Premier Cement financial analysis: finance cost takes 76% of operating profit at 49% utilisation (Oct 2026)

A grinder running at half its capacity on borrowed money: FY2025 finance cost took 76% of operating profit and EPS fell to Tk 1.29

What it is. Premier Cement Mills PLC grinds imported clinker with slag, fly ash, gypsum and limestone into cement at West Mukterpur, Munshiganj and Syedpur, Narayanganj, and sells it in Bangladesh and to the Indian states of Tripura and Assam [1 p.158] [1 p.182]. It began production in 2004 with 0.6 million tonnes a year, listed on the Dhaka and Chittagong exchanges in 2013, and lifted its grinding capacity to 19,040 tonnes a day when an FLSmidth vertical roller mill started commercial production on 1-Jul-2022 [1 p.6]. The fiscal year ends on 30 June [1 p.158]. Until early 2026 it had a 96% gas-power subsidiary (Premier Power Generation, 5.34 MW) and an 18.67% associate (National Cement Mills, an 8,000 t/day grinder at Karnafully, Chattogram) [1 p.158]; the High Court sanctioned the merger of both into Premier on 26-Jan-2026 [4].

Where it stands. FY2025 was a volume and finance-cost year. Cement sales fell 15.5% to 2,816 kt [16] [1 p.208], revenue fell 11.6% to Tk 23,813m, and although gross margin improved to 17.9%, bank interest rose 41% to Tk 2,249m [1 p.211]. Consolidated profit after tax fell from Tk 742m to Tk 137m (EPS Tk 1.29) after a tax charge of Tk 617m on profit before tax of Tk 753m [2 p.32] [1 p.63]. The audited FY2026 accounts are not yet in our filings corpus; on 28-Oct-2026 the board announced FY2026 EPS of Tk 0.72, NAV per share of Tk 64.21, operating cash flow of Tk 2.13 a share and a 10% cash dividend [4]. Because nine-month EPS to March 2026 was Tk 1.99, the announced figures imply a fourth-quarter loss per share of about Tk 1.27 (derived; the quarter's accounts are not published) [4] [16]. The shares closed at Tk 38.3 on 29-Oct-2026 [6].

What drives shareholder returns. Premier earns a gross profit of roughly Tk 1,250-1,500 a tonne and pays out most of it as interest. In FY2025 the separate statements show profit before interest and tax of Tk 3,187m, finance costs of Tk 2,341m and an exchange loss of Tk 90m [1 p.195]: what is left is taxed on turnover rather than on profit, so net profit is a thin and volatile residue. Each 1pp change in the average interest rate on Tk 24.7bn of bank loans is about Tk 247m, a third of FY2025 profit before tax [16]. Cash flow is steadier than profit because depreciation (Tk 900m in FY2025 [1 p.213]) is large, but interest is paid in cash too, and after Tk 1,447m of capex the company borrowed a further Tk 1.1bn short-term in FY2025 [1 p.197]. Dividends have stayed at 10-21.5% of par, which in FY2025 took 78% of EPS [16].

• What caused the implied FY2026 fourth-quarter loss? Signpost: the FY2026 annual report, due before the AGM on 21-Dec-2026: volume, realisation, finance cost and the tax line.
• How does the merged company look? Signpost: the FY2026 accounts are the first after the 26-Jan-2026 High Court sanction; watch how NCML's plant, debt and the Tk 1,563m current account are absorbed.
• Was the Tk 1,610m preference issue raised, and did it cut bank debt? Signpost: borrowings and preference shares in the FY2026 balance sheet.
• Will volume recover from 2,816 kt? Signpost: cement quantity in note 25 of the FY2026 report and Q1 FY2027 revenue (board due by 14-Nov-2026).
• Does the minimum tax keep absorbing profit? Signpost: current tax as a share of revenue (2.2% in FY2025).

Capacity of 5.7 mt a year, half of it used: FY2025 sales fell to 2,816 kt

History. Premier was incorporated in Chattogram on 14-Oct-2001, began commercial production in 2004 and converted to a public company in 2010 [1 p.6] [1 p.158]. The latest capacity step was the FLSmidth vertical roller mill, which added 8,000 t/day from 1-Jul-2022 and took total capacity to 19,040 t/day [1 p.6]. The company describes itself as able to meet about 7.3% of national cement demand [1 p.6]; on BCMA's 39.75 mt of domestic demand in calendar 2025 [10], Premier's 2,780 kt of local sales in FY2025 is about 7%, an indicative match given the different year-ends.

