DSE : GHAIL
Golden Harvest Agro Industries Limited — Financial statements
Canned, Frozen, And Preserved Fruits, Vegetables, and Food Specialties · Bangladesh
Last price 11.4 BDT (At close: Oct 29, 2026) · Market cap 2.46B
Latest research: Golden Harvest Agro financial analysis: associate losses and BDT 224m finance cost erase operating profit (Oct 2026) · Golden Harvest Agro: a frozen-food maker with a 42% gross margin, a loss at the bottom line from ice-cream associate losses and BDT 224m of finance cost
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Financial statements
Golden Harvest Agro Industries Limited (GHAIL) reported revenue of 959.61M 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 | 959.61M | 857.84M | 910.17M | 968.13M | 845.06M | 553.01M |
| Cost of Revenue | 526.67M | 497.21M | 532.71M | 569.68M | 518.98M | 379.04M |
| Gross Profit | 432.94M | 360.62M | 377.46M | 398.45M | 326.08M | 173.97M |
| Selling, General & Admin | 186.09M | 183.13M | 231.71M | 205.46M | 202.01M | 194.02M |
| Other Operating Expenses | -8.92M | -8.92M | -15.14M | -13.81M | -7.83M | -4.09M |
| Operating Expenses | 177.17M | 174.21M | 216.58M | 191.66M | 194.18M | 189.93M |
| Operating Income | 255.77M | 186.41M | 160.88M | 206.79M | 131.90M | -15.95M |
| Interest Expense | -216.92M | -224.34M | -177.04M | -145.42M | -112.00M | -132.65M |
| Interest & Investment Income | 3.82M | 1.41M | 1.27M | 750.53K | 1.41M | 18.38M |
| Earnings From Equity Investments | -183.62M | -157.35M | -238.32M | -62.85M | -68.28M | -58.78M |
| Other Non Operating Income (Expenses) | -2.23M | -1.00 | ||||
| EBT Excluding Unusual Items | -143.18M | -193.87M | -253.20M | -737.49K | -46.96M | -189.01M |
| Asset Writedown | -1.17M | 3.92M | 8.34M | 7.51M | 9.30M | 13.92M |
| Pretax Income | -144.36M | -189.95M | -244.87M | 6.77M | -37.66M | -175.09M |
| Income Tax Expense | -83.99M | -132.12M | -37.61M | 9.41M | 68.71M | -13.01M |
| Earnings From Continuing Operations | -60.37M | -57.83M | -207.25M | -2.65M | -106.37M | -162.09M |
| Minority Interest in Earnings | 13.15M | 5.07M | 8.38M | 6.64M | 5.21M | 5.69M |
| Net Income | -47.22M | -52.76M | -198.87M | 3.99M | -101.16M | -156.40M |
| Net Income to Common | -47.22M | -52.76M | -198.87M | 3.99M | -101.16M | -156.40M |
| Shares Outstanding (Basic) | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M |
| Shares Outstanding (Diluted) | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M |
| EPS (Basic) | -0.22 | -0.24 | -0.92 | 0.02 | -0.47 | -0.72 |
| EPS (Diluted) | -0.22 | -0.24 | -0.92 | 0.02 | -0.47 | -0.72 |
| Free Cash Flow | 223.62M | 206.47M | 19.40M | 3.65M | -99.47M | -247.20M |
| Free Cash Flow Per Share | 1.04 | 0.96 | 0.09 | 0.02 | -0.46 | -1.15 |
| Dividend Per Share | 0.10 | 0.10 | 0.10 | 0.10 | 0.20 | 0.50 |
| Gross Margin | 45.12% | 42.04% | 41.47% | 41.16% | 38.59% | 31.46% |
| Operating Margin | 26.65% | 21.73% | 17.68% | 21.36% | 15.61% | -2.89% |
| Profit Margin | -4.92% | -6.15% | -21.85% | 0.41% | -11.97% | -28.28% |
