Apex Foods financial analysis: 31% plant utilisation, tax 55% of profit before tax, FY2026 EPS BDT 14.21 (Oct 2026)

Investment considerations: FY2025 revenue BDT 2,156m, plant at 31% of capacity, FY2026 EPS BDT 14.21

Apex Foods Limited owns and operates a shrimp processing plant at Fouzderhat Industrial Estate, Pahartali, Chattogram, and 'exports 100% of its products in the foreign markets' [1 p.49]. It was incorporated on 21-Mar-1979, made its initial public offering on 22-Jun-1981 and a rights offer on 11-Jan-1997 [1 p.49] [1 p.29]. It has 5,702,400 shares of BDT 10 each [1 p.61], a fiscal year that ends on 30 June [1 p.56], and its registered office in Shanta Skymark, Gulshan, Dhaka, which the directors and their family members provide rent-free [1 p.72].

Revenue moved between BDT 1,643m and BDT 3,513m in the ten years to FY2025 and closed the period at BDT 2,156.2m [18]. Net profit after tax ranged from a loss of BDT 13.2m (FY2016) to BDT 50.8m (FY2023) and was BDT 36.5m in FY2025 [9 p.28] [3 p.45] [1 p.46]. The board approved the FY2026 accounts on 4-Oct-2026 and DSE posted EPS of BDT 14.21, NAV per share of BDT 241.97 and NOCFPS of BDT 64.89 on 5-Oct-2026 [11]. On 5,702,400 shares, that EPS is about BDT 81.0m of profit (derived) [18]. The FY2026 annual report is not in the corpus at 1-Nov-2026; this note uses the nine-month accounts to 31-Mar-2026 for line items and the DSE announcement for the full-year totals.

Business: one Chattogram shrimp plant, eleven export markets, 31% capacity use in FY2025

The company buys raw shrimp directly from farmers, processes and freezes it at Chattogram and ships it to buyers abroad. The payables note says 'Shrimps are purchased directly from the Shrimps cultivators i.e. the owner of the Gher and price are fixed after bargaining on the respective day of the purchase' [1 p.64]. The accounts report one segment [1 p.55]. In FY2025 the company also sold 8,350 kg of white fish for USD 43,575, all to the UAE [1 p.67]. The working capital loan and cash credit come from Agrani Bank PLC, Agrabad Corporate Branch, secured by a first charge on land, buildings, plant and machinery and a pledge of finished goods [1 p.64].

The FY2025 notes print an installed capacity of 7,200 tonnes and actual use of 2,248 tonnes (31.22%), and say 'It is a seasonal business; shrimps season remains for only about 6 (six) months (May to October) in a year. The Company was unable to achieve the optimum capacity due to non-availability of adequate shrimps throughout the year' [1 p.73]. Printed utilisation was 36.53% in FY2021, 38.85% in FY2022, 22.54% in FY2023, 25.09% in FY2024 and 31.22% in FY2025 [1 p.5]. Production was 2,142,228 kg in FY2025 and 1,806,696 kg in FY2024 [1 p.73].

The managing director's discussion describes an industry where 'processing units shutting down as exports have halved in 7 years' and notes that 'Bangladesh has yet to approve commercial cultivation of vannamei shrimp, although processors and farmers have been pushing for permission for years' [1 p.26]. The directors' report cites Export Promotion Bureau data showing frozen and live fish exports up 14.45% to USD 316.2m in July-February FY2025, with shrimp up 17.06% to USD 215.9m [1 p.28]. The filings do not give the company's share of national shrimp exports.

The buyer mix has moved. Exports to the USA were 1,533,818 kg in FY2022 (51.9% of kg and 50.3% of USD) and 354,742 kg in FY2025 (18.1% of kg and 22.5% of USD), derived [5 p.69] [1 p.67] [18]. In FY2025 the Netherlands took 613,105 kg (USD 5.13m) and the USA 354,742 kg (USD 4.05m); eleven countries are listed [1 p.67]. The credit-risk note names the same markets and says trade receivables 'are secured against firm contracts/letters of credit' [1 p.54]. The filings do not name individual buyers.

