DSE : ACIFORMULA
ACI Formulations PLC — Financial statements
Agricultural Chemicals · Bangladesh
Last price 142.5 BDT (At close: Oct 28, 2026) · Market cap 6.73B
Latest research: ACI Formulations financial analysis: crop care profits, BDT 2.4bn lent to the ACI group, FY2026 EPS 7.96 (Oct 2026) · ACI Formulations: crop care earns the profit, paint and aerosol lose money, and BDT 2.4bn is lent to the ACI group
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Financial statements
ACI Formulations PLC (ACIFORMULA) reported revenue of 5.58B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.58B | 5.17B | 4.94B | 4.96B | 4.25B | 3.86B |
| Cost of Revenue | 3.86B | 3.50B | 3.51B | 3.64B | 3.03B | 2.74B |
| Gross Profit | 1.72B | 1.67B | 1.43B | 1.32B | 1.22B | 1.13B |
| Selling, General & Admin | 1.07B | 957.71M | 869.32M | 832.55M | 773.96M | 713.89M |
| Other Operating Expenses | -18.01M | -15.00M | -21.82M | -10.44M | -9.29M | -4.98M |
| Operating Expenses | 1.06B | 942.71M | 847.50M | 822.11M | 764.67M | 708.91M |
| Operating Income | 663.25M | 726.54M | 580.17M | 494.82M | 453.65M | 417.77M |
| Interest Expense | -241.62M | -263.10M | -208.35M | -202.40M | -133.09M | -129.33M |
| Interest & Investment Income | 47.32M | 20.75M | 33.21M | 15.00M | 4.43M | 2.44M |
| Currency Exchange Gain (Loss) | 30.93K | 1.30M | 3.89M | 5.03M | 3.10M | |
| Other Non Operating Income (Expenses) | -971.89K | -970.89K | -650.63K | -463.19K | ||
| EBT Excluding Unusual Items | 468.01M | 484.52M | 408.27M | 311.99M | 328.09M | 290.88M |
| Gain (Loss) on Sale of Assets | 966.95K | 6.24M | 15.40M | 703.36K | ||
| Pretax Income | 468.97M | 490.76M | 423.67M | 311.99M | 328.79M | 290.88M |
| Income Tax Expense | 116.11M | 119.79M | 98.58M | 77.12M | 85.91M | 77.42M |
| Earnings From Continuing Operations | 352.86M | 370.98M | 325.09M | 234.87M | 242.88M | 213.46M |
| Minority Interest in Earnings | -271.03K | -197.03K | -145.72K | 46.58K | -3.96K | -4.01K |
| Net Income | 352.59M | 370.78M | 324.94M | 234.92M | 242.88M | 213.46M |
| Net Income to Common | 352.59M | 370.78M | 324.94M | 234.92M | 242.88M | 213.46M |
| Shares Outstanding (Basic) | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M |
| Shares Outstanding (Diluted) | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M |
| EPS (Basic) | 7.46 | 7.85 | 6.88 | 4.97 | 5.14 | 4.52 |
| EPS (Diluted) | 7.46 | 7.85 | 6.88 | 4.97 | 5.14 | 4.52 |
| Free Cash Flow | -702.25M | -99.79M | 554.21M | -101.06M | 311.51M | 593.07M |
| Free Cash Flow Per Share | -14.86 | -2.11 | 11.73 | -2.14 | 6.59 | 12.55 |
| Dividend Per Share | 2.50 | 2.50 | 2.00 | 2.50 | 2.50 | 2.86 |
| Gross Margin | 30.83% | 32.26% | 28.93% | 26.55% | 28.68% | 29.15% |
| Operating Margin | 11.89% | 14.04% | 11.76% | 9.98% | 10.68% | 10.81% |
| Profit Margin | 6.32% | 7.17% | 6.58% | 4.74% | 5.72% | 5.52% |
| Free Cash Flow Margin | -12.59% | -1.93% | 11.23% | -2.04% | 7.33% | 15.35% |
| EBITDA | 714.12M | 773.35M | 627.79M | 540.26M | 495.02M | 464.77M |
