DSE : CVOPRL
CVO Petrochemical Refinery PLC. — Financial statements
Petroleum Refining · Bangladesh
Last price 146.2 BDT (At close: Oct 29, 2026) · Market cap 4.43B
Latest research: CVO Petrochemical Refinery financial analysis: EPS BDT 4.93, naphtha squeeze and a Q4 FY26 loss (Oct 2026) · CVO Petrochemical Refinery: a naphtha-to-solvent margin business that tripled profit since FY2023, then idled for seven weeks when naphtha cost more than solvent
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Financial statements
CVO Petrochemical Refinery PLC. (CVOPRL) reported revenue of 1.26B 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 | 1.26B | 1.15B | 612.98M | 390.14M | 34.38M | |
| Cost of Revenue | 959.94M | 973.78M | 497.29M | 332.03M | 33.18M | 65.38M |
| Gross Profit | 297.94M | 179.41M | 115.69M | 58.11M | -33.18M | -31.01M |
| Selling, General & Admin | 41.22M | 36.75M | 18.96M | 16.43M | 14.54M | 12.64M |
| Other Operating Expenses | 814.51K | |||||
| Operating Expenses | 41.22M | 36.75M | 18.96M | 16.43M | 14.54M | 13.46M |
| Operating Income | 256.72M | 142.65M | 96.73M | 41.68M | -47.72M | -44.46M |
| Interest Expense | -10.95M | -21.42M | -24.12M | -25.19M | -24.09M | -17.38M |
| Interest & Investment Income | 875.70K | 630.53K | 405.62K | 206.16K | 148.32K | 158.43K |
| Other Non Operating Income (Expenses) | -12.18M | -5.80M | 1.02M | 3.08M | 975.00K | |
| EBT Excluding Unusual Items | 234.46M | 116.06M | 74.04M | 19.77M | -71.66M | -60.71M |
| Gain (Loss) on Sale of Investments | -1.07M | -2.31M | 993.87K | -1.92M | ||
| Pretax Income | 233.39M | 116.06M | 74.04M | 17.46M | -70.67M | -62.63M |
| Income Tax Expense | 44.76M | 10.07M | 9.04M | 4.56M | 2.30M | 318.56K |
| Net Income | 188.63M | 105.99M | 65.00M | 12.90M | -72.97M | -62.95M |
| Net Income to Common | 188.63M | 105.99M | 65.00M | 12.90M | -72.97M | -62.95M |
| Shares Outstanding (Basic) | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M |
| Shares Outstanding (Diluted) | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M |
| EPS (Basic) | 6.23 | 3.50 | 2.15 | 0.43 | -2.41 | -2.08 |
| EPS (Diluted) | 6.23 | 3.50 | 2.15 | 0.43 | -2.41 | -2.08 |
| Free Cash Flow | 271.70M | 212.14M | 57.98M | -13.38M | -113.57M | 13.51M |
| Free Cash Flow Per Share | 8.98 | 7.01 | 1.92 | -0.44 | -3.75 | 0.45 |
| Dividend Per Share | 1.01 | 1.01 | 0.92 | 0.46 | ||
| Gross Margin | 23.69% | 15.56% | 18.87% | 14.89% | -90.20% | |
| Operating Margin | 20.41% | 12.37% | 15.78% | 10.68% | -129.35% | |
| Profit Margin | 15.00% | 9.19% | 10.60% | 3.31% | -183.11% | |
| Free Cash Flow Margin | 21.60% | 18.40% | 9.46% | -3.43% | 39.29% | |
| EBITDA | 276.81M | 167.96M | 121.90M | 66.72M | -23.09M | -18.52M |
| EBITDA Margin | 22.01% | 14.56% | 19.89% | 17.10% | -53.87% | |
