DSE : BATBC
British American Tobacco Bangladesh Company Limited — Financial statements
Cigarettes · Bangladesh
Last price 209.1 BDT (At close: Oct 29, 2026) · Market cap 112.91B
Latest research: British American Tobacco Bangladesh valuation report: fair value BDT 53.4–199 (Oct 2026) · BATBC: an 84% tax take caps EPS near BDT 17 by 2027, about half the 2024 level
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Financial statements
British American Tobacco Bangladesh Company Limited (BATBC) reported revenue of 80.96B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 80.96B | 83.42B | 99.45B | 91.67B | 84.23B | 74.83B |
| Cost of Revenue | 48.86B | 49.97B | 55.52B | 47.39B | 40.20B | 35.17B |
| Gross Profit | 32.10B | 33.46B | 43.93B | 44.28B | 44.03B | 39.66B |
| Selling, General & Admin | 8.90B | 9.81B | 8.24B | 9.36B | 8.97B | 8.86B |
| Other Operating Expenses | 603.12M | 603.12M | 733.34M | 1.32B | 981.30M | 306.98M |
| Operating Expenses | 10.11B | 11.02B | 9.44B | 11.10B | 10.32B | 9.51B |
| Operating Income | 21.99B | 22.43B | 34.49B | 33.18B | 33.72B | 30.14B |
| Interest Expense | -1.88B | -1.81B | -1.04B | -583.06M | -563.53M | -371.80M |
| Interest & Investment Income | 178.74M | 97.95M | 273.69M | 183.62M | 58.25M | 37.47M |
| Other Non Operating Income (Expenses) | 23.07M | 16.23M | 32.30M | 2.50B | 1.74B | 130.86M |
| EBT Excluding Unusual Items | 20.31B | 20.74B | 33.76B | 35.28B | 34.96B | 29.94B |
| Merger & Restructuring Charges | -7.15B | -7.15B | ||||
| Gain (Loss) on Sale of Assets | 36.65M | 36.65M | 52.60M | -4.69M | 37.42M | -25.43M |
| Other Unusual Items | -14.38M | |||||
| Pretax Income | 13.20B | 13.63B | 33.81B | 35.27B | 34.99B | 29.90B |
| Income Tax Expense | 7.38B | 7.79B | 16.31B | 17.39B | 17.12B | 14.93B |
| Net Income | 5.82B | 5.84B | 17.51B | 17.88B | 17.87B | 14.97B |
| Net Income to Common | 5.82B | 5.84B | 17.51B | 17.88B | 17.87B | 14.97B |
| Shares Outstanding (Basic) | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M |
| Shares Outstanding (Diluted) | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M |
| EPS (Basic) | 10.78 | 10.81 | 32.42 | 33.11 | 33.10 | 27.72 |
| EPS (Diluted) | 10.78 | 10.81 | 32.42 | 33.11 | 33.10 | 27.72 |
| Free Cash Flow | 6.94B | -3.05B | 12.57B | 4.10B | 20.90B | 2.61B |
| Free Cash Flow Per Share | 12.85 | -5.66 | 23.27 | 7.60 | 38.70 | 4.83 |
| Dividend Per Share | 3.00 | 3.00 | 30.00 | 10.00 | 20.00 | 27.50 |
| Gross Margin | 39.65% | 40.10% | 44.18% | 48.31% | 52.28% | 53.00% |
| Operating Margin | 27.16% | 26.89% | 34.68% | 36.19% | 40.03% | 40.29% |
| Profit Margin | 7.19% | 7.00% | 17.61% | 19.50% | 21.22% | 20.00% |
| Free Cash Flow Margin | 8.57% | -3.66% | 12.64% | 4.48% | 24.81% | 3.48% |
| EBITDA | 23.45B | 25.60B | 36.77B | 35.07B | 35.52B | 31.73B |