Revenue and margins: gross margin 8.4-11.9% over ten years, 10.5% in FY2025

Revenue fell 19.2% in FY2017, rose in 4 of the next five years (FY2018-FY2022) and fell 31.1% in FY2023 and 15.9% in FY2024, before a 6.0% rise in FY2025 [18]. Between FY2022 and FY2025 export quantity fell 33.5% and USD per kg fell from 14.01 to 9.17; revenue per USD exported rose from BDT 84.9 to BDT 119.8 [18]. The FY2025 closing USD rate printed in the notes was Tk. 121.78, against Tk. 116.65 at 30-Jun-2024 [1 p.60].

Nine-month revenue to March 2026 was BDT 2,374.3m, up 39.8% on BDT 1,698.2m a year earlier, and January-March 2026 revenue was BDT 903.4m against BDT 603.6m [2 p.2]. The company's note attributes the rise to 'increase of export during the period' [2 p.8]. The interim accounts do not give quantities or USD values.

Gross margin stayed between 8.4-11.9% over FY2016-FY2025: 11.0% in FY2023, 9.6% in FY2024 and 10.5% in FY2025 [18]. It was 7.9% in 9M FY2026 against 9.0% in 9M FY2025 [18]. Raw shrimp is the main cost: shrimp purchased was BDT 1,955.7m in FY2025, 91.5% of the BDT 2,138.0m cost of production, and the notes say 'Cash incentive adjusted with the raw materials purchase' [1 p.67]. Shrimp purchased (BDT) divided by shrimp purchased (kg), derived, was BDT 636 (FY2021), 744, 785, 815 and 873 (FY2025); the notes print the purchase value with cash incentive adjusted [6 p.71] [5 p.69] [4 p.67] [3 p.66] [1 p.67]. Derived revenue per kg exported was BDT 1129 in FY2024 and BDT 1098 in FY2025 [18].

The directors' report says raw material purchase cost 'has increased to the tune of Tk. 306.26 million against last year' and that 'Raw Materials had to be purchased more during the year, due to necessity of holding inventory and avoid the risk of increase in raw material cost' [1 p.28]. Finished goods in stock were 451,573 kg (BDT 316.5m) at 30-Jun-2025 and 272,348 kg (BDT 109.2m) a year earlier [1 p.67].

Overheads, finance and tax: freight BDT 79.3m and tax 55.2% of profit before tax in FY2025

Administrative and selling overhead was BDT 161.0m in FY2025, 7.5% of revenue, against BDT 127.7m (6.3%) in FY2024 [18]. Freight, forwarding and export expenses rose from BDT 46.8m to BDT 79.3m, and the company's Q3 FY2025 DSE disclosure attributed lower EPS to an 'increase in cost of Freight, Forwarding and Export Expenses' [1 p.69] [11]. In 9M FY2026 administrative and selling overhead was 5.4% of revenue against 6.8%; sales commission was BDT 11.0m against BDT 0.4m, and the note says 'The Increase of 10% is mainly for sales commission purpose' [2 p.10] [18].

Financial expenses fell from BDT 96.9m in FY2016 (4.8% of revenue) to BDT 14.9m in FY2024 (0.7%) and were BDT 26.0m in FY2025 (1.2%) [18]. Bank borrowings fell from BDT 887.8m at June 2017 to BDT 0.7m at June 2024 and rose to BDT 261.2m at June 2025 [18]. FY2025 financial expenses were interest of BDT 15.5m and bank charges of BDT 10.5m [1 p.70]. The cash credit carried interest of 11.99% to 12.63% a year across the four quarters of FY2025 [1 p.64]. In 9M FY2026 financial expenses were BDT 25.7m, 1.1% of revenue [2 p.10] [18].