| D&A For EBITDA | 20.09M | 25.30M | 25.18M | 25.04M | 24.63M | 25.95M |
| EBIT | 256.72M | 142.65M | 96.73M | 41.68M | -47.72M | -44.46M |
| EBIT Margin | 20.41% | 12.37% | 15.78% | 10.68% | -129.35% | |
| Effective Tax Rate | 19.18% | 8.68% | 12.21% | 26.12% | ||
| Advertising Expenses | 100.00K | 10.30K |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 135.27M | 15.71M | 699.69K | 535.00K | 502.83K | 9.93M |
| Cash & Short-Term Investments | 135.27M | 15.71M | 699.69K | 535.00K | 502.83K | 9.93M |
| Accounts Receivable | 107.90M | 40.03M | 45.49M | 116.28M | ||
| Other Receivables | 4.94M | 5.07M | 8.52M | 53.94M | 8.24M | 1.08M |
| Receivables | 112.85M | 45.10M | 54.01M | 170.22M | 8.24M | 1.08M |
| Inventory | 27.14M | 114.22M | 202.59M | 132.75M | 65.28M | 2.17M |
| Other Current Assets | 68.54M | 76.34M | 98.08M | 83.49M | 102.53M | 134.25M |
| Total Current Assets | 343.79M | 251.37M | 355.38M | 387.00M | 176.56M | 147.43M |
| Property, Plant & Equipment | 992.75M | 988.91M | 459.99M | 472.88M | 448.19M | 433.37M |
| Long-Term Investments | 166.51M | 1.34M | 1.40M | 2.11M | 2.73M | 5.40M |
| Other Intangible Assets | 89.61K | 105.43K | 131.78K | 164.73K | 205.91K | 257.39K |
| Other Long-Term Assets | 4.14M | 3.93M | 1.66M | 1.38M | ||
| Total Assets | 1.50B | 1.25B | 820.84M | 863.81M | 629.07M | 586.47M |
| Accounts Payable | 117.16M | 89.93M | 143.74M | 199.59M | 1.39M | 5.53M |
| Accrued Expenses | 14.68M | 10.28M | 7.78M | 5.52M | 3.92M | 853.56K |
| Short-Term Debt | 203.72M | 153.11M | 310.74M | 355.77M | 338.76M | 221.19M |
| Current Portion of Leases | 2.63M | 2.64M | 3.58M | 3.75M | 3.98M | 1.18M |
| Current Income Taxes Payable | 56.42M | 16.36M | 7.94M | 7.87M | 4.76M | 12.19M |
| Other Current Liabilities | 2.11M | 1.72M | 9.70M | 8.94M | 9.40M | 8.43M |
| Total Current Liabilities | 396.71M | 274.05M | 483.48M | 581.44M | 362.21M | 249.38M |
| Long-Term Leases | 8.89M | 2.64M | 7.18M | 7.65M | 975.92K | |
| Long-Term Deferred Tax Liabilities | 131.91M | 130.72M | 48.43M | 45.59M | 44.20M | 44.48M |
| Total Liabilities | 537.50M | 404.78M | 534.54M | 634.21M | 414.06M | 294.83M |
| Common Stock | 302.69M | 277.69M | 277.69M | 277.69M | 277.69M | 252.45M |
| Additional Paid-In Capital | 12.26M | 12.26M | 12.26M | 12.26M | 12.26M | 37.50M |
| Retained Earnings | 173.96M | 75.72M | -2.51M | -59.91M | -72.81M | 157.91K |
| Comprehensive Income & Other | 476.73M | 475.43M | -1.15M | -440.10K | -2.13M | 1.53M |
| Shareholders' Equity | 965.64M | 841.09M | 286.29M | 229.60M | 215.00M | 291.64M |
| Total Liabilities & Equity | 1.50B | 1.25B | 820.84M | 863.81M | 629.07M | 586.47M |
| Total Debt | 215.24M | 155.75M | 316.95M | 366.70M | 350.39M | 223.35M |
| Net Cash (Debt) | -79.96M | -140.04M | -316.25M | -366.16M | -349.89M | -213.41M |
