DSE : FUWANGCER
Fu-Wang Ceramic Industry Limited — Financial statements
Structural Clay Products · Bangladesh
Last price 11.3 BDT (At close: Oct 29, 2026) · Market cap 1.54B
Latest research: Fu-Wang Ceramic financial analysis: Finance Expenses BDT 183.6m, Operating Profit BDT 225.7m, debt 4.6x equity (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
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Financial statements
Fu-Wang Ceramic Industry Limited (FUWANGCER) reported revenue of 936.86M 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 | 936.86M | 1.08B | 1.08B | 911.37M | 842.56M | 767.11M |
| Cost of Revenue | 693.52M | 797.82M | 825.18M | 650.50M | 613.78M | 555.34M |
| Gross Profit | 243.35M | 282.50M | 252.96M | 260.87M | 228.78M | 211.77M |
| Selling, General & Admin | 56.99M | 61.75M | 72.21M | 72.23M | 65.96M | 61.86M |
| Other Operating Expenses | -1.55M | -1.57M | -1.65M | |||
| Operating Expenses | 55.44M | 60.19M | 70.56M | 72.23M | 65.96M | 61.86M |
| Operating Income | 187.90M | 222.31M | 182.39M | 188.64M | 162.82M | 149.91M |
| Interest Expense | -160.93M | -182.38M | -143.33M | -156.35M | -127.04M | -111.42M |
| Interest & Investment Income | 32.51M | 28.82M | 17.55M | 14.03M | 8.52M | 11.58M |
| Currency Exchange Gain (Loss) | -312.69K | -312.69K | -8.33M | |||
| Other Non Operating Income (Expenses) | -945.27K | -945.27K | -1.42M | 420.61K | -26.71K | -1.68M |
| EBT Excluding Unusual Items | 58.23M | 67.48M | 46.86M | 46.74M | 44.28M | 48.39M |
| Pretax Income | 58.23M | 67.48M | 46.86M | 46.74M | 44.28M | 48.39M |
| Income Tax Expense | 63.16M | 53.15M | 19.77M | 10.74M | 12.81M | 2.02M |
| Net Income | -4.93M | 14.33M | 27.09M | 36.00M | 31.47M | 46.36M |
| Net Income to Common | -4.93M | 14.33M | 27.09M | 36.00M | 31.47M | 46.36M |
| Shares Outstanding (Basic) | 129.74M | 136.27M | 136.27M | 136.27M | 136.27M | 136.27M |
| Shares Outstanding (Diluted) | 129.74M | 136.27M | 136.27M | 136.27M | 136.27M | 136.27M |
| EPS (Basic) | -0.04 | 0.11 | 0.20 | 0.26 | 0.23 | 0.34 |
| EPS (Diluted) | -0.04 | 0.11 | 0.20 | 0.26 | 0.23 | 0.34 |
| Free Cash Flow | -1.05B | -1.08B | -897.34M | -5.07B | -842.65M | 123.24M |
| Free Cash Flow Per Share | -8.07 | -7.93 | -6.58 | -37.20 | -6.18 | 0.90 |
| Dividend Per Share | 0.10 | 0.20 | 0.20 | 0.20 | 0.20 | |
| Gross Margin | 25.97% | 26.15% | 23.46% | 28.62% | 27.15% | 27.61% |
| Operating Margin | 20.06% | 20.58% | 16.92% | 20.70% | 19.32% | 19.54% |
| Profit Margin | -0.53% | 1.33% | 2.51% | 3.95% | 3.74% | 6.04% |
| Free Cash Flow Margin | -111.77% | -100.01% | -83.23% | -556.26% | -100.01% | 16.06% |
| EBITDA | 292.72M | 331.04M | 254.48M | 258.31M | 232.16M | 218.31M |
| EBITDA Margin | 31.25% | 30.64% | 23.60% | 28.34% | 27.55% | 28.46% |