| EBITDA Margin | 28.97% | 30.69% | 36.98% | 38.26% | 42.17% | 42.41% |
| D&A For EBITDA | 1.47B | 3.17B | 2.28B | 1.89B | 1.80B | 1.59B |
| EBIT | 21.99B | 22.43B | 34.49B | 33.18B | 33.72B | 30.14B |
| EBIT Margin | 27.16% | 26.89% | 34.68% | 36.19% | 40.03% | 40.29% |
| Effective Tax Rate | 55.91% | 57.16% | 48.22% | 49.31% | 48.93% | 49.94% |
| Revenue as Reported | 80.96B | 83.42B | 99.45B | 91.67B | 84.23B | 74.83B |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 13.07B | 9.19B | 8.97B | 9.44B | 4.91B | 1.41B |
| Short-Term Investments | 2.94B | |||||
| Cash & Short-Term Investments | 13.07B | 9.19B | 8.97B | 12.38B | 4.91B | 1.41B |
| Accounts Receivable | 878.32M | 13.42B | 12.78B | 11.37B | 551.40M | 2.49B |
| Other Receivables | 5.47B | 4.61B | 604.15M | 531.12M | 130.79M | 275.04M |
| Receivables | 6.35B | 18.03B | 13.39B | 11.90B | 682.20M | 2.77B |
| Inventory | 41.27B | 38.29B | 30.89B | 31.81B | 28.77B | 34.43B |
| Prepaid Expenses | 90.25M | 166.66M | 204.13M | 145.97M | 123.30M | 112.93M |
| Other Current Assets | 7.59B | 7.75B | 7.32B | 7.51B | 10.36B | 5.38B |
| Total Current Assets | 68.37B | 73.42B | 60.76B | 63.75B | 44.85B | 44.09B |
| Property, Plant & Equipment | 38.16B | 38.27B | 40.83B | 40.11B | 38.58B | 33.46B |
| Total Assets | 106.53B | 111.69B | 101.59B | 103.87B | 83.43B | 77.56B |
| Accounts Payable | 4.38B | 2.58B | 6.85B | 7.29B | 4.02B | 3.83B |
| Accrued Expenses | 12.67B | 14.03B | 4.67B | 2.97B | 5.60B | 5.81B |
| Short-Term Debt | 9.75B | 5.27B | 3.74B | 5.60B | ||
| Current Portion of Leases | 1.44B | 1.48B | 671.05M | 451.06M | 470.21M | 374.38M |
| Current Income Taxes Payable | 6.62B | 6.27B | 11.23B | 13.26B | 10.39B | 7.49B |
| Other Current Liabilities | 14.69B | 13.48B | 4.96B | 12.71B | 12.26B | 9.67B |
| Total Current Liabilities | 39.80B | 47.60B | 33.65B | 40.41B | 32.74B | 32.78B |
| Long-Term Leases | 3.59B | 3.66B | 3.53B | 3.35B | 2.71B | 1.84B |
| Pension & Post-Retirement Benefits | 325.12M | 166.86M | 150.30M | 95.17M | 155.93M | |
| Long-Term Deferred Tax Liabilities | 4.96B | 4.92B | 6.70B | 6.31B | 6.70B | 5.99B |
| Total Liabilities | 48.67B | 56.34B | 43.87B | 50.23B | 42.25B | 40.77B |
| Common Stock | 5.40B | 5.40B | 5.40B | 5.40B | 5.40B | 5.40B |
| Retained Earnings | 52.40B | 49.88B | 52.25B | 48.17B | 35.72B | 31.33B |
| Comprehensive Income & Other | 64.90M | 64.90M | 64.90M | 64.90M | 64.90M | 64.90M |
| Shareholders' Equity | 57.86B | 55.35B | 57.72B | 53.64B | 41.18B | 36.79B |
| Total Liabilities & Equity | 106.53B | 111.69B | 101.59B | 103.87B | 83.43B | 77.56B |
| Total Debt | 5.03B | 14.89B | 9.46B | 7.54B | 3.18B | 7.82B |
| Net Cash (Debt) | 8.04B | -5.71B | -499.12M | 4.84B | 1.73B | -6.41B |
| Net Cash Per Share | 14.89 | -10.57 | -0.92 | 8.96 | 3.20 | -11.87 |