| Net Cash Per Share | -2.64 | -4.63 | -10.45 | -12.10 | -11.56 | -7.05 |
| Filing Date Shares Outstanding | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M |
| Total Common Shares Outstanding | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M | 30.27M |
| Working Capital | -52.91M | -22.68M | -128.09M | -194.44M | -185.65M | -101.94M |
| Book Value Per Share | 31.90 | 27.79 | 9.46 | 7.59 | 7.10 | 9.63 |
| Tangible Book Value | 965.55M | 840.99M | 286.16M | 229.43M | 214.80M | 291.38M |
| Tangible Book Value Per Share | 31.90 | 27.78 | 9.45 | 7.58 | 7.10 | 9.63 |
| Land | 560.75M | 575.40M | 14.65M | 14.65M | 14.65M | 14.65M |
| Buildings | 70.75M | 70.75M | 69.78M | 69.78M | 69.78M | |
| Machinery | 487.74M | 487.62M | 417.13M | 416.62M | 395.66M | |
| Construction In Progress | 52.42M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 188.63M | 105.99M | 65.00M | 12.90M | -72.97M | -62.95M |
| Depreciation & Amortization | 29.19M | 30.64M | 30.51M | 30.96M | 28.40M | 27.02M |
| Loss (Gain) From Sale of Investments | 1.07M | 2.31M | -993.87K | 1.92M | ||
| Other Operating Activities | -348.34K | -459.15K | 2.78M | 1.33M | -337.05K | -140.72K |
| Change in Accounts Receivable | -7.01M | 8.91M | 116.21M | -161.98M | -7.16M | 110.01M |
| Change in Inventory | 25.08M | 88.37M | -69.84M | -67.35M | -63.11M | 31.72M |
| Change in Accounts Payable | -19.47M | -53.81M | -55.85M | 198.20M | -4.14M | -3.85M |
| Change in Income Taxes | 42.97M | 8.42M | 73.25K | 3.11M | -7.43M | 459.28K |
| Change in Other Net Operating Assets | 15.09M | 24.24M | -11.86M | 20.07M | 35.78M | -81.09M |
| Operating Cash Flow | 275.20M | 212.31M | 77.02M | 39.55M | -91.97M | 23.10M |
| Capital Expenditures | -3.51M | -168.55K | -19.04M | -52.93M | -21.60M | -9.59M |
| Investment in Securities | -160.61M | 7.20K | -4.47K | -13.96K | ||
| Other Investing Activities | -156.40K | -187.15K | -2.22M | -227.46K | 63.19K | |
| Investing Cash Flow | -164.28M | -355.70K | -21.25M | -53.15M | -21.54M | -9.60M |
| Short-Term Debt Issued | 35.54M | 117.58M | ||||
| Total Debt Issued | 50.61M | 35.54M | 117.58M | |||
| Short-Term Debt Repaid | -157.63M | -45.03M | -18.54M | -4.37M | ||
| Long-Term Debt Repaid | -3.58M | -3.27M | -3.37M | -12.09M | -884.63K | |
| Lease Payments | -13.82M | -3.58M | -3.27M | -3.37M | -12.09M | -884.63K |
| Total Debt Repaid | -31.28M | -161.20M | -48.30M | -21.91M | -12.09M | -5.26M |
| Net Debt Issued (Repaid) | 19.33M | -161.20M | -48.30M | 13.64M | 105.48M | -5.26M |
| Common Dividends Paid | -38.67M | -35.74M | -7.30M | -1.02K | -24.34K | -128.20K |
| Financing Cash Flow | -19.34M | -196.95M | -55.60M | 13.63M | 105.46M | -5.39M |
| Miscellaneous Cash Flow Adjustments | 2.00 | 1.00 | ||||
| Net Cash Flow | 91.59M | 15.01M | 164.69K | 32.17K | -8.05M | 8.11M |