Finance and other income was BDT 47.1m in FY2025: interest on FDRs of BDT 41.3m, dividends of BDT 5.7m from Apex Spinning & Knitting Mills Ltd. and Central Depository Bangladesh Limited, and PF lapse income [1 p.70]. It equalled 57.8% of profit before tax in FY2025, against 22.2% in FY2023 [18]. In 9M FY2026 it was BDT 39.2m [2 p.10].

In FY2025 tax was the largest deduction below operating profit. Tax expenses were 55.2% of profit before tax in FY2025, 59.9% in FY2024 and between 49.0-75.5% over FY2017-FY2025 [18]. Note 37 says current tax 'consists the higher of minimum tax' under section 163 and sets out three tests [1 p.70]. For FY2025 the business-profit test at 12% gave BDT 4.1m; the 1% tax deducted at source on export proceeds gave BDT 21.2m, and that higher figure was used [1 p.70] [1 p.71]. Cash incentive realised was taxed at 10% (BDT 13.4m) and finance income at 22.5% (BDT 8.0m) [1 p.71]. The printed effective tax rate was 55.15% for FY2025 and 59.86% for FY2024 [1 p.71].

Latest results: 9M FY2026 revenue up 40%, FY2026 EPS BDT 14.21 on DSE

The nine months to March 2026 show revenue of BDT 2,374.3m, gross margin of 7.9% and net profit of BDT 25.4m, against BDT 1,698.2m, 9.0% and BDT 20.1m a year earlier [2 p.2] [18]. Tax expenses were 63.8% of profit before tax [18]. Nine-month operating cash flow was BDT 213.3m, after trade receivables fell by BDT 254.9m and inventories by BDT 62.3m; the working capital loan was cut by BDT 195.0m [2 p.4] [2 p.12].

The full-year figures came from DSE. On 5-Oct-2026 the company reported FY2026 EPS of BDT 14.21, NAV per share of BDT 241.97 and NOCFPS of BDT 64.89, against BDT 6.41, BDT 118.99 (restated) and BDT (59.16) for FY2025 [11]. The company gave the EPS change as 'mainly increase in revenue' and the NAV change as 'due to increase in share price of Investments' [11]. EPS of BDT 14.21 less nine-month EPS of BDT 4.45 gives a derived fourth-quarter EPS of BDT 9.76, about BDT 55.7m; the same calculation for FY2025 gives BDT 2.89 [18]. The fourth-quarter line items will be visible when the FY2026 annual report is filed; it is not in the corpus at 1-Nov-2026.

The FY2025 NAV per share appears twice: BDT 126.05 in the FY2025 annual report and BDT 118.99 '(Restated)' in the FY2026 DSE announcement [1 p.45] [11]. The difference of BDT 7.06 per share is about BDT 40.3m of equity (derived) [18]. The DSE announcement does not say what was restated.

Balance sheet: no term loans since June 2023, FDRs BDT 425.6m at March 2026

The balance sheet changed between June 2020 and June 2023. Inventories fell from BDT 901.1m to BDT 129.1m and bank borrowings from BDT 789.0m to BDT 1.7m; FDRs plus cash rose from BDT 203.9m to BDT 349.8m [7 p.42] [3 p.44] [18]. Long-term and short-term loans were repaid in FY2023 [3 p.47]. At 30-Jun-2025 the working capital loan was BDT 261.2m and FDRs plus cash BDT 402.8m; at 31-Mar-2026 the figures were BDT 66.1m and BDT 427.9m [1 p.45] [2 p.1].

Equity includes a fair valuation surplus on listed shares. Investments (non-current) were BDT 223.7m at 30-Jun-2025: 2,263,200 shares of Apex Spinning & Knitting Mills Limited valued at the BDT 89.30 market price (BDT 202.1m), 2,000,000 shares of Apex Weaving & Finishing Mills Limited carried at BDT 20.0m, and Central Depository Bangladesh shares at BDT 1.6m [1 p.58]. The Apex Spinning holding was BDT 441.6m at 31-Mar-2026 [2 p.6]. The fair valuation surplus was BDT 161.5m of the BDT 718.8m equity at June 2025 and BDT 377.0m of BDT 948.3m at March 2026 [1 p.45] [2 p.1]. Equity excluding the surplus was BDT 557.3m and BDT 571.2m [18].