| EBITDA Margin | 12.80% | 14.95% | 12.72% | 10.89% | 11.65% | 12.03% |
| D&A For EBITDA | 50.87M | 46.80M | 47.62M | 45.44M | 41.38M | 47.00M |
| EBIT | 663.25M | 726.54M | 580.17M | 494.82M | 453.65M | 417.77M |
| EBIT Margin | 11.89% | 14.04% | 11.76% | 9.98% | 10.68% | 10.81% |
| Effective Tax Rate | 24.76% | 24.41% | 23.27% | 24.72% | 26.13% | 26.61% |
| Advertising Expenses | 29.18M | 31.71M | 27.12M | 22.74M | 25.02M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 43.72M | 244.49M | 206.68M | 198.06M | 224.60M | 208.96M |
| Cash & Short-Term Investments | 43.72M | 244.49M | 206.68M | 198.06M | 224.60M | 208.96M |
| Accounts Receivable | 2.15B | 1.32B | 1.20B | 1.16B | 1.11B | 1.29B |
| Other Receivables | 2.56B | 2.60B | 2.07B | 1.11B | 1.31B | 408.86M |
| Receivables | 4.71B | 3.92B | 3.27B | 2.27B | 2.42B | 1.69B |
| Inventory | 1.56B | 1.47B | 1.27B | 1.64B | 1.36B | 1.28B |
| Prepaid Expenses | 4.74M | 1.60M | 2.80M | 2.33M | 2.86M | 3.95M |
| Other Current Assets | 153.62M | 200.80M | 181.49M | 31.23M | 42.60M | 45.61M |
| Total Current Assets | 6.48B | 5.83B | 4.93B | 4.14B | 4.05B | 3.23B |
| Property, Plant & Equipment | 2.82B | 2.69B | 2.57B | 2.49B | 2.38B | 2.39B |
| Long-Term Investments | 61.96M | 61.60M | 56.88M | 40.67M | 38.80M | 37.77M |
| Goodwill | 5.15M | 5.15M | 5.15M | 5.15M | 5.15M | 5.15M |
| Other Long-Term Assets | -1.00 | 1.00 | ||||
| Total Assets | 9.36B | 8.58B | 7.56B | 6.67B | 6.47B | 5.66B |
| Accounts Payable | 118.12M | 163.74M | 228.95M | 75.33M | 97.20M | 121.74M |
| Accrued Expenses | 704.34M | 506.07M | 470.40M | 437.42M | 423.28M | 369.70M |
| Short-Term Debt | 4.18B | 3.89B | 3.24B | 2.75B | 2.69B | 1.68B |
| Current Portion of Leases | 21.53M | 13.16M | 12.85M | 12.44M | 4.97M | 5.25M |
| Other Current Liabilities | 212.34M | 147.20M | 77.58M | 46.69M | 42.31M | 382.76M |
| Total Current Liabilities | 5.24B | 4.72B | 4.02B | 3.32B | 3.25B | 2.56B |
| Long-Term Leases | 28.70M | 29.33M | 20.78M | 31.28M | 8.31M | 7.34M |
| Pension & Post-Retirement Benefits | 54.98M | 67.96M | 63.33M | 64.83M | 60.61M | 56.17M |
| Long-Term Deferred Tax Liabilities | 198.88M | 199.58M | 190.48M | 200.66M | 34.15M | 36.64M |
| Other Long-Term Liabilities | -1.00 | 1.00 | ||||
| Total Liabilities | 5.52B | 5.02B | 4.30B | 3.62B | 3.36B | 2.66B |
| Common Stock | 472.50M | 472.50M | 472.50M | 472.50M | 472.50M | 450.00M |
| Retained Earnings | 1.89B | 1.62B | 1.34B | 1.14B | 1.02B | 935.07M |
| Comprehensive Income & Other | 1.48B | 1.48B | 1.44B | 1.44B | 1.62B | 1.62B |
| Total Common Equity | 3.84B | 3.57B | 3.26B | 3.05B | 3.11B | 3.00B |
| Minority Interest | 2.40M | 2.18M | 1.99M | 1.84M | -113.70K | -117.67K |
| Shareholders' Equity | 3.84B | 3.57B | 3.26B | 3.05B | 3.11B | 3.00B |
| Total Liabilities & Equity | 9.36B | 8.58B | 7.56B | 6.67B | 6.47B | 5.66B |
| Total Debt | 4.23B | 3.93B | 3.27B | 2.80B | 2.70B | 1.69B |
| Net Cash (Debt) | -4.19B | -3.69B | -3.06B | -2.60B | -2.47B | -1.48B |
| Net Cash Per Share | -88.62 | -78.01 | -64.81 | -55.00 | -52.37 | -31.31 |
