125% (derived) [1 p.45].

The compliance annexure (Annexure-C, p.76-85) marks no condition 'Not Complied' [1 p.76]. The rows left without a tick and the remarks are listed below. The compliance auditor, SARashid & Associates, reports that the company 'has complied with the conditions of the Corporate Governance Code ... except as stated in the remarks column' and that 'The Governance of the Company is satisfactory', dated 30 November 2025 [1 p.75]. The statement of corporate governance states: 'BSEC's directive regarding appointment of female Independent Director in the company is under process and shall be completed within timely manner' [1 p.73].

DSE news: 'Z' category post of 3-Feb-2026 over dividend timing, reversed on 5-Feb-2026

The 24-month DSE archive (31-Oct-2024 to 1-Nov-2026, criteria 3) holds the quarterly and annual results, board-meeting notices, record dates, two CRISL rating results, two emphasis-of-matter notices and the February 2026 category posts [10]. It contains no board approval of capital expenditure, expansion, rights issue or asset sale [10]. The archive returns no posts before 6-Nov-2024. The directors' report states that 'operational units are working on it and examining the potential locations' for expansion, with no amount or date [1 p.44].

On 3-Feb-2026 DSE posted that the company 'will be placed in "Z" category from existing "A" category with effect from February 05, 2026 as per provision 1(e) of BSEC Directive No. BSEC/CMRRCD/2009-193/77, dated May 20, 2024 regarding non-disbursement of the approved dividend within the stipulated time frame', and that brokers should abstain from loan facilities from the same date [10]. On 5-Feb-2026 it posted that the company had 'submitted a revised Dividend Distribution Compliance Report along with the required supporting documents on the same date i.e., 03.02.2026' and 'will remain in the same category, i.e., "A Category."', and that the FY2025 cash dividend had been disbursed [10]. The FY2025 financial calendar had printed dividend payment for 22-Jan-2026 [1 p.23].

Market data: BDT 206.4 close, 41.0x FY2026 EPS, 1.25x June 2026 NAV with revaluation

The shares closed at BDT 206.4 on 29-Oct-2026 [16]. On 8.0m shares the market capitalisation is BDT 1,651.2m [17]. The price is 41.0x DSE-announced FY2026 EPS of BDT 5.03 and 41.2x FY2025 EPS of BDT 5.01; it is 1.25x the DSE-announced June 2026 NAV with revaluation of BDT 165.66 and 2.22x the audited June 2025 NAV of BDT 92.88 [17]. The FY2026 recommended dividend of BDT 3.20 per share is 1.55% of the price and 63.6% of FY2026 EPS [17]. Over 30-Oct-2025 to 29-Oct-2026 the daily closes ranged from BDT 197.6 (16-Nov-2025) to BDT 239.1 (16-Jul-2026) [16]. The annual report printed a closing price of Taka 207.40 on DSE at 30 June 2025 [1 p.107].

Peers for reference: FY2025 financial expenses 4.7% of revenue at AMCL

The table shows FY2025 figures of two food companies with published AnalystBro notes, each from its own company-basis statements for the year to 30-Jun-2025. BD Thai Food & Beverage Limited states its principal activities as 'to manufacture of quality food and beverage items and marketing thereof' [11 p.53]. Rangpur Dairy & Food Products Limited states its business as 'To produce or manufacture Ultra High Temperature (UHT), pasteurized and flavored milk, ghee, butter, different type of candy and milk products and marketing the same in the domestic market' [12 p.54]. The businesses differ and the figures are not ranked.

Gross margin was 19.1% at AMCL, 25.9% at BD Thai Food and 19.4% at Rangpur Dairy [17]. Financial expenses were 4.7% of revenue at AMCL, 92.6% at BD Thai Food and 5.8% at Rangpur Dairy [17]. Bank borrowings were 1.29x closing equity at AMCL, 1.28x at BD Thai Food and 0.44x at Rangpur Dairy (derived) [17].