| Filing Date Shares Outstanding | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M |
| Total Common Shares Outstanding | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M | 540.00M |
| Working Capital | 28.57B | 25.83B | 27.11B | 23.34B | 12.11B | 11.31B |
| Book Value Per Share | 107.15 | 102.50 | 106.88 | 99.33 | 76.27 | 68.13 |
| Tangible Book Value | 57.86B | 55.35B | 57.72B | 53.64B | 41.18B | 36.79B |
| Tangible Book Value Per Share | 107.15 | 102.50 | 106.88 | 99.33 | 76.27 | 68.13 |
| Land | 1.84B | 1.84B | 1.84B | 1.61B | 1.53B | 1.53B |
| Buildings | 9.30B | 9.28B | 8.38B | 7.04B | 6.75B | 6.70B |
| Machinery | 44.42B | 43.84B | 43.81B | 37.87B | 36.77B | 33.65B |
| Construction In Progress | 2.31B | 1.55B | 3.62B | 8.29B | 6.42B | 3.54B |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.82B | 5.84B | 17.51B | 17.88B | 17.87B | 14.97B |
| Depreciation & Amortization | 2.51B | 3.62B | 2.63B | 2.17B | 2.04B | 1.79B |
| Loss (Gain) From Sale of Assets | -30.09M | -36.65M | -52.60M | 4.69M | -37.42M | 25.43M |
| Other Operating Activities | -1.16B | -2.91B | -691.85M | 3.55B | 4.30B | 3.66B |
| Change in Accounts Receivable | -4.73B | -4.64B | 1.46B | -14.16B | 2.09B | -2.63B |
| Change in Inventory | 1.89B | -7.41B | 925.10M | -3.04B | 5.66B | -10.64B |
| Change in Accounts Payable | 2.18B | 2.19B | -4.62B | 814.40M | -874.62M | 732.76M |
| Change in Other Net Operating Assets | 7.66B | 6.65B | 161.26M | 2.98B | -4.02B | 48.51M |
| Operating Cash Flow | 14.14B | 3.31B | 17.32B | 10.21B | 27.02B | 7.95B |
| Capital Expenditures | -7.20B | -6.36B | -4.75B | -6.10B | -6.13B | -5.34B |
| Sale of Property, Plant & Equipment | 33.36M | 42.22M | 53.89M | 79.00K | 65.37M | 42.89M |
| Investing Cash Flow | -7.16B | -6.32B | -4.70B | -6.10B | -6.06B | -5.30B |
| Short-Term Debt Issued | 4.53B | 1.53B | 3.74B | 5.60B | ||
| Long-Term Debt Issued | 1.82B | 1.19B | 1.38B | |||
| Total Debt Issued | -975.57M | 6.36B | 2.72B | 5.12B | 5.60B | |
| Short-Term Debt Repaid | -5.60B | |||||
| Long-Term Debt Repaid | -691.09M | -564.98M | ||||
| Lease Payments | 84.76M | -691.09M | -564.98M | |||
| Total Debt Repaid | -9.49B | -6.29B | -564.98M | |||
| Net Debt Issued (Repaid) | -10.47B | 6.36B | 2.72B | 5.12B | -6.29B | 5.04B |
| Common Dividends Paid | -3.16B | -15.87B | -4.78B | -11.36B | -12.16B | |
| Financing Cash Flow | -5.75B | 3.20B | -13.15B | 339.64M | -17.65B | -7.13B |
| Foreign Exchange Rate Adjustments | -13.42M | 37.44M | 49.94M | 83.45M | 193.28M | 11.80M |
| Net Cash Flow | 1.21B | 221.03M | -475.24M | 4.53B | 3.51B | -4.47B |
| Free Cash Flow | 6.94B | -3.05B | 12.57B | 4.10B | 20.90B | 2.61B |
| Free Cash Flow Margin | 8.57% | -3.66% | 12.64% | 4.48% | 24.81% | 3.48% |
