Golden Harvest Agro financial analysis: associate losses and BDT 224m finance cost erase operating profit (Oct 2026)

Investment considerations: a 42%-gross-margin frozen-food business whose profit goes to interest and to ice-cream losses

Golden Harvest Agro Industries Limited (GHAIL) makes ready-to-cook frozen food (parathas, snacks and chicken items) at a plant in Gazipur and sells it through a cold-chain distribution network kept at -18 degrees Celsius [1 p.20]. The listed company also owns 75% of Golden Harvest Dairy Limited (GHDL), a dairy farm in Sylhet, 45% of Golden Harvest Ice Cream Limited (GHICL, brand 'bloop') and 30% of Golden Harvest QSR Limited (the '2GO' quick-service restaurants) [1 p.20] [1 p.21]. Only GHDL is consolidated line by line; GHICL and GHQSRL enter the accounts as a single line, the share of associates' profit or loss [1 p.203] [1 p.242].

The frozen-food business earns a gross margin of about 42% and a profit from operations of BDT 191m on revenue of BDT 858m in FY2025 [1 p.203]. Below that line, finance expenses of BDT 224m and a BDT 157m share of associate losses turned the year into a pre-tax loss of BDT 190m; a BDT 132m tax credit, mostly deferred tax, cut the after-tax loss to BDT 58m [1 p.203] [1 p.242]. The company has reported a loss attributable to owners in four of the six years FY2020-FY2025; the exceptions were FY2020 (BDT 0.04) and FY2023 (BDT 0.02 a share) [1 p.86] [5 p.78].

Business: frozen food in Gazipur, plus dairy, ice cream and restaurant affiliates

GHAIL describes itself as one of the pioneers of frozen-food manufacturing in Bangladesh, with a food-processing plant in Gazipur and a temperature-controlled transport network that distributes frozen products nationwide [1 p.20]. Revenue comes from three units in the company accounts: the local frozen unit (its own branded products sold in Bangladesh), the export frozen unit, and a local trading unit that sells 'excess raw Chicken goods as traders, with a margin (including Thai cuts, breast, wings, and whole chicken, without any further processing)' [1 p.239]. The dairy subsidiary adds about BDT 6m of milk sales [1 p.239].

The group structure printed in the 2025 annual report shows GHAIL holding 75% of GHDL (dairy), 45% of GHICL (ice cream) and 30% of GHQSRL (quick-service restaurants); GHICL in turn holds 15% of Cold Chain Bangladesh Limited, in which Nippon Express (South Asia & Oceania) holds 20% [1 p.20] [1 p.21]. The remaining 25% of GHDL is held by Mr. Ahmed Rajeeb Samdani [1 p.235]. GHICL's brand 'bloop' offers about 106 variants from a plant supplied by Tetra Pak [1 p.21].

Ice cream once sat inside the consolidated accounts. The FY2019 annual figures as first printed show revenue of BDT 2,240m [5 p.78]; the horizontal analysis in the 2022 report restates FY2019 revenue at BDT 917m with a BDT 110m share of associates' profit, and from then on ice cream appears only through the associates line [4 p.79]. So group revenue before and after FY2019 is not comparable, and this note uses the FY2019 restated figure as the start of the series.

Since then the story has been a flat top line and a rising cost of capital. Revenue was BDT 917m in FY2019, fell to BDT 553m in FY2021 (the lowest in the FY2019-FY2025 series), reached BDT 968m in FY2023 and was BDT 858m in FY2025 [4 p.79] [3 p.194] [1 p.203]. The EPS note in the 2025 report still carries FY2021 wording that cites the second wave of COVID-19, movement restrictions and the shutdown of schools and HORECA channels, 'having significant contribution to the total revenue' [1 p.242]. Borrowings meanwhile rose from BDT 1,829m to BDT 2,531m between June 2020 and June 2025 [13].

The rights issue of 2019 is part of the capital picture. GHAIL issued 89,932,342 rights shares at BDT 10 [1 p.235]; the proceeds of BDT 899m were received on 30-Dec-2019 and were to be used within two years [6]. On 27-Oct-2025 the board reported that BDT 701m had been used and BDT 198m remained, and recommended a revised use (BDT 30m of civil works and BDT 168m of machinery, freezers and software) with a one-year extension from the date of BSEC approval [6]. The annual report says the unused balance of BDT 19.83 crore sits in fixed deposits, against which the company has taken a short-term loan facility [1 p.234].