The Apex Weaving holding is measured at cost: the notes say the company 'has measured the value of the investment by applying cost approach rather than the fair market value approach' because the shares are 'under litigation vide the civil suit no.191 (F) of 2018' [1 p.51]. The note on investments records a status report of 06 August 2025 from the company's counsel saying 'Paper book has been prepared attempted for fixing the matter for final hearing. He is confident on winning the case' [1 p.58].

Closing inventory days on cost of goods sold were 131 in FY2016 and above 160 in each year from FY2017 to FY2020 and between 22 and 30 in FY2022-FY2024; they were 61 at June 2025 [18]. Trade receivables were BDT 313.2m at 30-Jun-2025, of which BDT 290.7m was 0-30 days old, and the note says they were 'subsequently realized in full' [1 p.59]. Other payables included 'Bill Purchased and Discounted payable' of BDT 129.5m at June 2025 [1 p.65]. Trade payables to shrimp farmers were BDT 323.8m at June 2025 and BDT 340.7m at March 2026 [1 p.64] [2 p.8].

Contingencies sit in the notes. The company is contingently liable for a bank guarantee of Tk. 1.72 million [1 p.74]. Agrani Bank shows unpaid subsidised interest of Tk. 24,379,282 on an earlier Tk. 15 crore loan as a liability of the company; the company says the amount 'is wrongly shown as liability for the company by the Agrani Bank PLC' and filed Writ Petition No.8196 of 2025 in the High Court Division [1 p.74]. The same text is repeated in the March 2026 accounts [2 p.11]. No hearing date is printed. The notes print no capital expenditure commitment at 30-Jun-2025 [1 p.74].

Cash flow and returns: BDT 821m operating cash after interest over ten years, ROE 5.0% in FY2025

On one basis (interest paid deducted every year), cash from operations was negative in FY2017, FY2018 and FY2025 and above BDT 190m in each of FY2021, FY2022 and FY2023 [18]. Over FY2016-FY2025 it totalled BDT 820.6m, plant purchases BDT 115.9m and dividends paid BDT 115.2m; cumulative net profit was BDT 189.3m [18]. Property, plant and equipment cost BDT 793.9m and carried a written-down value of BDT 72.4m at June 2025; plant and machinery depreciate at 20% a year on the reducing balance [1 p.57] [2 p.5].

The FY2025 operating outflow of BDT 337.4m came with collections from revenue of BDT 2,006.7m and payments for costs and expenses of BDT 2,290.3m [1 p.48]. The company's explanation lists 'decrease in collection from revenue increase in Bank Charges & Commission & also increase in payments for cost & expenses' [1 p.48]. The working capital loan rose by BDT 260.5m the same year [1 p.48]. In FY2026 NOCFPS was BDT 64.89, about BDT 370.0m of operating cash flow (derived) [11] [18].

Net profit over average equity was 5.0% in FY2025 and between 1.4-6.8% over FY2017-FY2025 [18]. On equity excluding the fair valuation surplus, the figure was 6.7% in FY2025 and peaked at 10.3% in FY2023 [18]. Revenue over closing total assets was 1.38x in FY2025 and 2.83x in FY2022 [18]. The fair valuation movement on investments, booked through other comprehensive income, ranged from a deficit of BDT 70.4m (FY2019) to a surplus of BDT 128.3m (FY2018) [7 p.43] [8 p.36].

The board recommended BDT 1.50 per share for FY2020 and BDT 2.00 for each of FY2021 to FY2025 [1 p.30], and BDT 2.00 for FY2026 with a record date of 27-Oct-2026 [11]. Dividend per share was 31.2% of EPS in FY2025 and 14.1% of FY2026 EPS [18]. Unclaimed dividends of Tk 460,093.50 for years up to 2020-21 were transferred to the Capital Market Stabilization Fund on 25 June 2025 [1 p.66].