| D&A For EBITDA | 104.82M | 108.74M | 72.09M | 69.67M | 69.34M | 68.40M |
| EBIT | 187.90M | 222.31M | 182.39M | 188.64M | 162.82M | 149.91M |
| EBIT Margin | 20.06% | 20.58% | 16.92% | 20.70% | 19.32% | 19.54% |
| Effective Tax Rate | 108.47% | 78.76% | 42.18% | 22.98% | 28.93% | 4.18% |
| Advertising Expenses | 154.96K | 143.19K | 125.65K | 144.58K | 137.14K |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 310.24M | 315.22M | 295.37M | 33.63M | 4.73M | 9.85M |
| Short-Term Investments | 233.77M | 240.33M | 190.16M | |||
| Cash & Short-Term Investments | 310.24M | 315.22M | 295.37M | 267.40M | 245.05M | 200.02M |
| Accounts Receivable | 99.85M | 76.15M | 74.74M | 68.96M | 53.60M | 54.99M |
| Other Receivables | 21.72M | 19.63M | 17.59M | 13.33M | 13.33M | |
| Receivables | 99.85M | 97.86M | 94.37M | 86.55M | 66.93M | 68.32M |
| Inventory | 3.62B | 3.43B | 2.88B | 2.60B | 1.83B | 1.32B |
| Prepaid Expenses | 84.10M | 42.79M | 1.45M | |||
| Other Current Assets | 593.42M | 461.09M | 426.38M | 369.45M | 302.12M | 240.35M |
| Total Current Assets | 4.63B | 4.39B | 3.74B | 3.33B | 2.45B | 1.83B |
| Property, Plant & Equipment | 4.98B | 4.37B | 3.73B | 5.96B | 1.67B | 1.34B |
| Other Long-Term Assets | 1.00 | |||||
| Total Assets | 9.61B | 8.76B | 7.47B | 9.29B | 4.12B | 3.17B |
| Accounts Payable | 69.23M | 134.52M | 155.40M | 45.65M | 94.12M | 160.52M |
| Accrued Expenses | 46.03M | 98.28M | 106.65M | 100.00M | 127.75M | 159.11M |
| Short-Term Debt | 2.05B | 2.62B | 2.34B | 6.54B | 1.73B | 672.82M |
| Current Portion of Long-Term Debt | 1.31B | 1.27B | 604.08M | 235.00M | 127.46M | 143.35M |
| Current Income Taxes Payable | 86.48M | 79.87M | 51.84M | 45.26M | 39.69M | 34.58M |
| Other Current Liabilities | 9.12M | 20.21M | 19.27M | 17.65M | 41.94M | 52.16M |
| Total Current Liabilities | 3.58B | 4.23B | 3.27B | 6.98B | 2.16B | 1.22B |
| Long-Term Debt | 4.23B | 2.75B | 2.44B | 578.64M | 243.33M | 254.03M |
| Long-Term Deferred Tax Liabilities | 164.82M | 148.69M | 123.57M | 110.39M | 105.21M | 97.52M |
| Other Long-Term Liabilities | 2.00 | 1.00 | -1.00 | |||
| Total Liabilities | 7.97B | 7.12B | 5.84B | 7.67B | 2.51B | 1.57B |
| Common Stock | 1.36B | 1.36B | 1.36B | 1.36B | 1.36B | 1.36B |
| Additional Paid-In Capital | 76.06M | 76.06M | 76.06M | 76.06M | 76.06M | 76.06M |
| Retained Earnings | 198.09M | 196.79M | 191.99M | 183.98M | 167.06M | 156.12M |
| Shareholders' Equity | 1.64B | 1.64B | 1.63B | 1.62B | 1.61B | 1.59B |
| Total Liabilities & Equity | 9.61B | 8.76B | 7.47B | 9.29B | 4.12B | 3.17B |
| Total Debt | 7.60B | 6.64B | 5.38B | 7.35B | 2.10B | 1.07B |
| Net Cash (Debt) | -7.29B | -6.33B | -5.08B | -7.08B | -1.86B | -870.18M |