Capacity and volume. Note 43 states actual average monthly production of 234,709 t against average monthly capacity of 476,000 t, a utilisation of 49.31% [1 p.182]. Cement sales were 3,332 kt in FY2024 and 2,816 kt in FY2025, of which 52 kt and 36 kt were exports to Tripura and Assam (US$2.7m in FY2025) [1 p.208] [1 p.182]. Management attributes the 11.55% revenue fall to lower local sales (down Tk 4,015m) and exports (down Tk 113m) [1 p.66]. The board's own SWOT lists 'huge unutilized capacity' and 'increased competition resulting cut in sales price' as threats [1 p.111].

Products and the bag business. Revenue has two parts: cement (Tk 22,834m net of VAT in FY2025) and empty bags sold to outside buyers (Tk 979m, from Tk 485m), made in the company's own bag plant [1 p.208]. External bag sales doubled to 43.8m pieces while bags used internally fell from 61.3m to 52.8m, in line with lower cement volume [1 p.200]. The bag line therefore partly cushioned revenue in FY2025 and again in 9M FY2026, when bag revenue rose to Tk 977m from Tk 706m [3 p.33].

Price per tonne. Cement revenue net of VAT per tonne sold was Tk 7,935 in FY2024 and Tk 8,108 in FY2025, a 2.2% rise [16]. The rise came while volume fell, which suggests Premier gave up tonnes rather than price; the company's own explanation of the year speaks of lower local sales and export, not of price cuts [1 p.66]. In 9M FY2026 local cement revenue fell 8.8% to Tk 15,417m [3 p.33]; the interim report gives no tonnage, so we cannot split that fall between price and volume.

An industry with 86 mt of capacity for 40 mt of demand, and Premier's MD speaks for it

Structure. BCMA counts 41 cement plants with 86.02 mt of annual capacity against domestic demand of 39.75 mt in 2025, which grew 5.55% [10]. Almost all producers, Premier included, are grinders that import clinker; the chairman's letter says about 90% of Bangladesh's clinker comes from Vietnam and that clinker was imported at US$46-49 a tonne in FY2025 [1 p.34]. Premier's managing director, Mohammed Amirul Haque, is BCMA president; in March 2026 he argued that installed capacity overstates usable capacity because of maintenance, power and gas shortages and seasonal swings [10].

Cost shock in 2026. In April 2026 Haque told The Daily Star that many companies were operating at a loss in the hope of recovery, that this was not sustainable, and that 'a quick recovery is unlikely'; in the same article LafargeHolcim's chief executive said clinker import costs had risen from about US$42-43 a tonne to nearly US$53 [11]. Power tariffs rose 16.68% from June 2026 [12]. On the demand side, ECNEC approved 12 projects totalling Tk 1.69 trillion on 16-Sep-2026, including a metro rail line [13]; public works drive cement with a lag.

What it means for Premier. With the industry using under half its capacity, price is set by the marginal seller, and Premier's 49% utilisation sits close to that average [1 p.182] [10]. The board lists a strong distribution channel and suitable plant locations among its strengths [1 p.111]; against peers, its weak point is the balance sheet, discussed below.

Ten years: revenue up 2.5 times, profit lower, two loss years from the taka

Revenue grew from Tk 9,362m in FY2016 to a peak of Tk 26,924m in FY2024 before falling to Tk 23,813m in FY2025 [2 p.32] [1 p.63]. Profit did not follow. Net profit was Tk 691m in FY2016, peaked at Tk 742m in FY2024 and was Tk 137m in FY2025, with losses of Tk 1,127m in FY2022 and Tk 842m in FY2023 [2 p.32] [1 p.63]. The losses came from the taka: the highlight table shows exchange losses of Tk 1,080m and Tk 1,045m in those two years, on top of gross margins of about 9% when clinker and freight costs rose faster than prices [2 p.32] [1 p.63] [16]. FY2016 is consolidated with National Cement Mills, which was deconsolidated from FY2018 after a change in its shareholding; the FY2017 column is the restated one [1 p.158] [2 p.32].