Line items: exports and chicken trading replaced a third of local frozen sales; interest and associates set the bottom line

Revenue. FY2025 revenue fell 5.8% to BDT 858m [1 p.203], but the mix moved sharply. Local frozen sales dropped from BDT 777m to BDT 531m (-31.6%), export frozen sales rose from BDT 63m to BDT 184m, and raw-chicken trading rose from BDT 63m to BDT 136m [1 p.239]. Trading was 15.9% of group revenue and exports 21.4% [13]. The directors' report attributes the decline in net sales 'mainly' to 'weaker performance in the local frozen segment' [1 p.54]. The auditor's FY2024 report noted that revenue of BDT 903.8m compared with BDT 840.7m in the VAT return, a difference of BDT 63.1m 'which involves the supply of non-vatable goods' [3 p.185]; that amount equals the FY2024 trading-unit sales printed in FY2025 [1 p.239].

Cost of goods sold. Company cost of goods sold fell 6.7% to BDT 493m. Raw materials used were BDT 397m (BDT 414m in FY2024) and manufacturing expenses BDT 112m, of which salaries and wages were BDT 43.6m, utility bills BDT 30.8m (BDT 26.7m) and depreciation BDT 29.6m [1 p.239] [1 p.240]. Purchases of packing materials rose from BDT 61.7m to BDT 90.7m [1 p.239]. Gross margin was 42.0% in FY2025 against 41.5% in FY2024 and a range of 31.5% (FY2021) to 47.3% (FY2019) over FY2019-FY2025 [13]. The company reports average capacity utilisation of 54.10% in FY2025, 48.80% in FY2024 and 51.93% in FY2023, against 94.23% in FY2022 and 89.34% in FY2021 [1 p.87]; the report does not explain the step down between FY2022 and FY2023.

Operating expenses. Selling, marketing and distribution expenses fell 25.1% to BDT 136m; the company's FY2024 figure included trade-fair expenses of BDT 20.1m, shipment expenses of BDT 4.1m and market-promotion expenses of BDT 2.3m, none of which recur in FY2025 [1 p.241]. Salaries in selling fell from BDT 77.6m to BDT 72.6m and depreciation from BDT 42.8m to BDT 39.3m [1 p.241]. Administrative expenses were BDT 46.7m, including directors' remuneration of BDT 6.5m [1 p.203] [1 p.240]. Selling costs were 15.8% of revenue against 19.9% [13].

Other operating items. Non-operating income of BDT 8.9m includes a cash incentive on exports of BDT 7.0m (BDT 10.3m in FY2024), scrap sales and factory rent [1 p.241]. GHAIL books the export incentive below gross profit, not in revenue. The dairy subsidiary contributed a fair-value gain on its herd of BDT 3.9m [1 p.241].

Finance expenses. Consolidated finance expenses rose 26.7% to BDT 224m: BDT 167m at the company and BDT 57.6m at GHDL [1 p.241] [1 p.242]. The company figure is net of BDT 58.4m of interest charged to sister concerns and associates (GHICL BDT 15.0m, GHDL BDT 19.6m, Golden Harvest Foods BDT 12.7m, GHQSRL BDT 12.3m, Golden Harvest Developers BDT 1.4m, less BDT 2.5m for Golden Harvest Infotech) [1 p.241]; gross interest on term loans was BDT 221m [1 p.242]. Loans carry rates of 12.5-14.5% [1 p.236] [1 p.239]. The auditor notes that finance cost was 48% of administrative, selling and finance expenses in FY2025 [1 p.194].

Associates. The share of associates' loss was BDT 157m in FY2025 and BDT 238m in FY2024 [1 p.203]. Note 37 prints GHICL's loss for the year at BDT 341m (BDT 520m) with a 55% non-controlling share deducted, and GHQSRL's loss at BDT 4.1m (BDT 4.2m) [1 p.242]. The chairman's statement says GHICL 'faced several challenges during the year', naming supply-chain disruptions [1 p.41].

Tax. FY2025 tax was a credit of BDT 132m, of which deferred tax income was BDT 153m; consolidated current tax was BDT 11.0m, plus a BDT 9.8m prior-year under-provision; at the company level current tax of BDT 10.9m was set by the minimum-tax rule [1 p.242]. The deferred tax position moved from a BDT 46.8m liability to a BDT 191.4m asset, after a restatement of the opening balance by BDT 52.4m that the note describes as a correction of an error in carrying forward deferred tax [1 p.201] [1 p.237]. The DSE announcement of FY2025 results attributes the smaller loss to lower operating expenses and 'recognition of deferred tax income' [6].