| Free Cash Flow Per Share | 12.85 | -5.66 | 23.27 | 7.60 | 38.70 | 4.83 |
| Levered Free Cash Flow | 17.21B | 6.36B | 9.86B | 8.96B | 24.84B | 3.15B |
| Unlevered Free Cash Flow | 18.39B | 7.49B | 10.51B | 9.32B | 25.19B | 3.39B |
| Free Cash Flow After Leases | 7.03B | -3.05B | 12.57B | 4.10B | 20.21B | 2.04B |
| Cash Income Tax Paid | 12.28B | 14.43B | 18.02B | 14.89B | 13.53B | 12.00B |
| Change in Working Capital | 7.01B | -3.21B | -2.08B | -13.40B | 2.85B | -12.49B |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 117.50B | 134.24B | 198.50B | 280.10B | 280.10B | 343.22B |
| Enterprise Value | 109.47B | 156.53B | 192.04B | 279.60B | 277.50B | 347.41B |
| Last Close Price | 217.60 | 245.23 | 346.93 | 461.02 | 452.13 | 530.03 |
| PE Ratio | 20.19 | 22.99 | 11.34 | 15.67 | 15.67 | 22.93 |
| Forward PE | 8.95 | 9.25 | 10.31 | 12.64 | 16.10 | 23.58 |
| PS Ratio | 1.45 | 1.61 | 2.00 | 3.06 | 3.33 | 4.59 |
| PB Ratio | 2.03 | 2.42 | 3.44 | 5.22 | 6.80 | 9.33 |
| P/TBV Ratio | 2.03 | 2.42 | 3.44 | 5.22 | 6.80 | 9.33 |
| P/FCF Ratio | 16.93 | 15.80 | 68.24 | 13.40 | 131.62 | |
| P/OCF Ratio | 8.31 | 40.62 | 11.46 | 27.44 | 10.37 | 43.16 |
| PEG Ratio | 1.61 | 1.61 | 1.61 | 1.61 | 1.69 | |
| EV/Sales Ratio | 1.35 | 1.88 | 1.93 | 3.05 | 3.29 | 4.64 |
| EV/EBITDA Ratio | 4.51 | 6.11 | 5.22 | 7.97 | 7.81 | 10.95 |
| EV/EBIT Ratio | 4.98 | 6.98 | 5.57 | 8.43 | 8.23 | 11.53 |
| EV/FCF Ratio | 15.77 | 15.28 | 68.11 | 13.28 | 133.22 | |
| Debt / Equity Ratio | 0.09 | 0.27 | 0.16 | 0.14 | 0.08 | 0.21 |
| Debt / EBITDA Ratio | 0.21 | 0.57 | 0.25 | 0.21 | 0.09 | 0.24 |
| Debt / FCF Ratio | 0.72 | 0.75 | 1.84 | 0.15 | 3.00 | |
| Net Debt / Equity Ratio | -0.14 | 0.10 | 0.01 | -0.09 | -0.04 | 0.17 |
| Net Debt / EBITDA Ratio | -0.34 | 0.22 | 0.01 | -0.14 | -0.05 | 0.20 |
| Net Debt / FCF Ratio | -1.16 | -1.87 | 0.04 | -1.18 | -0.08 | 2.46 |
| Asset Turnover | 0.77 | 0.78 | 0.97 | 0.98 | 1.05 | 1.05 |
| Inventory Turnover | 1.16 | 1.45 | 1.77 | 1.56 | 1.27 | 1.21 |
| Quick Ratio | 0.49 | 0.57 | 0.66 | 0.60 | 0.17 | 0.13 |
| Current Ratio | 1.72 | 1.54 | 1.81 | 1.58 | 1.37 | 1.34 |
| Return on Equity (ROE) | 10.43% | 10.33% | 31.45% | 37.71% | 45.84% | 42.29% |
| Return on Assets (ROA) | 12.99% | 13.15% | 20.99% | 22.14% | 26.18% | 26.48% |
| Return on Invested Capital (ROIC) | 16.97% | 16.12% | 33.38% | 38.11% | 41.67% | 41.37% |
| Return on Capital Employed (ROCE) | 32.90% | 35.00% | 50.80% | 52.30% | 66.50% | 67.30% |
| Earnings Yield | 4.95% | 4.35% | 8.82% | 6.38% | 6.38% | 4.36% |
| FCF Yield | 5.91% | -2.28% | 6.33% | 1.47% | 7.46% | 0.76% |
| Dividend Yield | 1.38% | 1.21% | 8.16% | 1.93% | 3.86% | 4.33% |
| Payout Ratio | 27.84% | 54.11% | 90.63% | 26.75% | 63.55% | 81.26% |
| Total Shareholder Return | 1.38% | 1.21% | 8.16% | 1.93% | 3.86% | 4.33% |