Three phases stand out. From FY2016 to FY2020 revenue was flat at Tk 9.3-12.0bn and gross margin slid from 21.2% to 14.4% while borrowings built up for capacity; finance cost rose 2.5 times from Tk 278m (FY2017) to Tk 689m (FY2020) [2 p.32] [1 p.63] [16]. From FY2021 to FY2023 volume grew with the new mill, but the taka's fall turned imported clinker and dollar credit into the FX losses above [2 p.32] [1 p.63]. FY2024 was the best year in the record, with gross margin back to 15.6%; FY2025 kept the margin (17.9%) but lost volume and paid far more interest [16]. Total assets more than tripled to Tk 37,353m in ten years while equity rose 1.7 times, and part of that equity rise was the FY2021 asset revaluation (equity Tk 5,245m to Tk 8,418m) [2 p.32] [1 p.63].

Line by line: clinker sets cost, banks set the bottom line, the minimum tax takes the rest

Revenue. Revenue is cement volume times realisation plus bag sales. In FY2025 volume fell 15.5% and realisation rose 2.2%, so cement revenue fell 13.6% to Tk 22,834m; bag sales added Tk 979m [1 p.208] [16]. Exports are small (Tk 323m) and priced in dollars [1 p.209]. What moves volume is construction demand, public spending and competition; what moves price is the industry's spare capacity and the cost pass-through of clinker.

Cost of sales. Raw materials were Tk 14,807m, 76% of cost of sales, and clinker alone Tk 10,567m (54%) [1 p.209] [1 p.200] [16]. Premier consumed 1,569 kt of clinker at Tk 6,733 a tonne in FY2025, against 1,937 kt at Tk 6,766 in FY2024 [1 p.200] [16]. It used 0.557 t of clinker per tonne of cement sold, down from 0.581, by blending more slag and fly ash (slag 499 kt, fly ash 537 kt) [1 p.200] [16]; a lower clinker factor cuts cost because slag (Tk 3,394 a tonne) and fly ash (Tk 2,782) cost far less than clinker. Other big items were packing materials (Tk 1,941m), electricity (Tk 1,454m), gas (Tk 99m) and factory depreciation (Tk 720m) [1 p.209].

Selling and distribution. S&D rose 17% to Tk 1,021m, or from Tk 262 to Tk 363 a tonne, while volume fell [1 p.211] [16]. The new item was 'commodity expenses' of Tk 245m, which did not exist in FY2024; advertising and promotion fell from Tk 353m to Tk 271m [1 p.211]. The note does not explain commodity expenses; they continued at Tk 92m in 9M FY2026 [3 p.35]. Administrative expenses were small and steady at Tk 171m [1 p.210].

Finance cost. This is the line that decides the year. Finance costs were Tk 2,341m in FY2025 (Tk 1,703m), of which bank loan interest Tk 2,249m, preference-share dividend Tk 50m and bank charges Tk 18m [1 p.211]. Interest divided by year-end bank borrowings rose from 7.0% to 9.1% [16]. The exchange loss fell to Tk 90m from Tk 104m and from over Tk 1bn in FY2022-23 [1 p.195] [2 p.32] [1 p.63].

Tax. The accounting policy provides tax at the higher of advance tax paid, 1% of gross receipts and 22.5% of profit before tax [1 p.158]. In practice current tax equals the advance income tax deducted at import and at source: Tk 518m in FY2025, 2.2% of revenue, on profit before tax of Tk 722m [1 p.208] [1 p.195]. With deferred tax of Tk 90m, the effective rate was 84% [16]. The chairman's letter names the 3% advance tax at import and 2-5% at source as an 'adverse taxation policy' [1 p.34]. In the 9M FY2026 interim the company began to provide regular or minimum tax, whichever is higher, and to carry forward the excess, which produced a tax credit of Tk 89.5m in the March 2026 quarter [3 p.35].