Latest results: sales up 16% in nine months, but FY2026 loss widened to BDT 0.57 a share

The nine months to March 2026 are the latest statements in our corpus. Revenue rose 16.1% to BDT 734m and gross profit 24.1% to BDT 372m, a gross margin of 50.7% against 47.5% [2 p.3] [13]. Administrative expenses fell from BDT 51.5m to BDT 31.3m and selling expenses rose from BDT 127.3m to BDT 146.3m; profit from operations rose to BDT 204m [2 p.3]. Finance cost was BDT 153m (BDT 160m) and the share of associates' loss BDT 161m (BDT 135m), so the loss before tax was BDT 112m and the loss attributable to owners BDT 62.7m, or BDT 0.29 a share [2 p.3]. The statement's signs were read from the page image.

The March 2026 statements show that the nine-month share of associates' loss was BDT 160.8m [2 p.3], while investment in associates fell from BDT 142.3m to BDT 139.0m over the same nine months [2 p.2]. The statements we read do not reconcile the two. Advances, deposits and prepayments rose from BDT 551m to BDT 670m, and the cash-flow statement shows BDT 196m of 'advance finance to contract farmers & others' [2 p.2] [2 p.5].

The full FY2026 annual report is not yet in our corpus. On 28-Oct-2026 the company announced consolidated EPS of BDT -0.57, NAV per share of BDT 11.69 and NOCFPS of BDT 0.47 for the year to 30-Jun-2026, and restated the FY2025 NOCFPS comparative as BDT 0.91 (BDT 1.07 in the FY2025 report) [6] [1 p.207]. An EPS of BDT -0.57 on 215.84m shares implies a loss attributable to owners of about BDT 123m (derived). The nine-month loss was BDT 0.29 a share, so the April-June 2026 quarter implies about BDT -0.28 a share (derived) [2 p.3] [6]. The model is updated in place when the annual report is filed.

Ratios: interest cover 0.85x and borrowings 0.96x equity in FY2025

Growth. Revenue fell in FY2024 (-6.0%) and FY2025 (-5.8%) after rising 52.8% in FY2022 and 14.6% in FY2023 [13]. The FY2025 total is 6.5% below the restated FY2019 figure of BDT 917m [4 p.79] [1 p.203].

Margins and coverage. Gross margin has stayed between 38.6% and 42.0% since FY2022, while operating margin ranged from 17.0% to 22.6% [13]. Interest cover fell from 1.81x in FY2019 to 0.85x in FY2025; it was below 1.0x in FY2021, FY2024 and FY2025 [13]. Finance expenses took 26.2% of revenue in FY2025, against 13.3% in FY2022 [13].

Returns. Return on average total equity was negative in every year FY2021-FY2025, between -0.1% (FY2023) and -7.5% (FY2024) [13]. The directors' report computes a FY2025 ROE of about -2% on owners' equity [1 p.56]. Asset turnover was 0.16x in FY2025: total assets of BDT 5.46bn include BDT 696m of capital work in progress and BDT 628m of company receivables from related companies [1 p.201] [1 p.234] [13].

Leverage. Borrowings/equity rose in each year from 0.56x (FY2020) to 0.96x (FY2025), and net debt from BDT 1,424m to BDT 2,243m [13]. In March 2026 long-term loans were BDT 1,569m, the current portion BDT 274m and short-term loans BDT 870m, against cash of BDT 267m [2 p.2].

Cash conversion. Operating cash flow was BDT 230m in FY2025, against a pre-tax loss of BDT 190m [1 p.207]. In the cash-flow statement interest paid (BDT 224m) is shown in financing activities, and advances to contract farmers (BDT 216m) in investing activities [1 p.207]. Operating cash flow less interest paid was about BDT 6m in FY2025 (derived) [13]. The reconciliation note starts from a profit before tax of BDT -205.2m, not the BDT -189.9m in the income statement [1 p.243] [1 p.203].

Payout. The board has recommended a 1% cash dividend to general shareholders other than sponsors and directors for FY2025 and FY2026, BDT 15.0m each year [1 p.56] [6]. The dividend for FY2025 was paid while retained earnings fell from BDT 322m to BDT 258m [1 p.205].

