DSE : ANWARGALV
Anwar Galvanizing Limited — Financial statements
Steel Works, Blast Furnaces, And Rolling And Finishing Mills · Bangladesh
Last price 113.4 BDT (At close: Oct 29, 2026) · Market cap 3.42B
Latest research: Anwar Galvanizing financial analysis: share gains, not fittings, drive profit as gross margin turns negative (Oct 2026) · Anwar Galvanizing: a loss-making fittings plant carried by a borrowed share portfolio
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Financial statements
Anwar Galvanizing Limited (ANWARGALV) reported revenue of 657.51M 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 | 657.51M | 612.32M | 642.76M | 737.97M | 724.38M | 609.99M |
| Cost of Revenue | 742.52M | 664.92M | 562.94M | 644.77M | 589.42M | 510.17M |
| Gross Profit | -85.01M | -52.60M | 79.81M | 93.20M | 134.96M | 99.82M |
| Selling, General & Admin | 73.79M | 53.57M | 51.72M | 52.53M | 58.16M | 35.08M |
| Operating Expenses | 73.79M | 53.57M | 51.72M | 52.53M | 58.16M | 35.08M |
| Operating Income | -158.80M | -106.17M | 28.09M | 40.67M | 76.80M | 64.74M |
| Interest Expense | -58.73M | -55.81M | -22.02M | -9.93M | -15.84M | -3.41M |
| Interest & Investment Income | 5.48M | 5.50M | 2.70M | 1.06M | 3.73M | 93.71K |
| Other Non Operating Income (Expenses) | -548.98K | -548.98K | -476.15K | -574.80K | -596.01K | -29.31K |
| EBT Excluding Unusual Items | -212.61M | -157.02M | 8.30M | 31.23M | 64.09M | 61.40M |
| Gain (Loss) on Sale of Investments | 64.72M | -206.74M | 89.73M | 37.59M | 157.45M | 12.46M |
| Pretax Income | -147.89M | -363.76M | 98.03M | 68.82M | 221.55M | 73.86M |
| Income Tax Expense | 9.85M | 8.12M | 15.91M | 9.30M | 28.07M | 14.13M |
| Net Income | -157.74M | -371.88M | 82.12M | 59.52M | 193.48M | 59.73M |
| Net Income to Common | -157.74M | -371.88M | 82.12M | 59.52M | 193.48M | 59.73M |
| Shares Outstanding (Basic) | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M |
| Shares Outstanding (Diluted) | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M |
| EPS (Basic) | -5.23 | -12.32 | 2.72 | 1.97 | 6.41 | 1.98 |
| EPS (Diluted) | -5.23 | -12.32 | 2.72 | 1.97 | 6.41 | 1.98 |
| Free Cash Flow | -10.16M | -117.62M | -66.47M | -40.22M | -28.57M | -61.87M |
| Free Cash Flow Per Share | -0.34 | -3.90 | -2.20 | -1.33 | -0.95 | -2.05 |
| Dividend Per Share | 1.00 | 1.00 | 1.11 | 1.01 | ||
| Gross Margin | -12.93% | -8.59% | 12.42% | 12.63% | 18.63% | 16.36% |
| Operating Margin | -24.15% | -17.34% | 4.37% | 5.51% | 10.60% | 10.61% |
| Profit Margin | -23.99% | -60.73% | 12.78% | 8.06% | 26.71% | 9.79% |
| Free Cash Flow Margin | -1.55% | -19.21% | -10.34% | -5.45% | -3.94% | -10.14% |
| EBITDA | -131.75M | -78.01M | 44.93M | 51.15M | 87.29M | 74.91M |