FY2026: nine-month profit rose on a tax credit; the year ended with EPS of Tk 0.72

In the nine months to March 2026 consolidated revenue fell 7.4% to Tk 16,533m, but gross margin rose to 16.9% from 15.6% and profit from operation rose 6.6% to Tk 2,133m [3 p.3] [16]. Finance costs rose 23% to Tk 1,793m, so profit before tax fell 38% to Tk 326m [3 p.3]. Net profit rose to Tk 210m from Tk 72m because the tax charge fell to Tk 116m from Tk 454m: in the March quarter current tax was a credit of Tk 89.5m and deferred tax a credit of Tk 86.3m on profit before tax of only Tk 14m [3 p.3] [3 p.35]. Within cost of production, electricity fell to Tk 909m from Tk 1,112m while gas rose to Tk 247m from Tk 76m [3 p.33], which may reflect the power subsidiary's gas cost appearing directly after the merger; the report does not explain the shift.

The year then closed weakly. DSE reported quarterly EPS of Tk 0.12, Tk 0.07 and Tk 1.80 for the first three quarters (Q1 as published by DSE, without the word 'consolidated'; Q2 and Q3 consolidated) and full-year EPS of Tk 0.72 [4], which implies a fourth-quarter loss of about Tk 1.27 a share, or roughly Tk 134m [16]. This is derived from two announced figures, not from published quarterly accounts, and the drivers (volume, price, interest, a reversal of the March-quarter tax credit, or merger accounting) will only be visible in the annual report. Operating cash flow fell to Tk 2.13 a share from Tk 7.20 [4].

Ratios: ROE of 2.0% in FY2025 against a nine-year median of 9.6%

Return on average equity was 13.1% in FY2017 and 12.7% in FY2019, negative in FY2022-23 and 2.0% in FY2025, giving a FY2017-FY2025 median of 9.6% [16]. The cause is visible in the coverage line: operating profit covered finance cost and FX loss 3.1-3.3 times in FY2016-17, 1.8 times in FY2024 and 1.3 times in FY2025 [16]. Asset turnover fell from 0.86x to 0.64x as the balance sheet grew faster than sales, and liabilities rose to 4.49 times equity, matching the 'debt to equity ratio' the company prints [16] [1 p.63].

Working capital. Inventory days on cost of sales rose from 51 to 67 in FY2025, because clinker stock rose from 49 kt to 188 kt at year-end (46 days of clinker use, from 9) [16] [1 p.200]. Receivable days rose from 22 to 30; dues older than six months were Tk 98m with a provision of Tk 92m [1 p.201] [16]. Payable days were 36 [16]. The F16 red flag on clinker inventory (>90 days) is not triggered.

Cash conversion and payout. Operating cash flow per share exceeded EPS in every profitable year except FY2017 and FY2024 (0.83x and 0.89x) and was 5.6 times EPS in FY2025 [16]. Payout ranged from 17% to 39% in FY2016-FY2024 and was 78% in FY2025, when the 10% dividend (Tk 105m) took most of a small profit [16]. In FY2022 and FY2023 the company paid 10% while reporting losses [2 p.32] [1 p.63].

Balance sheet: Tk 24.7bn of bank debt against Tk 6.4bn of equity, half of it revaluation

At 30-Jun-2025 the separate balance sheet carried short-term bank loans of Tk 17,788m, long-term loans of Tk 5,360m and a current portion of Tk 1,599m: Tk 24,747m in all, 3.89 times equity of Tk 6,364m [1 p.194] [16]. On top sat Tk 1,010m of redeemable preference shares and Tk 240m of loans from four directors [1 p.194] [1 p.208]. Cash and FDRs were Tk 979m [1 p.194]. The short-term loans came from 16 banks, the largest NCC Bank (Tk 2,405m), Pubali (Tk 2,008m), Trust (Tk 1,960m) and Rupali (Tk 1,859m); security is personal guarantees from all directors, hypothecation of stock and a pari passu charge on fixed assets [1 p.207] [1 p.208]. At 31-Mar-2026 bank borrowings were Tk 25,280m, with long-term loans up Tk 1.4bn and short-term down Tk 0.6bn [3 p.2].

Quality of equity. The revaluation reserve was Tk 3,051m, 48% of equity [1 p.194] [16]; property, plant and equipment is carried at revalued amounts [1 p.158]. Advance income tax of Tk 2,864m sits as an asset because tax deducted at source has exceeded the tax provided [1 p.202]. The current account with the associate NCML, on which Premier charged Tk 72m of interest in FY2025, rose from Tk 870m to Tk 1,218m (19% of equity) and to Tk 1,563m at March 2026 [1 p.181] [1 p.210] [3 p.2]. These three items, together worth more than equity, are F16 red flags in their own right (revaluation-driven equity, advances to related parties).