Associates and subsidiary: ice cream lost BDT 861m in two years; the dairy owes BDT 139m

GHICL's losses are the largest item in the associates line. At the 100% level it lost BDT 520m in FY2024 and BDT 341m in FY2025 [1 p.242]. GHAIL's carrying value of the investment fell from BDT 485m at June 2023 to BDT 251m at June 2024 and BDT 98m at June 2025 [1 p.232]. Across associates, the investment stood at BDT 724m in FY2020 and BDT 142m in FY2025 [4 p.79] [1 p.232]. In the 2023 and 2024 annual reports GHICL is described as holding a 4.15% market share [3 p.48].

The investment is not the only exposure. At 30-Jun-2025 GHAIL's company accounts show BDT 195.4m receivable from GHICL and BDT 134.9m from GHQSRL, on which it charged interest of BDT 15.0m and BDT 12.3m in FY2025 [1 p.234] [1 p.241]. GHQSRL's carrying value was BDT 44.3m after a BDT 4.1m share of loss [1 p.232].

GHDL, the dairy subsidiary, had revenue of BDT 6.4m, finance expenses of BDT 57.6m and a loss of BDT 20.3m in FY2025 [1 p.241] [1 p.242]. GHAIL's BDT 37.5m equity investment is written down to nil, and GHDL owes the company BDT 138.6m after loss-sharing adjustments [1 p.232] [1 p.234]. GHDL's own loans were BDT 253.8m long-term and BDT 85.5m short-term [1 p.236] [1 p.238]. Non-controlling interest in the group balance sheet is negative at BDT -25.9m [1 p.201].

Balance sheet: BDT 2.5bn of borrowings, a bond in court, and BDT 594m of related-party balances

Debt. Company term loans at June 2025 were BDT 1,470m: a corporate bond of BDT 524.9m, Mercantile Bank PLC facilities, IPDC Finance (BDT 287.1m and BDT 61.6m), Uttara Finance (BDT 97.0m) and Meghna Bank PLC (BDT 75.8m) [1 p.236]. Short-term loans were BDT 721.5m: two Mercantile Bank PLC facilities (BDT 402.7m and BDT 120.9m) and a Standard Bank quard of BDT 198.0m against fixed deposits [1 p.238]. Interest on the bond (BDT 36.3m in FY2024) is not shown separately in FY2025 [1 p.242]. Security includes hypothecation of machinery and stock, mortgages of factory land and personal guarantees of all directors [1 p.236] [1 p.239].

The bond is the subject of a court case reported in the press. The Business Standard reported on 31-Jan-2025 that Delta Life Insurance had filed a petition to wind up the company to recover its investment in the BDT 50 crore bond issued in 2017 [7]. The company submitted an explanation to DSE dated 06-Mar-2025 [6]. The note on contingent liabilities says there were 'no Contingent Liabilities as on 30 June 2025' [1 p.246]. The petition's outcome is not reported in the filings we read (passed, outcome unknown).

Receivables and advances. Group trade receivables were BDT 500m, against revenue of BDT 858m [1 p.233]. The ageing schedule in the same note shows BDT 442m in total for 2025, which does not tie to the BDT 494.6m of company trade receivables [1 p.233]. Advances to contract farmers, suppliers and service providers rose from BDT 246m to BDT 462m [1 p.232]. Cash includes BDT 48.6m in hand, of which BDT 38.1m at the factory [1 p.234].

Related parties. The related-party note prints current-account balances with six named companies at 30-Jun-2025: Golden Harvest Ice Cream Ltd (associate) BDT 195,351,254; Golden Harvest Dairy Ltd (subsidiary) BDT 138,648,619; Golden Harvest Foods Ltd (common director) BDT 143,159,228; Golden Harvest Developers Ltd (common director) BDT 15,739,642; Golden Harvest QSR Ltd (associate) BDT 134,851,437; and Golden Harvest Infotech Ltd (common director) BDT (33,589,123), a sub-total of BDT 594,161,056 [1 p.246]. The receivables note prints the five debit balances as BDT 627,750,180 and shows the Infotech balance as a payable [1 p.234] [1 p.237]. Directors' remuneration was BDT 6.5m [1 p.246].

Audit. S. F. Ahmed & Co. gave a qualified opinion on the FY2025 consolidated and separate statements. The opinion reads: 'In our opinion, except for the effects of the matters described in the basis for qualified opinion section of our report, the accompanying consolidated and separate financial statements of the group present fairly, in all material respects…' [1 p.193]. The basis is the WPPF: 'the company has not made any payments against the WPPF since the FY 2018-19', with an accumulated provision of BDT 42,849,769 [1 p.193]. The FY2024 opinion was also qualified over WPPF [3 p.184]. Emphasis-of-matter paragraphs for FY2025 cover BDT 4,160,800 of unclaimed dividends not transferred to the Capital Market Stabilization Fund, a fixed asset register that 'was not fully updated', and loans of BDT 1,939,417,270, 73% of equity [1 p.194]. The 'Other Matter' paragraph states a qualified opinion dated 27 October 2025; the report is signed 09 November 2025 [1 p.198] [1 p.200].