| Filing Date Shares Outstanding | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M |
| Total Common Shares Outstanding | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M | 47.25M |
| Working Capital | 1.24B | 1.11B | 903.70M | 814.26M | 795.49M | 675.95M |
| Book Value Per Share | 81.27 | 75.51 | 68.95 | 64.57 | 65.88 | 63.59 |
| Tangible Book Value | 3.83B | 3.56B | 3.25B | 3.05B | 3.11B | 3.00B |
| Tangible Book Value Per Share | 81.16 | 75.40 | 68.84 | 64.46 | 65.77 | 63.48 |
| Land | 2.10B | 2.06B | 2.06B | 2.05B | 2.05B | |
| Buildings | 254.58M | 253.00M | 241.80M | 229.19M | 229.19M | |
| Machinery | 539.10M | 505.98M | 475.41M | 436.71M | 424.12M | |
| Construction In Progress | 242.56M | 157.57M | 72.99M | 5.14M | 1.20M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 352.59M | 370.78M | 324.94M | 234.87M | 242.88M | 213.46M |
| Depreciation & Amortization | 50.87M | 46.80M | 47.62M | 45.44M | 41.38M | 47.47M |
| Loss (Gain) From Sale of Assets | -966.95K | -6.24M | -15.40M | |||
| Provision & Write-off of Bad Debts | 45.56M | 54.32M | 31.98M | -61.47M | -77.72M | 27.08M |
| Other Operating Activities | -95.42M | -82.74M | -61.86M | 80.99M | -64.86M | -36.85M |
| Change in Accounts Receivable | -652.91M | -192.09M | -35.37M | -65.62M | 128.30M | 253.23M |
| Change in Inventory | -450.38M | -200.53M | 345.08M | -200.02M | 13.66M | -12.09M |
| Change in Accounts Payable | 311.24M | 58.85M | 212.20M | -29.55M | 54.57M | 78.89M |
| Change in Other Net Operating Assets | -17.17M | -18.16M | -150.89M | 6.53M | 3.62M | 32.95M |
| Operating Cash Flow | -456.58M | 30.99M | 698.31M | 11.17M | 341.82M | 604.14M |
| Capital Expenditures | -245.67M | -130.78M | -144.10M | -112.23M | -30.31M | -11.07M |
| Sale of Property, Plant & Equipment | 967.01K | 7.34M | 17.10M | |||
| Investment in Securities | 5.08M | 4.72M | -16.21M | -1.86M | -1.04M | -1.95M |
| Other Investing Activities | 20.75M | 20.75M | 33.21M | |||
| Investing Cash Flow | -218.87M | -97.97M | -110.01M | -114.09M | -31.35M | -13.02M |
| Short-Term Debt Issued | 611.96M | 418.46M | 176.68M | 1.02B | ||
| Total Debt Issued | 445.63M | 611.96M | 418.46M | 176.68M | 1.02B | |
| Short-Term Debt Repaid | -439.05M | -926.18M | -1.16B | -582.94M | ||
| Long-Term Debt Repaid | -15.00M | -13.23M | -11.44M | -6.66M | -6.65M | |
| Lease Payments | -18.25M | -15.00M | -13.23M | -11.44M | -6.66M | -6.65M |
| Total Debt Repaid | 250.89M | -454.05M | -939.41M | -11.44M | -1.16B | -589.59M |
| Net Debt Issued (Repaid) | 696.53M | 157.91M | -520.94M | 165.24M | -141.61M | -589.59M |
| Issuance of Common Stock | 2.00M | |||||
| Common Dividends Paid | -117.74M | -94.15M | -122.48M | -117.69M | -142.70M | -89.61M |
| Other Financing Activities | -2.00 | -2.00 | 1.00 | |||
| Financing Cash Flow | 578.79M | 63.76M | -643.42M | 49.55M | -284.31M | -679.20M |
| Foreign Exchange Rate Adjustments | 31.01K | 31.01K | 64.85K | 30.71K | 374.50K | |