| EBITDA Margin | -20.04% | -12.74% | 6.99% | 6.93% | 12.05% | 12.28% |
| D&A For EBITDA | 27.06M | 28.16M | 16.84M | 10.48M | 10.48M | 10.16M |
| EBIT | -158.80M | -106.17M | 28.09M | 40.67M | 76.80M | 64.74M |
| EBIT Margin | -24.15% | -17.34% | 4.37% | 5.51% | 10.60% | 10.61% |
| Effective Tax Rate | 16.23% | 13.51% | 12.67% | 19.13% | ||
| Advertising Expenses | 573.39K | 1.41M | 446.27K |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 14.52M | 16.44M | 14.68M | 2.69M | 32.33M | 25.68M |
| Short-Term Investments | 494.69M | 230.30M | 433.47M | |||
| Trading Asset Securities | 281.46M | 234.88M | 5.40M | |||
| Cash & Short-Term Investments | 509.21M | 246.74M | 448.15M | 284.14M | 267.21M | 31.08M |
| Receivables | 44.76M | 25.23M | 6.21M | 24.51M | 10.89M | 81.69K |
| Inventory | 168.36M | 201.06M | 209.82M | 201.74M | 240.64M | 202.41M |
| Other Current Assets | 39.24M | 32.80M | 45.24M | 28.43M | 44.19M | 67.41M |
| Total Current Assets | 762.09M | 505.83M | 709.42M | 538.82M | 562.92M | 300.98M |
| Property, Plant & Equipment | 310.23M | 326.78M | 349.74M | 260.90M | 166.43M | 135.45M |
| Total Assets | 1.07B | 832.61M | 1.06B | 799.72M | 729.35M | 436.43M |
| Accounts Payable | 62.53M | 66.89M | 45.71M | 44.09M | 20.81M | 37.34M |
| Accrued Expenses | 155.17M | 46.91M | 41.77M | 44.05M | 54.59M | 35.44M |
| Short-Term Debt | 566.50M | 545.51M | 356.56M | 254.56M | 199.61M | 99.64M |
| Current Portion of Long-Term Debt | 11.53M | 10.30M | 9.45M | 9.58M | 7.18M | |
| Current Portion of Leases | 1.09M | 948.50K | 842.67K | |||
| Current Income Taxes Payable | 14.31M | 9.40M | 23.99M | 10.03M | 29.02M | 14.89M |
| Other Current Liabilities | 16.92M | 23.04M | 37.93M | 13.58M | 29.14M | 37.60M |
| Total Current Liabilities | 828.07M | 703.00M | 516.26M | 375.91M | 340.34M | 224.91M |
| Long-Term Debt | 16.20M | 25.03M | 34.04M | 25.09M | 15.54M | |
| Long-Term Leases | 60.14M | 55.87M | 56.82M | |||
| Long-Term Deferred Tax Liabilities | 5.68M | 7.07M | 8.35M | 6.95M | 7.69M | 8.64M |
| Total Liabilities | 910.09M | 790.98M | 615.47M | 407.95M | 363.56M | 233.55M |
| Common Stock | 301.87M | 301.87M | 301.87M | 301.87M | 167.71M | 152.46M |
| Retained Earnings | -139.64M | -260.24M | 141.83M | 89.90M | 198.09M | 50.41M |
| Shareholders' Equity | 162.23M | 41.63M | 443.70M | 391.77M | 365.79M | 202.87M |
| Total Liabilities & Equity | 1.07B | 832.61M | 1.06B | 799.72M | 729.35M | 436.43M |
| Total Debt | 655.47M | 637.66M | 457.71M | 289.24M | 222.32M | 99.64M |
| Net Cash (Debt) | -146.26M | -390.92M | -9.56M | -5.10M | 44.88M | -68.57M |
| Net Cash Per Share | -4.85 | -12.95 | -0.32 | -0.17 | 1.49 | -2.27 |
| Filing Date Shares Outstanding | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M |