What's next: record date 17-Nov-2026, Q1 FY2027 board meeting, AGM 24-Dec-2026

Announced dates: the record date for the FY2026 dividend is 17-Nov-2026 and the 41st AGM is on 24-Dec-2026, both posted by DSE on 27-Oct-2026 [10]. The CRISL rating page prints 'Valid up to 1st December, 2026' [1 p.24]. Inferred dates below cover all printed precedents. Q1 board meetings were 13-Nov-2023 (AR2024 calendar), 12-Nov-2024 and 12-Nov-2025 (DSE notices) [2 p.11] [10]. Q2 board meetings were 28-Jan-2024, 27-Jan-2025 and 31-Jan-2026, the last a Saturday [2 p.11] [10]; the half-yearly file for December 2022 carries a BSEC cover letter dated January 28, 2023 (letter date) [9 p.1]. The quarterly statements print no signing date; a sweep of page 1 of the Q1 and Q2 files for 2020-2024 found no other cover-letter date. Annual-report precedents: AGM notices dated December 02, 2021, December 07, 2022 and December 07, 2023 (notice dates) [5 p.15] [4 p.14] [3 p.17]; 'Issuance of Annual Report' 05/12/2024 (calendar date) [2 p.11]; letter of transmittal December 01, 2025 (letter date) [1 p.21]. Dividend disbursement posts were 5-Feb-2025 and 5-Feb-2026; CRISL result posts were 19-Dec-2024 and 21-Dec-2025 [10]. Fridays and Saturdays are excluded from the ends of each inferred range. The 40th AGM on 24-Dec-2025 has passed and its outcome is not in the corpus [1 p.36].

Bangladesh's LDC graduation date is 24-Nov-2029 [14] [15]. The company's FY2025 export line, including cash incentive of BDT 15.6m, was BDT 340.3m [1 p.113]; the filings do not link graduation to any line. The FY2026 annual report, with the revaluation detail, the audit opinion and the borrowing notes, is not in the corpus at 1-Nov-2026.

Risks: guarantees for sister concerns, bank borrowings, operating cash flow

Each row gives the evidence printed in the filings. No filing links these risks to a named line item, and 'Line it moves' reads 'None disclosed' in every row. The rows are not ranked.

Key questions: the FY2026 revaluation, borrowings and guarantees

The filings show turnover growth in every year from FY2021 to FY2025, gross margin in a range of 18.7%-19.1%, financial expenses of 64.4% of FY2025 operating profit and bank borrowings of BDT 956.0m at 30-Jun-2025 [17]. On 29-Oct-2026 the shares traded at 41.0x DSE-announced FY2026 EPS [17].

FAQ

What does Agricultural Marketing Company (AMCL PRAN) make?

Juices and drinks, mineral water, soft drinks, ice pops, candy and other PRAN-branded food products, made at Ghorashal, Narsingdi [1 p.122] [1 p.96].

When does the company's fiscal year end?

30 June [1 p.96].

What did AMCL earn in FY2025?

Profit after tax of BDT 40.1m, EPS BDT 5.01, on turnover of BDT 3,490.7m [1 p.93].

What are the latest results?

DSE-announced FY2026 EPS of BDT 5.03, NOCFPS BDT 35.95 and NAV per share with revaluation of BDT 165.66 [10].

Is the audit opinion clean?

The FY2025 opinion is unmodified, with an emphasis of matter on the revaluation of 10 December 1996 [1 p.87].

How much does the company owe banks?

BDT 956.0m at 30-Jun-2025: a Commercial Bank of Ceylon term loan of BDT 88.8m and short term credit facilities of BDT 867.2m [1 p.111].

What dividend did AMCL pay?

32% cash (Tk. 25,600,000) for FY2025 [1 p.122]; the board recommended 32% cash for FY2026 [10].

Who controls the company?

Sponsors and directors held 40.15% at 30-Jun-2025, including Mr. Ahsan Khan Chowdhury 20.40% and Property Development Ltd. 17.25% [1 p.107] [1 p.45].

Sources

1. Agricultural Marketing Company Limited Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. Agricultural Marketing Company Limited Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-01
3. Agricultural Marketing Company Limited Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-11-01
4. Agricultural Marketing Company Limited Annual Report 2021-22 (year to 30-Jun-2022) · link · accessed 2026-11-01
5. Agricultural Marketing Company Limited Annual Report 2020-2021 (year to 30-Jun-2021) · link · accessed 2026-11-01
6. Agricultural Marketing Co. Ltd. un-audited financial statements, quarter to 30-Sep-2025 · link · accessed 2026-11-01
7. Agricultural Marketing Co. Ltd. un-audited financial statements, half year to 31-Dec-2025 · link · accessed 2026-11-01
8. Agricultural Marketing Co. Ltd. un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
9. Agricultural Marketing Co. Ltd. half-yearly un-audited financial statements to 31-Dec-2022 (BSEC cover letter) · link · accessed 2026-11-01
10. Dhaka Stock Exchange, AMCL(PRAN) news archive (company disclosures, 31-Oct-2024 to 1-Nov-2026) · link · accessed 2026-11-01
11. BD Thai Food & Beverage Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
12. Rangpur Dairy & Food Products Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
13. AnalystBro, Rangpur Dairy & Food Products financial analysis (published note, Oct 2026) · link · accessed 2026-11-01
14. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
15. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
16. AnalystBro price data (TradingView feed): DSE:AMCLPRAN daily bars to 29-Oct-2026 · link · accessed 2026-11-01
17. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01