| Net Cash Per Share | -56.18 | -46.44 | -37.31 | -51.97 | -13.64 | -6.39 |
| Filing Date Shares Outstanding | 136.27M | 136.27M | 136.27M | 136.27M | 136.27M | 136.27M |
| Total Common Shares Outstanding | 136.27M | 136.27M | 136.27M | 136.27M | 136.27M | 136.27M |
| Working Capital | 1.05B | 162.62M | 466.29M | -3.65B | 284.78M | 604.18M |
| Book Value Per Share | 12.01 | 12.00 | 11.97 | 11.91 | 11.78 | 11.70 |
| Tangible Book Value | 1.64B | 1.64B | 1.63B | 1.62B | 1.61B | 1.59B |
| Tangible Book Value Per Share | 12.01 | 12.00 | 11.97 | 11.91 | 11.78 | 11.70 |
| Land | 99.96M | 98.31M | 98.31M | 97.71M | 88.14M | |
| Buildings | 782.05M | 314.39M | 301.10M | 299.05M | 291.54M | |
| Machinery | 3.23B | 2.71B | 1.84B | 1.79B | 1.70B | |
| Construction In Progress | 1.31B | 1.55B | 4.60B | 295.90M | 997.89K |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -4.93M | 14.33M | 27.09M | 36.00M | 31.47M | 46.36M |
| Depreciation & Amortization | 108.74M | 108.74M | 72.09M | 69.67M | 69.34M | 69.08M |
| Other Operating Activities | 77.57M | 172.46M | 99.77M | 149.50M | 122.56M | 94.67M |
| Change in Accounts Receivable | -3.50M | -3.50M | -7.82M | -19.62M | 1.39M | 13.18M |
| Change in Inventory | -552.47M | -552.47M | -531.84M | -518.74M | -518.11M | -250.85M |
| Change in Accounts Payable | -13.36M | -13.36M | 116.07M | -24.70M | -7.17M | 41.44M |
| Change in Other Net Operating Assets | -56.13M | -56.13M | 210.84M | -396.97M | -145.44M | 154.46M |
| Operating Cash Flow | -444.08M | -329.94M | -13.79M | -704.86M | -445.97M | 168.35M |
| Capital Expenditures | -603.01M | -750.47M | -883.54M | -4.36B | -396.67M | -45.11M |
| Sale of Property, Plant & Equipment | 3.05B | 150.00K | ||||
| Investment in Securities | 10.80M | -60.00M | -8.00M | |||
| Other Investing Activities | 32.50M | 28.81M | 17.52M | 15.09M | 9.65M | 13.12M |
| Investing Cash Flow | -570.51M | -721.66M | 2.18B | -4.34B | -447.02M | -39.84M |
| Short-Term Debt Issued | 284.88M | 4.91B | 1.04B | |||
| Long-Term Debt Issued | 979.06M | 2.23B | 335.31M | 21.73M | ||
| Total Debt Issued | 1.75B | 1.26B | 2.23B | 5.25B | 1.04B | 21.73M |
| Short-Term Debt Repaid | -4.20B | -23.73M | ||||
| Long-Term Debt Repaid | -10.71M | |||||
| Total Debt Repaid | -570.46M | -4.20B | -10.71M | -23.73M | ||
| Net Debt Issued (Repaid) | 1.17B | 1.26B | -1.97B | 5.25B | 1.03B | -2.00M |
| Common Dividends Paid | -8.85M | -18.18M | -20.52M | -20.29M | -11.59M | |
| Other Financing Activities | -151.41M | -183.64M | -153.08M | -153.85M | -125.50M | -111.42M |
| Financing Cash Flow | 1.02B | 1.07B | -2.14B | 5.07B | 887.87M | -125.02M |
| Miscellaneous Cash Flow Adjustments | 1.00 | |||||
| Net Cash Flow | 8.58M | 19.85M | 27.97M | 28.91M | -5.13M | 3.49M |