| Total Common Shares Outstanding | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M | 30.19M |
| Working Capital | -65.98M | -197.17M | 193.17M | 162.92M | 222.58M | 76.06M |
| Book Value Per Share | 5.37 | 1.38 | 14.70 | 12.98 | 12.12 | 6.72 |
| Tangible Book Value | 162.23M | 41.63M | 443.70M | 391.77M | 365.79M | 202.87M |
| Tangible Book Value Per Share | 5.37 | 1.38 | 14.70 | 12.98 | 12.12 | 6.72 |
| Land | 8.88M | 8.88M | 8.88M | 8.88M | 8.88M | |
| Buildings | 99.54M | 97.23M | 17.59M | 17.59M | 16.37M | |
| Machinery | 280.63M | 267.34M | 156.89M | 141.11M | 133.66M | |
| Construction In Progress | 3.87M | 6.83M | 15.17M | 155.91M | 66.76M | 34.07M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -157.74M | -371.88M | 82.12M | 59.52M | 193.48M | 59.73M |
| Depreciation & Amortization | 30.62M | 31.57M | 18.55M | 10.48M | 10.48M | 10.16M |
| Loss (Gain) From Sale of Assets | 967.91K | -20.66K | 2.83K | 2.88K | ||
| Loss (Gain) From Sale of Investments | -64.72M | 206.74M | -89.73M | -37.59M | -157.45M | |
| Other Operating Activities | 33.39M | 31.87M | 14.78M | 6.36M | 5.29M | |
| Change in Accounts Receivable | -28.76M | -19.02M | 18.30M | -13.62M | -10.81M | 4.39M |
| Change in Inventory | 94.97M | 8.77M | -8.09M | 38.90M | -38.23M | -85.71M |
| Change in Accounts Payable | 99.32M | -5.59M | 39.33M | -17.66M | 13.24M | 27.16M |
| Change in Other Net Operating Assets | -12.45M | 10.03M | -16.81M | 18.34M | -2.95M | -23.77M |
| Operating Cash Flow | -4.39M | -107.54M | 58.45M | 64.73M | 13.06M | -8.04M |
| Capital Expenditures | -5.77M | -10.08M | -124.92M | -104.94M | -41.63M | -53.83M |
| Sale of Property, Plant & Equipment | 122.30K | 1.50M | ||||
| Investment in Securities | 9.38M | -1.16M | -17.93M | -54.28M | -4.48M | |
| Other Investing Activities | 5.13M | 5.06M | 1.93M | 3.30M | 1.00 | |
| Investing Cash Flow | 8.86M | -4.68M | -122.99M | -122.88M | -92.61M | -58.31M |
| Short-Term Debt Issued | 61.56M | 41.22M | 80.89M | |||
| Long-Term Debt Issued | 101.88M | 82.85M | 163.89M | 125.35M | ||
| Total Debt Issued | 33.07M | 163.43M | 124.07M | 163.89M | 125.35M | 80.89M |
| Short-Term Debt Repaid | -96.97M | -2.67M | ||||
| Long-Term Debt Repaid | -13.67M | -13.65M | ||||
| Lease Payments | -705.90K | -842.67K | -385.39K | |||
| Total Debt Repaid | -24.86M | -13.67M | -13.65M | -96.97M | -2.67M | |
| Net Debt Issued (Repaid) | 8.21M | 149.76M | 110.42M | 66.92M | 122.68M | 80.89M |
| Common Dividends Paid | -392.11K | -29.03M | -30.47M | -38.41M | -36.48M | -17.33M |
| Other Financing Activities | -5.19M | -6.74M | -3.40M | |||
| Financing Cash Flow | 2.63M | 113.99M | 76.54M | 28.51M | 86.20M | 63.56M |
| Miscellaneous Cash Flow Adjustments | -1.00 | 1.00 | ||||