| Free Cash Flow Margin | 23.30% | 24.07% | 2.13% | 0.38% | -11.77% | -44.70% |
| EBITDA | 323.80M | 257.48M | 243.79M | 283.94M | 214.87M | 67.27M |
| EBITDA Margin | 33.74% | 30.01% | 26.78% | 29.33% | 25.43% | 12.16% |
| D&A For EBITDA | 68.04M | 71.07M | 82.91M | 77.15M | 82.97M | 83.22M |
| EBIT | 255.77M | 186.41M | 160.88M | 206.79M | 131.90M | -15.95M |
| EBIT Margin | 26.65% | 21.73% | 17.68% | 21.36% | 15.61% | -2.89% |
| Effective Tax Rate | 139.12% | |||||
| Advertising Expenses | 12.79M | 12.93M | 9.23M | 10.98M | 22.51M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 267.26M | 287.45M | 271.41M | 275.94M | 335.56M | 343.57M |
| Cash & Short-Term Investments | 267.26M | 287.45M | 271.41M | 275.94M | 335.56M | 343.57M |
| Accounts Receivable | 1.00B | 997.96M | 948.81M | 774.16M | 669.66M | 778.10M |
| Receivables | 1.00B | 997.96M | 948.81M | 774.16M | 669.66M | 778.10M |
| Inventory | 567.84M | 566.26M | 497.49M | 507.64M | 500.50M | 508.06M |
| Other Current Assets | 670.48M | 550.89M | 320.11M | 355.97M | 322.33M | 334.04M |
| Total Current Assets | 2.51B | 2.40B | 2.04B | 1.91B | 1.83B | 1.96B |
| Property, Plant & Equipment | 2.65B | 2.67B | 2.72B | 2.73B | 2.65B | 2.49B |
| Long-Term Investments | 139.04M | 142.25M | 299.60M | 533.76M | 596.62M | 664.89M |
| Other Intangible Assets | 52.65M | 56.92M | 63.16M | 70.18M | 77.97M | 69.73M |
| Long-Term Deferred Tax Assets | 242.23M | 191.44M | ||||
| Total Assets | 5.59B | 5.46B | 5.12B | 5.25B | 5.15B | 5.19B |
| Accounts Payable | 3.03M | 62.97M | 18.68M | 20.88M | 21.28M | 27.87M |
| Accrued Expenses | 76.35M | 65.99M | 55.25M | 49.09M | 41.26M | 34.35M |
| Short-Term Debt | 869.80M | 807.08M | 726.53M | 688.15M | 696.34M | 626.52M |
| Current Portion of Long-Term Debt | 273.79M | 281.03M | 364.36M | 350.80M | 309.61M | 266.83M |
| Current Portion of Leases | 394.75K | 1.39M | 1.28M | 1.25M | ||
| Current Income Taxes Payable | 119.93M | 110.66M | 89.92M | 109.64M | 119.41M | 122.76M |
| Other Current Liabilities | 109.46M | 52.19M | 19.54M | 23.09M | 23.20M | 26.76M |
| Total Current Liabilities | 1.45B | 1.38B | 1.28B | 1.24B | 1.21B | 1.11B |
| Long-Term Debt | 1.57B | 1.44B | 1.11B | 1.05B | 945.62M | 973.68M |
| Long-Term Leases | 3.50M | 3.64M | 5.03M | 5.36M | ||
| Long-Term Deferred Tax Liabilities | 46.79M | 69.06M | 82.87M | 50.17M | ||
| Other Long-Term Liabilities | 1.00 | -1.00 | -1.00 | |||
| Total Liabilities | 3.02B | 2.83B | 2.44B | 2.37B | 2.24B | 2.13B |
| Common Stock | 2.16B | 2.16B | 2.16B | 2.16B | 2.16B | 2.16B |
| Retained Earnings | 198.34M | 258.16M | 321.91M | 516.63M | 547.73M | 687.92M |
| Comprehensive Income & Other | 242.10M | 244.17M | 215.30M | 218.26M | 212.23M | 215.67M |
| Total Common Equity | 2.60B | 2.66B | 2.70B | 2.89B | 2.92B | 3.06B |
| Minority Interest | -34.57M | -25.95M | -20.88M | -12.50M | -5.86M | -655.79K |
| Shareholders' Equity | 2.56B | 2.63B | 2.67B | 2.88B | 2.91B | 3.06B |
| Total Liabilities & Equity | 5.59B | 5.46B | 5.12B | 5.25B | 5.15B | 5.19B |