Cash flow. Cash generated from operations was Tk 3,484m in FY2025, but the company reports interest paid (Tk 2,280m), dividends (Tk 203m) and tax (Tk 572m, offset by a Tk 300m advance-tax refund) inside operating cash flow, which netted to Tk 723m [1 p.197]. Capex of Tk 1,447m (PPE Tk 819m, work in progress Tk 629m) and FDR placements were funded by Tk 1.1bn of new short-term borrowing [1 p.197]. Capital work in progress stood at Tk 1,879m at June 2025 [1 p.194], and note 39 states that there was no unprovided committed capital expenditure at that date [1 p.182].

Audit and contingencies. The auditor, MABS & J Partners, gave an unmodified opinion on the FY2025 consolidated and separate statements with an emphasis of matter on advances paid for property [1 p.148]: Tk 125m paid to Rupayan Housing in a dispute over office space (in litigation, with a court decree in Premier's favour on 13-Jul-2014; a substitute space was agreed but is not registered and Tk 1 crore has not been refunded) and Tk 74m against land [1 p.202]. The subsidiary's auditor drew attention to tax demands of Tk 170m under appeal [1 p.219]. Contingent liabilities were Tk 3,915m: letters of credit Tk 1,064m, bank guarantees Tk 2,517m (Trust Bank Tk 2,094m) and VAT/tax Tk 334m [1 p.182].

Merger: the power subsidiary and the NCML associate fold into Premier

Before the merger. Premier bought power from its subsidiary Premier Power Generation (Tk 184m in FY2025) and traded with National Cement Mills (Tk 348m of 'operational transaction' in FY2025), in which it held 18.67% [1 p.181] [1 p.158]. NCML had been consolidated until FY2017, when Premier lost control through a change in shareholding and directorship, and was then equity-accounted [1 p.158]; the share of profit was Tk 1.4m in FY2025 [1 p.195]. Other related parties named are group companies with common directors (Samuda Chemical, Rupsha Edible Oil, Delta Agrofood), with small balances [1 p.181].

The merger. The board approved the amalgamation of NCML and Premier Power Generation into Premier on 13-Mar-2025, an EGM was called for 21-May-2025, and the High Court sanctioned the scheme on 26-Jan-2026, with the certified order received on 28-Jan-2026 [4]. The DSE notices do not give the swap ratio or the number of new shares; at 31-Mar-2026 the interim accounts still showed the investment in associate (Tk 248m) and the NCML current account (Tk 1,563m) [3 p.2], so the merger's effect on capacity, debt and share count will first appear in the FY2026 annual report. The direction is clear: an 8,000 t/day Chattogram plant joins the group, intra-group balances disappear, and NCML's own liabilities come on to Premier's balance sheet.

Capex sweep. We searched 24 months of DSE company news (Nov-2024 to Oct-2026) for board decisions on capacity, plant or vessel purchases. Apart from the amalgamation and the preference issue, the archive shows none [4], and the FY2025 report states no unprovided committed capital expenditure [1 p.182]. Premier's capacity change is therefore the merger, not new building.

Governance: sponsors' stake fell from 46.6% to 36.0% through family gifts

The board has seven directors: chairman Mohammad Mustafa Haider, managing director Mohammed Amirul Haque, directors Mohammed Jahangir Alam and Md. Alamgir Kabir, a nominated director and two independent directors [1 p.94]. Sponsors and directors held 46.59% at June 2024 and 43.58% at June 2025; institutions held 26.37% and general investors 30.04% [1 p.22]. Share capital was unchanged at Tk 1,054.5m (105.45m shares) at 31-Mar-2026 [3 p.2]. DSE's page shows sponsors and directors at 35.99% at 31-Aug and 30-Sep-2026 [5]. The fall is mostly explained by gifts to family members registered as general shareholders: Jahangir Alam gave 2.0m shares in March 2025 and 4.5m in April 2026, and sponsor Mohammed Almas Shimul gave 1.3m in November 2025 and his remaining 2.2m in April 2026 [4]. The shares stayed within the families but now count as public holdings.