| Net Cash Flow | 7.10M | 1.76M | 11.99M | -29.64M | 6.65M | -2.79M |
| Free Cash Flow | -10.16M | -117.62M | -66.47M | -40.22M | -28.57M | -61.87M |
| Free Cash Flow Margin | -1.55% | -19.21% | -10.34% | -5.45% | -3.94% | -10.14% |
| Free Cash Flow Per Share | -0.34 | -3.90 | -2.20 | -1.33 | -0.95 | -2.05 |
| Levered Free Cash Flow | 45.74M | -80.71M | -71.53M | -56.01M | -10.59M | -85.40M |
| Unlevered Free Cash Flow | 82.44M | -45.83M | -57.76M | -49.81M | -682.50K | -83.27M |
| Free Cash Flow After Leases | -10.87M | -118.46M | -66.86M | -40.22M | -28.57M | -61.87M |
| Cash Interest Paid | 21.10M | 17.08M | 5.51M | 1.54M | 2.02M | 1.82M |
| Cash Income Tax Paid | 24.00M | 15.50M | 10.44M | 20.43M | 22.14M | 15.85M |
| Change in Working Capital | 153.08M | -5.82M | 32.73M | 25.96M | -38.75M | -77.94M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.42B | 1.87B | 4.03B | 6.44B | 7.11B | 3.17B |
| Enterprise Value | 3.57B | 2.47B | 4.01B | 6.40B | 7.12B | 3.20B |
| Last Close Price | 113.40 | 62.00 | 131.70 | 209.29 | 229.87 | 102.09 |
| PE Ratio | 49.11 | 108.18 | 36.74 | 53.15 | ||
| PS Ratio | 5.21 | 3.06 | 6.28 | 8.72 | 9.81 | 5.20 |
| PB Ratio | 21.10 | 44.96 | 9.09 | 16.44 | 19.43 | 15.65 |
| P/TBV Ratio | 21.10 | 44.96 | 9.09 | 16.44 | 19.43 | 15.65 |
| P/OCF Ratio | 69.00 | 99.48 | 544.38 | |||
| EV/Sales Ratio | 5.43 | 4.04 | 6.25 | 8.67 | 9.83 | 5.24 |
| EV/EBITDA Ratio | 89.35 | 125.09 | 81.57 | 42.66 | ||
| EV/EBIT Ratio | 142.92 | 157.31 | 92.71 | 49.35 | ||
| Debt / Equity Ratio | 4.04 | 15.32 | 1.03 | 0.74 | 0.61 | 0.49 |
| Debt / EBITDA Ratio | 9.81 | 5.66 | 2.55 | 1.33 | ||
| Net Debt / Equity Ratio | 0.90 | 9.39 | 0.02 | 0.01 | -0.12 | 0.34 |
| Net Debt / EBITDA Ratio | -1.11 | -5.01 | 0.21 | 0.10 | -0.51 | 0.92 |
| Net Debt / FCF Ratio | -14.39 | -3.32 | -0.14 | -0.13 | 1.57 | -1.11 |
| Asset Turnover | 0.69 | 0.65 | 0.69 | 0.96 | 1.24 | 1.70 |
| Inventory Turnover | 3.54 | 3.24 | 2.74 | 2.92 | 2.66 | 3.20 |
| Quick Ratio | 0.67 | 0.39 | 0.88 | 0.82 | 0.82 | 0.14 |
| Current Ratio | 0.92 | 0.72 | 1.37 | 1.43 | 1.65 | 1.34 |
| Return on Equity (ROE) | -141.68% | -153.25% | 19.66% | 15.71% | 68.05% | 33.14% |
| Return on Assets (ROA) | -10.45% | -7.02% | 1.89% | 3.33% | 8.24% | 11.25% |
| Return on Invested Capital (ROIC) | -49.79% | -23.97% | 5.54% | 9.80% | 22.65% | 25.03% |
| Return on Capital Employed (ROCE) | -65.00% | -81.90% | 5.20% | 9.60% | 19.70% | 30.60% |
| Earnings Yield | -4.61% | -19.87% | 2.04% | 0.92% | 2.72% | 1.88% |
| FCF Yield | -0.30% | -6.29% | -1.65% | -0.62% | -0.40% | -1.95% |
| Dividend Yield | 0.88% | 0.75% | 0.47% | 0.47% | 0.96% | |
| Payout Ratio | 37.11% | 64.53% | 18.86% | 29.02% | ||
| Total Shareholder Return | 0.88% | 0.75% | 0.47% | 0.47% | 0.96% |