| Free Cash Flow | 271.70M | 212.14M | 57.98M | -13.38M | -113.57M | 13.51M |
| Free Cash Flow Margin | 21.60% | 18.40% | 9.46% | -3.43% | 39.29% | |
| Free Cash Flow Per Share | 8.98 | 7.01 | 1.92 | -0.44 | -3.75 | 0.45 |
| Levered Free Cash Flow | 227.83M | 174.41M | 35.88M | -19.63M | -84.17M | 35.90M |
| Unlevered Free Cash Flow | 234.67M | 187.79M | 50.95M | -3.88M | -69.12M | 46.76M |
| Free Cash Flow After Leases | 257.88M | 208.56M | 54.71M | -16.75M | -125.66M | 12.62M |
| Cash Interest Paid | 10.95M | 21.42M | 25.19M | 24.09M | 17.38M | |
| Cash Income Tax Paid | 3.73M | 5.78M | 6.21M | 3.60M | 67.15K | 3.99M |
| Change in Working Capital | 56.66M | 76.13M | -21.27M | -7.95M | -46.07M | 57.25M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.43B | 3.70B | 3.97B | 5.30B | 5.19B | 2.23B |
| Enterprise Value | 4.51B | 3.83B | 4.29B | 5.72B | 5.50B | 2.39B |
| Last Close Price | 146.20 | 121.36 | 129.03 | 171.97 | 168.18 | 72.19 |
| PE Ratio | 23.46 | 34.87 | 61.05 | 411.11 | ||
| PS Ratio | 3.52 | 3.21 | 6.47 | 13.60 | 64.77 | |
| PB Ratio | 4.58 | 4.39 | 13.86 | 23.10 | 24.13 | 7.63 |
| P/TBV Ratio | 4.58 | 4.39 | 13.87 | 23.12 | 24.15 | 7.64 |
| P/FCF Ratio | 16.29 | 17.42 | 68.44 | 164.85 | ||
| P/OCF Ratio | 16.08 | 17.41 | 51.52 | 134.11 | 96.40 | |
| EV/Sales Ratio | 3.58 | 3.32 | 7.01 | 14.65 | 69.54 | |
| EV/EBITDA Ratio | 15.98 | 22.78 | 35.23 | 85.67 | ||
| EV/EBIT Ratio | 17.55 | 26.82 | 44.40 | 137.15 | ||
| EV/FCF Ratio | 16.58 | 18.04 | 74.06 | 176.98 | ||
| Debt / Equity Ratio | 0.22 | 0.18 | 1.11 | 1.60 | 1.63 | 0.77 |
| Debt / EBITDA Ratio | 0.76 | 0.90 | 2.49 | 5.05 | ||
| Debt / FCF Ratio | 0.79 | 0.73 | 5.47 | 16.54 | ||
| Net Debt / Equity Ratio | 0.08 | 0.17 | 1.10 | 1.59 | 1.63 | 0.73 |
| Net Debt / EBITDA Ratio | 0.29 | 0.83 | 2.59 | 5.49 | -15.15 | -11.52 |
| Net Debt / FCF Ratio | 0.29 | 0.66 | 5.45 | -27.36 | -3.08 | 15.80 |
| Asset Turnover | 1.13 | 1.12 | 0.73 | 0.52 | 0.06 | |
| Inventory Turnover | 24.19 | 6.15 | 2.97 | 3.35 | 0.98 | 3.63 |
| Quick Ratio | 0.62 | 0.22 | 0.11 | 0.29 | 0.02 | 0.04 |
| Current Ratio | 0.87 | 0.92 | 0.73 | 0.67 | 0.49 | 0.59 |
| Return on Equity (ROE) | 29.12% | 18.80% | 25.20% | 5.80% | -28.81% | -19.59% |
| Return on Assets (ROA) | 14.42% | 8.63% | 7.18% | 3.49% | -4.91% | -4.43% |
| Return on Invested Capital (ROIC) | 20.27% | 16.45% | 14.17% | 5.31% | -8.92% | -8.24% |
| Return on Capital Employed (ROCE) | 23.20% | 14.70% | 28.70% | 14.80% | -17.90% | -13.20% |
| Earnings Yield | 4.26% | 2.87% | 1.64% | 0.24% | -1.41% | -2.83% |
| FCF Yield | 6.14% | 5.74% | 1.46% | -0.25% | -2.19% | 0.61% |
| Dividend Yield | 0.69% | 0.83% | 0.70% | 0.26% | ||
| Payout Ratio | 20.50% | 33.72% | 11.23% | 0.01% | ||
| Total Shareholder Return | 0.69% | 0.83% | 0.70% | 0.26% |