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Company · DSE:FUWANGCER · Ceramics & glass · Analysis · 31 Oct 2026
Fu-Wang Ceramic Industry: FY2025 Finance Expenses of BDT 183.6m and Operating Profit of BDT 225.7m; borrowings of BDT 7.6bn, 4.6x equity, at March 2026
Turnover was flat at BDT 1,080m in FY2025 and gross margin rose to 26.2%, and profit after tax fell to BDT 14.3m. Borrowings reached BDT 7.60bn at March 2026, 4.6x equity. Nine-month EPS to March 2026 was BDT 0.01, the FY2025 audit opinion is qualified, and the FY2026 annual results are not yet announced.
Company · DSE:MONNOCERA · Ceramics & glass · Analysis · 31 Oct 2026
Monno Ceramic Industries: a porcelain tableware maker that has run without pipeline gas since June 2023; FY2025 finance cost of BDT 147m was 2.5x operating profit, and profit came from a share sale and scrap sales
Revenue fell from BDT 904m (FY2022) to BDT 303m (FY2024) after the gas line was disconnected, and exports went to zero. FY2025 gross margin recovered to 24.0%, the highest in ten years, but finance cost reached BDT 146.6m against operating profit of BDT 58.1m. The FY2025 audit opinion is qualified, BDT 395m sits in receivables from five group companies, and the board recommended no dividend for FY2026.
Company · DSE:RAKCERAMIC · Ceramics & glass · Analysis · 29 Oct 2026
RAK Ceramics (Bangladesh): gas shortages turned a 30%-gross-margin tile leader into a BDT 396m loss in 2025; H1 2026 is back in profit
Gross margin fell from 29.7% (2021) to 13.2% (2025) as power and gas costs doubled per sft and plants ran short of gas; LNG supply from July 2025 lifted tiles utilisation to 91% and H1 2026 sales rose 20.7%. One distributor owned by the managing director buys 22% of gross sales and owes 55% of receivables.