Directors also lend to the company (Tk 240m, including Tk 120m from Jahangir Alam and Tk 60m from Almas Shimul) and personally guarantee its bank loans [1 p.208]. Almas Shimul also signs Crown Cement's FY2025 statements as a Crown director [7 p.179], so the two listed grinders share sponsors. The FY2025 dividend was disbursed by 5-Feb-2026 for an AGM on 28-Dec-2025 [4].

Dividends of 10% for FY2025 and FY2026; the shares trade at 0.60x NAV and 53x FY2026 EPS

DSE's record shows cash dividends of 40% (2013), 30% (2014), 20% (2015), 15% (2016), 20% (2017), 10% (2018-2020), 20% (2021), 10% (2022-2023), 21.5% (2024) and 10% (2025), with no bonus shares or rights issues [5]. The board recommended 10% for FY2026, record date 18-Nov-2026 [4]. On 105.45m shares, 10% costs Tk 105m.

At Tk 38.3 (29-Oct-2026) the market value is Tk 4,039m; the 52-week range is Tk 34.90-56.00 [6] [5]. On the announced FY2026 figures that is 53.2 times EPS of Tk 0.72, 0.60 times NAV per share of Tk 64.21 and a 2.6% yield on the Tk 1.00 dividend [16]. For comparison with the company's own history, the year-end price of Tk 49.60 in June 2025 was 0.77 times that year's NAV of Tk 64.50, and the company printed P/E ratios of 38.45 for FY2025 and 8.99 for FY2024 [1 p.63] [1 p.62]. These multiples are facts; with EPS close to zero the P/E mostly reflects how small the earnings were.

Against peers: the best gross margin of the four listed cement makers compared, and the heaviest debt

The peer table uses each company's own separate statements and quotes the line each prints. Premier's gross margin of 17.7% was the highest of the four listed grinders compared, ahead of Crown (14.1%), Confidence (13.6%) and Heidelberg (10.6%) [16]. Its clinker cost of Tk 6,733 a tonne was below Crown's Tk 7,049 [1 p.200] [7 p.196]. But its borrowings were 3.89 times equity, against 1.60x at Crown, 0.81x at Confidence and none at Heidelberg, and finance cost with FX took 76% of operating profit, against 55% at Crown [16]. Confidence's net profit came mainly from its power associates (share of profit Tk 1,208m), not from cement [8 p.78].

Two cautions on comparability. Heidelberg's year ends in December, it reports net finance income and its figures are rounded from Tk thousands; Crown's 'Finance cost' includes FX loss but excludes its separate 'Finance income' (Tk 35m) [7 p.180]; Confidence's finance line excludes its separately printed 'Foreign currency exchange loss', which we added [9 p.99] [8 p.78]. Premier's borrowings exclude its preference shares and director loans; with them, leverage would be higher [1 p.194].

What's next: the first merged accounts and the preference issue

Past events with open outcomes. BSEC consented to the Tk 1,610m preference issue on 16-Feb-2026 (passed); whether it was raised is not yet disclosed, and the March 2026 balance sheet still showed preference shares falling to Tk 760m as old ones were redeemed [4] [3 p.2]. If raised and used to repay short-term loans as the notice states, it swaps bank interest for a preference dividend that is also booked in finance cost [1 p.211]. The merger sanctioned on 26-Jan-2026 (passed) adds NCML's 8,000 t/day plant [1 p.158]; its effect on utilisation, debt and EPS is unknown until the FY2026 report.

Costs and demand. Clinker import cost rising towards US$53 a tonne [11] and the 16.68% power tariff rise from June 2026 [12] both raise cost of sales; on FY2025 consumption, each Tk 100 a tonne of clinker is Tk 157m and each 10% on power and gas is Tk 155m [16]. ECNEC's Tk 1.69 trillion of approvals [13] supports volume with a lag. The UN General Assembly adopted on 29-Oct-2026 in New York (30-Oct in Dhaka) the move of Bangladesh's LDC graduation from 24-Nov-2026 to 24-Nov-2029 [14] [15]; for Premier, whose exports were US$2.7m in FY2025, the direct effect is small.