Audit: unmodified opinions for FY2024 and FY2025, two emphasis-of-matter paragraphs each year

The FY2025 auditor, Malek Siddiqui Wali, Chartered Accountants (Md. Waliullah, FCA), signed on October 12, 2025 [1 p.44]. The opinion reads: 'In our opinion, the accompanying financial statements give true and fair view, in all material respects, of the financial position of the Company as at June 30, 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the company act 1994, the Securities and Exchange Rules, 2020 and other applicable law and regulations.' [1 p.41]. The report adds two emphasis-of-matter paragraphs and three key audit matters, quoted in the exhibit below [1 p.41] [1 p.42]. The FY2024 report by the same firm carries the same opinion wording for June 30, 2024, the same two emphasis-of-matter items and the same three key audit matters [3 p.40] [3 p.41]. DSE posted an 'Emphasis of Matter' notice for each of those years [11].

The auditor's report also records that 'We have not been provided the Director's report and other information contained within the annual report except the financial statements to the date of our auditor’s report' [1 p.43]. The directors' report proposed Hussain Farhad & Co., Chartered Accountants, as statutory auditor for 2025-2026, Malek Siddiqui Wali having served three consecutive years [1 p.32]. That appointment was for the AGM of 29-Nov-2025 (passed); the FY2026 auditor's report is not in the corpus at 1-Nov-2026, and the DSE archive to 27-Oct-2026 carries no emphasis-of-matter or qualified-opinion post for FY2026 [11]. Earlier auditors were Hussain Farhad & Co. (FY2016, FY2020, FY2022) and Malek Siddiqui Wali (FY2018) [9 p.28] [7 p.43] [5 p.47] [8 p.36].

Governance: one independent director on a five-member board, two code conditions not complied

Sponsors and directors held 53.39% at 30-Jun-2025 and at 31-Mar-2026; institutions held 5.10% and 5.71%, and the general public 41.51% and 40.91% [1 p.61] [2 p.7]. The directors' report lists the managing director, Mr. Shahriar Ahmed, with 1,718,894 shares and Mrs. Shawkat Ara Ahmed with 988,066 shares as holders of 10% or more; Mr. Zahur Ahmed PhD (Chairman) held 160,740 and Mr. Ashim Kumar Barua 7,500 [1 p.31]. Apex Spinning & Knitting Mills Limited held 169,250 shares and Apex Lingerie Limited 10,800 [1 p.31]. Of 4,291 shareholders, three held over 200,000 shares each, 51.10% of the total [1 p.61].

The board has five members: Mr. Zahur Ahmed PhD (Chairman), Mr. Shahriar Ahmed (Managing Director), Mrs. Shawkat Ara Ahmed, Mr. Ashim Kumar Barua and Mr. Tarek Nizamuddin Ahmed (Independent Director) [1 p.4]. Nine board meetings were held in FY2025 and each director attended nine [1 p.31]. Mrs. Shawkat Ara Ahmed and Mr. Ashim Kumar Barua each received remuneration of Tk. 4,800,000 for full-time service; board meeting fees were Tk 23,875 [1 p.30] [1 p.69]. Mr. Shahriar Ahmed is also a director of Apex Spinning & Knitting Mills Limited, Apex Lingerie Limited, Apex Yarn Dyeing Limited, Apex Textile Printing Mills Limited, Apex Fashion Wear Limited, Apex Agriscience Limited and Matex Bangladesh Limited [1 p.32]. Mr. Tarek Nizamuddin Ahmed is also an independent director of Apex Spinning & Knitting Mills Limited [1 p.11]. Director profiles were printed for the two directors retiring by rotation, Mr. Shahriar Ahmed and Mr. Ashim Kumar Barua [1 p.32].