Peers: the highest gross margin of three food processors, and the highest finance cost

There is no other listed frozen-food maker on the DSE, so the comparison uses two listed food processors with June year ends and FY2025 annual reports: Agricultural Marketing Company (PRAN), a food maker [10 p.41], and Rangpur Dairy & Food Products, a fresh and flavoured milk processor [11 p.71]. Basis: GHAIL is consolidated; both peers are single-entity statements. AMCL(PRAN) includes a cash incentive of BDT 15.6m inside 'Sales-Export' [10 p.113], so its revenue and gross profit are shown ex incentive; GHAIL books its incentive in non-operating income [1 p.241]; RDFOOD's revenue note does not show an incentive in the pages we read [11 p.71]. All three print finance cost gross of interest income, but GHAIL's company-level figure is net of BDT 58.4m of intercompany interest [1 p.241]. WPPF: GHAIL BDT 1.0m, AMCL(PRAN) BDT 4.0m, RDFOOD BDT 2.9m, all below operating profit [1 p.203] [10 p.93] [11 p.51].

Audit opinions were read first. AMCL(PRAN)'s auditor, also S. F. Ahmed & Co., wrote that the statements 'give a true and fair view', with a paragraph on revaluation frequency that ends 'Our opinion is not modified in respect of this matter' [10 p.87]. RDFOOD's auditor, Khan Wahab Shafique Rahman & Co., gave a 'Qualified Opinion' over deferred tax computed at 15% instead of 22.5% (an under-provision of about Tk. 26,316,016) and the use of WPPF balances as internal financing [11 p.42].

On these figures GHAIL's gross margin of 42.0% compares with 18.8% for AMCL(PRAN) and 19.4% for RDFOOD, and its operating margin of 22.3% with 6.8% (ex incentive) and 10.6%. Finance expense was 26.2% of revenue at GHAIL, against 4.7% and 5.8%; GHAIL's is the highest of the three and its net margin the only negative one [13]. GHAIL's operating profit includes BDT 8.9m of non-operating income and BDT 3.9m of biological gains, which the peers show below operating profit or not at all [1 p.203].

Governance: rating cut to BB, a cancelled sponsor share transfer, and a public-only dividend

Ownership. Sponsors and directors held 30.42% at 30-Jun-2025, with Mr. Ahmed Rajeeb Samdani the largest holder at 21.95%; institutions held 37.67%, general shareholders 31.60% and foreign investors 0.31% [1 p.235]. Enamuzzaman Chowdhury is chairman and Mohammad Shaker Shamim managing director [1 p.235]. In December 2025 DSE approved the transfer of 9,000,000 shares from Mr. Samdani and 1,000,000 from Ms. Nadia Khalil Choudhury to IPDC Finance PLC outside the trading system, and on 06-Jan-2026 cancelled both approvals [6]. Separately, IPDC Finance is a term lender to the company [1 p.236].

Credit rating. CRISL rated the company A- long term and ST-4 short term with a stable outlook in February 2025, and BB long term and ST-5 short term with a developing outlook in June 2026 [6].

Dividends. The FY2025 and FY2026 dividends were 1% in cash to shareholders other than sponsors and directors, BDT 15.0m each [6]. The five-year table prints dividends per share of BDT 0.30 for FY2021 and BDT 0.20 for FY2022, both loss years [1 p.86]; the 2021 and 2022 reports print BDT 0.03 and BDT 0.02 for the same years [5 p.78] [4 p.77]. At 30-Jun-2025 unclaimed dividends were BDT 4.7m [1 p.238].

Board actions in the 24-month DSE news archive: on 14-Sep-2025 the board decided to launch an e-commerce platform, goldenharvestshops.com; on 27-Oct-2025 it recommended the revised use of BDT 198m of rights proceeds; and on 17-Jun-2026 (183rd meeting) it decided to 'procure and install a new paratha manufacturing line' at the Gazipur factory 'to meet the existing demand of the market' [6]. The announcements do not give a cost or completion date for the paratha line. Quarterly auditor's reports on the use of rights proceeds were filed each quarter through March 2026 [6].