| Miscellaneous Cash Flow Adjustments | 999.00 | -1.00 | -1.00 | -1.00 | ||
| Net Cash Flow | -96.63M | -3.18M | -55.05M | -53.34M | 26.53M | -88.08M |
| Free Cash Flow | -702.25M | -99.79M | 554.21M | -101.06M | 311.51M | 593.07M |
| Free Cash Flow Margin | -12.59% | -1.93% | 11.23% | -2.04% | 7.33% | 15.35% |
| Free Cash Flow Per Share | -14.86 | -2.11 | 11.73 | -2.14 | 6.59 | 12.55 |
| Levered Free Cash Flow | -385.36M | -620.54M | -427.45M | -3.83M | -902.52M | 52.04M |
| Unlevered Free Cash Flow | -234.35M | -456.10M | -297.24M | 122.67M | -819.34M | 132.87M |
| Free Cash Flow After Leases | -720.50M | -114.79M | 540.99M | -112.49M | 304.84M | 586.42M |
| Cash Interest Paid | 221.12M | 259.43M | 170.43M | 162.97M | 139.32M | 126.85M |
| Cash Income Tax Paid | 184.76M | 189.70M | 169.91M | 30.15M | 139.38M | 122.98M |
| Change in Working Capital | -809.22M | -351.92M | 371.03M | -288.66M | 200.15M | 352.98M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.54B | 6.00B | 5.99B | 7.38B | 7.47B | 6.67B |
| Enterprise Value | 10.73B | 9.76B | 9.03B | 10.49B | 9.36B | 8.40B |
| Last Close Price | 138.50 | 124.37 | 122.20 | 148.11 | 147.49 | 129.25 |
| PE Ratio | 18.56 | 16.17 | 18.44 | 31.42 | 30.76 | 31.24 |
| PS Ratio | 1.17 | 1.16 | 1.21 | 1.49 | 1.76 | 1.73 |
| PB Ratio | 1.70 | 1.68 | 1.84 | 2.42 | 2.40 | 2.22 |
| P/TBV Ratio | 1.71 | 1.68 | 1.84 | 2.42 | 2.40 | 2.22 |
| P/FCF Ratio | 10.81 | 23.98 | 11.24 | |||
| P/OCF Ratio | 193.45 | 8.58 | 660.65 | 21.85 | 11.04 | |
| EV/Sales Ratio | 1.92 | 1.89 | 1.83 | 2.11 | 2.20 | 2.17 |
| EV/EBITDA Ratio | 15.03 | 12.62 | 14.39 | 19.41 | 18.90 | 18.07 |
| EV/EBIT Ratio | 16.18 | 13.43 | 15.57 | 21.19 | 20.62 | 20.10 |
| EV/FCF Ratio | 16.30 | 30.04 | 14.16 | |||
| Debt / Equity Ratio | 1.10 | 1.10 | 1.00 | 0.92 | 0.87 | 0.56 |
| Debt / EBITDA Ratio | 5.92 | 5.08 | 5.21 | 5.18 | 5.45 | 3.63 |
| Debt / FCF Ratio | 5.90 | 8.66 | 2.85 | |||
| Net Debt / Equity Ratio | 1.09 | 1.03 | 0.94 | 0.85 | 0.80 | 0.49 |
| Net Debt / EBITDA Ratio | 5.86 | 4.77 | 4.88 | 4.81 | 5.00 | 3.18 |
| Net Debt / FCF Ratio | -5.96 | -36.94 | 5.53 | -25.71 | 7.94 | 2.49 |
| Asset Turnover | 0.63 | 0.64 | 0.69 | 0.76 | 0.70 | 0.69 |
| Inventory Turnover | 2.88 | 2.56 | 2.41 | 2.43 | 2.30 | 2.15 |
| Quick Ratio | 0.91 | 0.88 | 0.86 | 0.74 | 0.81 | 0.74 |
| Current Ratio | 1.24 | 1.24 | 1.23 | 1.25 | 1.24 | 1.26 |
| Return on Equity (ROE) | 9.52% | 10.86% | 10.30% | 7.62% | 7.94% | 7.90% |
| Return on Assets (ROA) | 4.65% | 5.62% | 5.10% | 4.71% | 4.67% | 4.67% |
| Return on Invested Capital (ROIC) | 6.39% | 8.09% | 7.44% | 6.63% | 6.65% | 7.34% |
| Return on Capital Employed (ROCE) | 16.10% | 18.80% | 16.40% | 14.80% | 14.10% | 13.50% |
| Earnings Yield | 5.39% | 6.18% | 5.42% | 3.18% | 3.25% | 3.20% |
| FCF Yield | -10.73% | -1.66% | 9.25% | -1.37% | 4.17% | 8.89% |
| Dividend Yield | 1.80% | 1.97% | 1.58% | 1.60% | 1.58% | 2.02% |
| Payout Ratio | 33.39% | 25.39% | 37.69% | 50.10% | 58.76% | 41.98% |
| Total Shareholder Return | 1.80% | 1.97% | 1.58% | 1.60% | 1.58% | 2.02% |