| Total Debt | 2.72B | 2.54B | 2.21B | 2.09B | 1.95B | 1.87B |
| Net Cash (Debt) | -2.45B | -2.25B | -1.94B | -1.82B | -1.62B | -1.52B |
| Net Cash Per Share | -11.35 | -10.42 | -8.99 | -8.42 | -7.49 | -7.06 |
| Filing Date Shares Outstanding | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M |
| Total Common Shares Outstanding | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M | 215.84M |
| Working Capital | 1.05B | 1.02B | 762.27M | 670.83M | 616.96M | 858.68M |
| Book Value Per Share | 12.04 | 12.33 | 12.49 | 13.40 | 13.52 | 14.19 |
| Tangible Book Value | 2.55B | 2.60B | 2.63B | 2.82B | 2.84B | 2.99B |
| Tangible Book Value Per Share | 11.80 | 12.06 | 12.20 | 13.08 | 13.16 | 13.86 |
| Land | 584.48M | 584.48M | 580.71M | 570.00M | 570.00M | |
| Buildings | 824.49M | 823.87M | 823.50M | 822.03M | 821.98M | |
| Machinery | 2.64B | 1.20B | 1.18B | 1.16B | 1.00B | 963.32M |
| Construction In Progress | 696.59M | 696.01M | 696.01M | 665.32M | 695.44M | 498.91M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -47.22M | -52.76M | -198.87M | 3.99M | -101.16M | -156.40M |
| Depreciation & Amortization | 70.55M | 72.50M | 84.35M | 77.87M | 82.97M | 83.22M |
| Other Amortization | 6.32M | 6.32M | 7.80M | |||
| Loss (Gain) From Sale of Assets | 6.86K | 6.86K | 73.75K | |||
| Asset Writedown & Restructuring Costs | 1.17M | -3.92M | -8.34M | -7.51M | -9.30M | |
| Loss (Gain) on Equity Investments | 224.68M | 172.55M | 239.89M | 62.85M | 68.28M | 58.78M |
| Other Operating Activities | 69.37M | 59.29M | 117.63M | 103.26M | 162.30M | 74.55M |
| Change in Accounts Receivable | 33.37M | -54.60M | 15.71M | -75.81M | -67.10M | -43.72M |
| Change in Inventory | 322.05M | 147.60M | 10.15M | -7.15M | 7.56M | -5.22M |
| Change in Accounts Payable | 173.19M | 103.85M | -216.78M | 699.60K | -7.98M | -4.64M |
| Change in Income Taxes | -3.80M | -7.17M | ||||
| Change in Other Net Operating Assets | -529.56M | -160.74M | 32.65M | -16.32M | -1.44M | -235.49K |
| Operating Cash Flow | 267.72M | 230.50M | 76.39M | 149.70M | 134.13M | 6.42M |
| Capital Expenditures | -44.10M | -24.03M | -56.99M | -146.05M | -233.61M | -253.62M |
| Sale of Property, Plant & Equipment | 6.23M | 2.40M | 4.09M | 10.59M | 16.22M | |
| Sale (Purchase) of Intangibles | -78.75K | -16.45M | -17.21M | |||
| Other Investing Activities | -494.03M | -299.05M | 46.11M | -4.96M | -7.98M | -2.72M |
| Investing Cash Flow | -531.90M | -320.75M | -10.88M | -146.92M | -247.44M | -257.33M |
| Long-Term Debt Issued | 325.23M | 122.01M | 106.46M | 260.08M | 353.98M | |
| Long-Term Debt Repaid | -1.28M | -301.32K | -582.74K | -678.79K | ||
| Net Debt Issued (Repaid) | 430.35M | 323.96M | 121.71M | 105.88M | 260.08M | 353.30M |
| Common Dividends Paid | -15.02M | -15.02M | -14.71M | -24.96M | -37.65M | -32.06M |
| Other Financing Activities | -114.84M | -202.65M | -177.04M | -143.33M | -117.12M | -131.99M |
| Financing Cash Flow | 300.50M | 106.29M | -70.04M | -62.41M | 105.31M | 189.24M |
| Miscellaneous Cash Flow Adjustments | 3.00 | -1.00 | -2.00 | |||