| Free Cash Flow | -1.05B | -1.08B | -897.34M | -5.07B | -842.65M | 123.24M |
| Free Cash Flow Margin | -111.77% | -100.01% | -83.23% | -556.26% | -100.01% | 16.06% |
| Free Cash Flow Per Share | -8.07 | -7.93 | -6.58 | -37.20 | -6.18 | 0.90 |
| Levered Free Cash Flow | -1.21B | -1.25B | -1.05B | -5.22B | -984.88M | 11.50M |
| Unlevered Free Cash Flow | -1.11B | -1.14B | -958.27M | -5.13B | -905.48M | 81.14M |
| Cash Interest Paid | 182.38M | 182.38M | 143.33M | 156.35M | 123.72M | 108.20M |
| Cash Income Tax Paid | 12.56M | 35.53M | 55.56M | 42.12M | 31.54M | 29.57M |
| Change in Working Capital | -625.46M | -625.46M | -212.74M | -960.03M | -669.33M | -41.77M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.54B | 1.73B | 2.44B | 2.37B | 2.63B | 2.07B |
| Enterprise Value | 8.83B | 7.85B | 7.41B | 4.47B | 4.08B | 2.96B |
| Last Close Price | 11.30 | 12.59 | 17.46 | 16.80 | 18.42 | 14.35 |
| PE Ratio | 120.75 | 90.04 | 65.86 | 83.58 | 44.67 | |
| PS Ratio | 1.64 | 1.60 | 2.26 | 2.60 | 3.12 | 2.70 |
| PB Ratio | 0.94 | 1.06 | 1.50 | 1.46 | 1.64 | 1.30 |
| P/TBV Ratio | 0.94 | 1.06 | 1.50 | 1.46 | 1.64 | 1.30 |
| P/FCF Ratio | 16.81 | |||||
| P/OCF Ratio | 12.30 | |||||
| EV/Sales Ratio | 9.42 | 7.27 | 6.87 | 4.91 | 4.84 | 3.85 |
| EV/EBITDA Ratio | 30.16 | 23.72 | 29.10 | 17.32 | 17.58 | 13.54 |
| EV/EBIT Ratio | 46.99 | 35.33 | 40.60 | 23.71 | 25.06 | 19.71 |
| EV/FCF Ratio | 23.98 | |||||
| Debt / Equity Ratio | 4.64 | 4.06 | 3.30 | 4.53 | 1.31 | 0.67 |
| Debt / EBITDA Ratio | 25.96 | 20.07 | 21.14 | 28.45 | 9.06 | 4.89 |
| Debt / FCF Ratio | 8.68 | |||||
| Net Debt / Equity Ratio | 4.45 | 3.87 | 3.12 | 4.36 | 1.16 | 0.55 |
| Net Debt / EBITDA Ratio | 24.90 | 19.11 | 19.98 | 27.41 | 8.01 | 3.99 |
| Net Debt / FCF Ratio | -6.96 | -5.86 | -5.67 | -1.40 | -2.21 | 7.06 |
| Asset Turnover | 0.10 | 0.13 | 0.13 | 0.14 | 0.23 | 0.25 |
| Inventory Turnover | 0.21 | 0.25 | 0.30 | 0.29 | 0.39 | 0.47 |
| Quick Ratio | 0.12 | 0.10 | 0.12 | 0.05 | 0.14 | 0.22 |
| Current Ratio | 1.29 | 1.04 | 1.14 | 0.48 | 1.13 | 1.49 |
| Return on Equity (ROE) | -0.30% | 0.88% | 1.67% | 2.23% | 1.97% | 2.93% |
| Return on Assets (ROA) | 1.30% | 1.71% | 1.36% | 1.76% | 2.79% | 3.09% |
| Return on Invested Capital (ROIC) | -0.18% | 0.64% | 1.37% | 2.39% | 3.90% | 5.85% |
| Return on Capital Employed (ROCE) | 3.10% | 4.90% | 4.30% | 8.20% | 8.30% | 7.70% |
| Earnings Yield | -0.34% | 0.83% | 1.11% | 1.52% | 1.20% | 2.24% |
| FCF Yield | -68.00% | -62.43% | -36.79% | -213.81% | -32.04% | 5.95% |
| Dividend Yield | 0.89% | 0.79% | 1.12% | 1.15% | 1.04% | 1.32% |
| Payout Ratio | 61.73% | 67.11% | 57.00% | 64.48% | 25.00% | |
| Total Shareholder Return | 5.68% | 0.79% | 1.12% | 1.15% | 1.04% | 1.32% |