What's next: record date 23-Nov-2026, AGM 29-Dec-2026 and the FY2026 annual report

The items below are dated and sourced. Direction is stated only where a filing links an item to a line; no figures are forecast.

The FY2026 annual report precedes the AGM on 29-Dec-2026 (inferred from the AGM date) [6]. The Q1 FY2027 results (July-September 2026) follow board meetings held on 14-Nov-2024 and 12-Nov-2025 in the last two years; no board date has been notified yet, so mid-November 2026 is inferred. LDC graduation was deferred by the UN General Assembly from 24-Nov-2026 to 24-Nov-2029 [8] [9]. The revised rights-proceeds plan runs for one year from BSEC approval, whose date is not in the announcements we read [6].

Risks: interest cost, the ice-cream associate and related-party balances

Each risk below is tied to the line it moves, with the historical evidence from the filings. Sensitivities are history-based only.

Interest rates: loans carry 12.5-14.5% [1 p.236] [1 p.239], so each 1pp on the June 2025 borrowings of BDT 2,531m equals about BDT 25m a year of interest, 13% of FY2025 profit from operations (derived) [13]. Associates: GHICL's loss moved the associates line by BDT 81m between FY2024 and FY2025 [1 p.242]. Once the carrying value reaches nil, IAS 28 stops further loss recognition unless there are obligations [1 p.225]; the receivables from GHICL remain separate [1 p.234].

Key questions: interest cover, the ice-cream associate and the audit qualification

At BDT 11.4 GHAIL trades at 0.98x the 30-Jun-2026 NAV of BDT 11.69 and 0.92x the 30-Jun-2025 NAV of BDT 12.33 [12] [6] [1 p.201]. With losses in FY2025 and FY2026 there is no meaningful P/E. The company-printed year-end prices were BDT 18.90 (FY2022), 17.50 (FY2023), 15.00 (FY2024) and 11.40 (FY2025) [1 p.87]. These are facts about the price, not a view on it.

FAQ

What does Golden Harvest Agro do?

It makes ready-to-cook frozen food at a Gazipur plant, exports frozen products, trades raw chicken and owns 75% of a dairy farm, 45% of an ice-cream maker and 30% of a quick-service restaurant chain [1 p.20] [1 p.239].

Why did Golden Harvest Agro report a loss in FY2025?

Profit from operations of BDT 191m was below finance expenses of BDT 224m, and the share of associates' losses was BDT 157m, giving a pre-tax loss of BDT 190m [1 p.203].

What is Golden Harvest Agro's FY2026 result?

The company announced consolidated EPS of BDT -0.57 and NAV per share of BDT 11.69 for the year to 30-Jun-2026 [6].

Does Golden Harvest Agro pay a dividend?

For FY2025 and FY2026 the board recommended 1% in cash to general shareholders only, excluding sponsors and directors, BDT 15.0m each year [6].

What is the audit opinion?

Qualified for FY2025, over unpaid Workers' Profit Participation Fund since FY2018-19, accumulated BDT 42,849,769 [1 p.193].

How much debt does Golden Harvest Agro have?

Borrowings were BDT 2,531m at 30-Jun-2025 (term loans and bond BDT 1,724m, short-term BDT 807m) [1 p.201].

Which results does this note use?

Annual reports FY2019-FY2025 and the unaudited nine-month statements to 31-Mar-2026; FY2026 figures are from the DSE announcement of 28-Oct-2026, as the annual report is not yet in our corpus.

Sources

1. Golden Harvest Agro Industries Ltd Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. GHAIL unaudited consolidated financial statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-01
3. Golden Harvest Agro Industries Ltd Annual Report 2024 (year to 30-Jun-2024) · link · accessed 2026-11-01
4. Golden Harvest Agro Industries Ltd Annual Report 2022 (horizontal analysis FY2018-FY2022) · link · accessed 2026-11-01
5. Golden Harvest Agro Industries Ltd Annual Report 2021 (five-year data FY2017-FY2021) · link · accessed 2026-11-01
6. Dhaka Stock Exchange news archive for GHAIL, Nov-2024 to Oct-2026 · link · accessed 2026-11-01
7. The Business Standard, 'Bond investor files petition to wind up Golden Harvest Agro' (31-Jan-2025) · link · accessed 2026-11-01
8. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
9. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
10. Agricultural Marketing Company Ltd (PRAN) Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
11. Rangpur Dairy & Food Products Ltd Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
12. AnalystBro price data (TradingView feed): DSE:GHAIL daily bars to 29-Oct-2026 · link · accessed 2026-11-01
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01