Risks: interest and price matter most; the minimum tax turns small profits into none

Premier's earnings sit under three fixed weights: interest on about Tk 25bn of bank loans, a tax on turnover, and an industry that uses half its capacity [1 p.194] [1 p.158] [10]. Gross profit per tonne improved in FY2025, and the company has the best gross margin of the four listed cement makers compared, but a single 1pp move in rates or a 1% move in price is worth a third of a year's profit before tax [16]. The FY2026 annual report, the first after the merger, will show whether the larger group carries the debt more easily or not.

• FY2026 annual report (before the 21-Dec-2026 AGM): fourth-quarter drivers, merger accounting, borrowings and preference shares.
• Q1 FY2027 results (board by 14-Nov-2026): finance costs against profit from operation (84% in 9M FY2026).
• Current tax as a share of revenue and any change to advance tax at import in the June 2027 budget.
• Clinker CFR price and the taka/US dollar rate.
• Sponsor/director holding on DSE each month (35.99% at 30-Sep-2026).

FAQ

When does Premier Cement's financial year end?

On 30 June. FY2025 ran from July 2024 to June 2025, and FY2026 ended on 30-Jun-2026.

How much did Premier Cement earn in FY2026?

The board announced EPS of Tk 0.72 (Tk 1.29 in FY2025), NAV per share of Tk 64.21 and a 10% cash dividend on 28-Oct-2026. The audited annual report was not yet in our corpus.

Does Premier Cement make its own clinker?

No. It grinds imported clinker; in FY2025 it used 1,569 kt of clinker at Tk 6,733 a tonne, 54% of cost of sales.

How much debt does Premier Cement have?

Bank borrowings were Tk 24,747m at 30-Jun-2025 and Tk 25,280m at 31-Mar-2026, plus redeemable preference shares and Tk 240m of director loans.

What happened to National Cement Mills?

Premier owned 18.67% of it. The High Court sanctioned its amalgamation, together with the Premier Power Generation subsidiary, into Premier on 26-Jan-2026.

Sources

1. Premier Cement Mills PLC Annual Report 2024-2025, year to 30-Jun-2025 (corpus PREMIERCEM_ANNUAL_2025, PDF page numbers) · link · accessed 2026-11-01
2. Premier Cement Mills Limited Annual Report 2019-2020 (consolidated financial highlight FY2016-FY2020, p.32) · link · accessed 2026-11-01
3. Premier Cement Mills PLC un-audited consolidated financial statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-01
4. DSE news archive for PREMIERCEM, 1-Nov-2024 to 31-Oct-2026 (results, dividends, amalgamation, preference shares, share gifts, credit rating) · link · accessed 2026-11-01
5. DSE company page for PREMIERCEM: cash dividend history, shareholding (30-Jun-2025, 31-Aug-2026, 30-Sep-2026), 52-week range, closing price · link · accessed 2026-11-01
6. AnalystBro market data: DSE daily bars for PREMIERCEM to 1-Nov-2026 · link · accessed 2026-11-01
7. Crown Cement PLC Annual Report 2024-2025 (statements p.179-180, sales volume and raw materials p.195-196) · link · accessed 2026-11-01
8. Confidence Cement PLC Annual Report 2024-2025 (separate statements p.77-78) · link · accessed 2026-11-01
9. Heidelberg Materials Bangladesh PLC Annual Report 2025 (statements p.98-99) · link · accessed 2026-11-01
10. The Daily Star, 'Bangladesh's cement producers reject US overcapacity claims' (BCMA: 41 plants, 86.02 mt capacity, 39.75 mt demand in 2025), 17 Mar 2026 · link · accessed 2026-11-01
11. The Daily Star, 'Cement makers under strain as war drives up input costs', 29 Apr 2026 · link · accessed 2026-11-01
12. Prothom Alo English, 'Power tariff rises by 16.68pc from June', 3 Jun 2026 · link · accessed 2026-11-01
13. Prothom Alo English, 'ECNEC approves Gabtali-Dasherkandi metro rail project, 11 others worth Tk 1.69 trillion', 16 Sep 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 history and ratio model for PREMIERCEM (model.xlsx, the workbook below) · link · accessed 2026-11-01