| Net Cash Flow | 36.32M | 16.04M | -4.53M | -59.63M | -8.00M | -61.67M |
| Free Cash Flow | 223.62M | 206.47M | 19.40M | 3.65M | -99.47M | -247.20M |
| Free Cash Flow Margin | 23.30% | 24.07% | 2.13% | 0.38% | -11.77% | -44.70% |
| Free Cash Flow Per Share | 1.04 | 0.96 | 0.09 | 0.02 | -0.46 | -1.15 |
| Levered Free Cash Flow | -177.02M | -209.27M | -130.69M | -169.77M | -33.53M | -43.99M |
| Unlevered Free Cash Flow | -41.45M | -69.05M | -20.04M | -78.88M | 36.47M | 38.92M |
| Cash Interest Paid | 216.92M | 224.34M | 177.04M | 143.33M | 112.92M | 128.35M |
| Cash Income Tax Paid | 4.98M | 13.64M | 13.40M | 49.74M | 18.66M | 21.69M |
| Change in Working Capital | -57.16M | -23.49M | -158.27M | -98.57M | -68.95M | -53.81M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.46B | 2.46B | 2.98B | 3.78B | 4.08B | 3.58B |
| Enterprise Value | 4.87B | 4.48B | 4.85B | 5.55B | 5.71B | 5.04B |
| Last Close Price | 11.40 | 11.30 | 13.53 | 17.06 | 18.21 | 15.72 |
| PE Ratio | 946.12 | |||||
| Forward PE | 10.44 | 10.44 | 10.44 | 10.44 | 10.44 | |
| PS Ratio | 2.56 | 2.87 | 3.27 | 3.90 | 4.83 | 6.48 |
| PB Ratio | 0.96 | 0.93 | 1.11 | 1.31 | 1.40 | 1.17 |
| P/TBV Ratio | 0.97 | 0.94 | 1.13 | 1.34 | 1.44 | 1.20 |
| P/FCF Ratio | 11.00 | 11.92 | 153.57 | 1,034.98 | ||
| P/OCF Ratio | 9.19 | 10.68 | 38.99 | 25.23 | 30.41 | 558.22 |
| PEG Ratio | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | |
| EV/Sales Ratio | 5.08 | 5.22 | 5.32 | 5.73 | 6.75 | 9.12 |
| EV/EBITDA Ratio | 34.42 | 17.39 | 19.88 | 19.53 | 26.57 | 74.96 |
| EV/EBIT Ratio | 67.57 | 24.03 | 30.12 | 26.82 | 43.27 | |
| EV/FCF Ratio | 21.80 | 21.69 | 249.83 | 1,519.72 | ||
| Debt / Equity Ratio | 1.06 | 0.96 | 0.83 | 0.73 | 0.67 | 0.61 |
| Debt / EBITDA Ratio | 8.35 | 9.79 | 9.02 | 7.35 | 9.08 | 27.75 |
| Debt / FCF Ratio | 12.15 | 12.28 | 114.04 | 573.60 | ||
| Net Debt / Equity Ratio | 0.95 | 0.85 | 0.72 | 0.63 | 0.56 | 0.50 |
| Net Debt / EBITDA Ratio | 7.56 | 8.73 | 7.96 | 6.40 | 7.52 | 22.65 |
| Net Debt / FCF Ratio | 10.95 | 10.89 | 100.05 | 497.99 | -16.25 | -6.16 |
| Asset Turnover | 0.18 | 0.16 | 0.18 | 0.19 | 0.16 | 0.10 |
| Inventory Turnover | 1.01 | 0.94 | 1.06 | 1.13 | 1.03 | 0.75 |
| Quick Ratio | 0.87 | 0.93 | 0.96 | 0.84 | 0.83 | 1.01 |
| Current Ratio | 1.73 | 1.74 | 1.60 | 1.54 | 1.51 | 1.78 |
| Return on Equity (ROE) | -2.30% | -2.18% | -7.46% | -0.09% | -3.56% | -5.14% |
| Return on Assets (ROA) | 2.95% | 2.20% | 1.94% | 2.49% | 1.59% | -0.19% |
| Return on Invested Capital (ROIC) | 5.14% | 3.92% | 3.45% | -1.75% | 2.90% | -0.34% |
| Return on Capital Employed (ROCE) | 6.20% | 4.60% | 4.20% | 5.20% | 3.30% | -0.40% |
| Earnings Yield | -1.92% | -2.14% | -6.68% | 0.11% | -2.48% | -4.37% |
| FCF Yield | 9.09% | 8.39% | 0.65% | 0.10% | -2.44% | -6.90% |
| Dividend Yield | 0.88% | 0.88% | 0.73% | 0.57% | 1.06% | 3.01% |
| Payout Ratio | 625.10% | |||||
| Buyback Yield / Dilution | -12.77% | |||||
| Total Shareholder Return | 0.88% | 0.88% | 0.73% | 0.57% | 1.06% | -9.76% |