The corporate governance compliance auditor, Shiraz Khan Basak & Co., reported on 01-Nov-2025 that 'the company has failed to comply with the condition no. 1(2)(a), 5(2)(b) of above referred code' and that 'The Governance of the company is satisfactory' [1 p.10]. In the company's own compliance table, condition 1(2)(a), 'Independent Director(s) - at least two directors or one fifth (1/5) of the total number of directors', is ticked 'Not complied' with the remark 'There are four Directors and one Independent Director.' [1 p.11]. Condition 5(2)(b), on audit committee members being non-executive directors, is ticked 'Not complied' with the remark 'Two members of the Committee is executive.' [1 p.16]. The Audit Committee report says the committee met four times and is 'of the view that the internal control and procedures are adequate' [1 p.6].

Related-party disclosure covers rent-free office space and shared costs. The notes say the directors and their family members provide office space of about 79,444.10 sft at Shanta Skymark 'for 11 sister concerns of the Directors' and that 'the value of the related party transaction is nil' [1 p.72]. The table lists Mr. Zahur Ahmed PhD, Mrs. Shawkat Ara Ahmed, Mr. Shahriar Ahmed, Mr. Mahir Ahmed ('Family member of') and Mr. Eifaz Ahmed (labelled 'Director') [1 p.72]. Common costs shared with entities under common control were Tk. 11,615,350, with Tk. 1,08,80,552 paid during the year [1 p.73]. The company holds shares in Apex Spinning & Knitting Mills and received dividends of Tk 4,526,400 from it in FY2025 [1 p.70].

Price and peers: 19.8x FY2026 EPS and 1.16x June 2026 NAV on 1-Nov-2026

The shares closed at BDT 281.6 on 1-Nov-2026, 19.8x FY2026 EPS of BDT 14.21 and 1.16x the 30-Jun-2026 NAV of BDT 241.97, with a dividend yield of 0.71% on the BDT 2.00 FY2026 dividend [17] [11] [18]. The 52-week range of daily closes was BDT 200.4 (13-Nov-2025) to BDT 338.8 (7-Oct-2026) [17]. At the June month-ends printed in the five-year table, the price was BDT 124.70 (2021), 181.90 (2022), 428.80 (2023), 263.00 (2024) and 194.30 (2025) [1 p.5]; on those prices and each year's EPS, P/E was 60.2x, 35.4x, 48.1x, 46.5x and 30.3x [18].

Two DSE food-sector companies with published AnalystBro notes give a reference on the same June 2025 year end, company basis. Fine Foods Limited reports revenue from fish and fingerlings [12 p.39]; its FY2025 opinion is qualified [12 p.33]. Aman Feed PLC's principal activity is to 'manufacture high quality Pelleted Poultry Feed, Fish Feed' [13 p.76]; its FY2025 opinion is unmodified per the published AnalystBro note [14]. The businesses differ, and the ratios below are stated for each company separately (derived from each company's printed lines).

What's next: AGM on 26-Nov-2026 and Q1 FY2027 accounts (inferred 4-9 Nov-2026)

Four dated items fall after 31-Oct-2026. The AGM for FY2026 is set for 26-Nov-2026 on a digital platform, as posted on DSE on 5-Oct-2026 [11]. No board-meeting date for the first-quarter accounts to 30-Sep-2026 is notified on DSE at 2-Nov-2026 [11]. The two printed precedents are board meetings on 9-Nov-2024 and 4-Nov-2025 [11]; the quarterly statements in the corpus print no signing date (checked on the page images, for example the Q1 FY2024 statements) [10 p.1]. The inferred ranges below cover every printed precedent and fall on DSE business days; Fridays and Saturdays are excluded. The Q1 precedent of 9-Nov-2024 and the Q2 precedent of 31-Jan-2026 were Saturdays and are named as outliers. No precedent date has passed without a notice.

Bangladesh's LDC graduation date is 24-Nov-2029 [15] [16]. The company exports all of its output to the Netherlands, the USA, Germany and eight other markets [1 p.67]; the filings do not link LDC graduation to any line item.

Risks: raw-shrimp supply, interest rates, minimum tax and two court cases

The directors list the risks in their own words. The management discussion says 'Apex Foods Limited is availing working capital loan and there is risk of higher interest rate, it is highly exposed to interest rate risk' [1 p.27]. The directors' report names 'climate change impacts like salinization, water shortages, and disease outbreaks; persistent malpractice including chemical adulteration' and 'potential threats to market reputation' [1 p.28]. The currency-risk note says the company 'is exposed to foreign currency risk on export and import though the import is very nominal' [1 p.55].

Key questions: the FY2026 fourth quarter, the NAV restatement and FY2026 export volumes

The filings show a plant running at 31.2% of capacity in FY2025, revenue of BDT 2,156.2m, tax at 55.2% of profit before tax and FDRs larger than the working capital loan at each date from June 2023 to March 2026 [1 p.73] [18]. On 1-Nov-2026 the shares traded at 19.8x FY2026 EPS and 1.16x June 2026 NAV, with a 0.71% dividend yield [18].

FAQ

What does Apex Foods do?

It owns and operates a shrimp processing plant at Fouzderhat, Chattogram, and exports 100% of its products [1 p.49]; in FY2025 it shipped 1,963,003 kg to eleven countries [1 p.67].

When does the company's fiscal year end?

30 June [1 p.56].

What did Apex Foods earn in FY2026?

EPS BDT 14.21, NAV per share BDT 241.97 and NOCFPS BDT 64.89, as announced on DSE on 5-Oct-2026, against BDT 6.41, BDT 118.99 (restated) and BDT (59.16) for FY2025 [11].

Is the audit opinion clean?

The FY2025 opinion is unmodified, with two emphasis-of-matter paragraphs on the Apex Weaving & Finishing Mills shares under litigation and an insurance claim of Tk. 16,254,727 [1 p.41].

How much does the company owe banks?

The working capital loan from Agrani Bank was BDT 261.2m at 30-Jun-2025 and BDT 66.1m at 31-Mar-2026; FDRs were BDT 399.9m and BDT 425.6m on those dates [1 p.45] [2 p.1].

What sets the tax charge?

Current tax is the higher of several minimum-tax tests; in FY2025 the 1% tax deducted at source on export proceeds (BDT 21.2m) exceeded the 12% tax on business profit (BDT 4.1m), and cash incentive and interest income were taxed at 10% and 22.5% [1 p.70] [1 p.71].

What dividend did Apex Foods declare for FY2026?

20% cash (BDT 2.00 per share); record date 27-Oct-2026 and AGM 26-Nov-2026 [11].

How much of its capacity does the plant use?

2,248 tonnes of a 7,200-tonne installed capacity in FY2025, 31.22% [1 p.73].

Sources

1. Apex Foods Limited Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-02
2. Apex Foods Limited un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-02
3. Apex Foods Limited Annual Report 2023-24 · link · accessed 2026-11-02
4. Apex Foods Limited Annual Report 2022-23 · link · accessed 2026-11-02
5. Apex Foods Limited Annual Report 2021-22 · link · accessed 2026-11-02
6. Apex Foods Limited Annual Report 2020-21 · link · accessed 2026-11-02
7. Apex Foods Limited Annual Report 2019-20 · link · accessed 2026-11-02
8. Apex Foods Limited Annual Report 2017-18 · link · accessed 2026-11-02
9. Apex Foods Limited Annual Report 2015-16 · link · accessed 2026-11-02
10. Apex Foods Limited un-audited first-quarter statements to 30-Sep-2023 · link · accessed 2026-11-02
11. Dhaka Stock Exchange, APEXFOODS news archive (company disclosures, 4-Nov-2024 to 27-Oct-2026) · link · accessed 2026-11-02
12. Fine Foods Limited Annual Report 2024-25 · link · accessed 2026-11-02
13. Aman Feed PLC Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-02
14. AnalystBro, Aman Feed PLC financial analysis (published note, 31-Oct-2026) · link · accessed 2026-11-02
15. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
16. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
17. AnalystBro price data (TradingView feed): DSE:APEXFOODS daily bars, 2-Nov-2025 to 1-Nov-2026 · link · accessed 2026-11-02
18. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02