DSE : HEIDELBCEM
Heidelberg Materials Bangladesh PLC. — Financial statements
Cement, Hydraulic · Bangladesh
Last price 198.4 BDT (At close: Oct 28, 2026) · Market cap 11.21B
Latest research: Heidelberg Materials Bangladesh financial analysis: three loss quarters as clinker and fees squeeze a 10% margin (Oct 2026) · Heidelberg Materials Bangladesh: debt-free, but imported clinker and parent fees leave little for shareholders
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Financial statements
Heidelberg Materials Bangladesh PLC. (HEIDELBCEM) reported revenue of 13.66B 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 | 13.66B | 14.52B | 14.74B | 17.96B | 16.77B | 14.33B |
| Cost of Revenue | 12.61B | 12.99B | 13.00B | 15.89B | 15.70B | 12.74B |
| Gross Profit | 1.05B | 1.52B | 1.74B | 2.06B | 1.07B | 1.59B |
| Selling, General & Admin | 1.16B | 1.20B | 1.08B | 1.23B | 1.08B | 931.18M |
| Other Operating Expenses | -9.49M | -4.13M | -7.39M | -14.17M | -13.61M | -8.16M |
| Operating Expenses | 1.15B | 1.20B | 1.07B | 1.21B | 1.07B | 923.02M |
| Operating Income | -98.45M | 321.48M | 668.17M | 846.36M | -1.86M | 668.40M |
| Interest Expense | -13.59M | -13.53M | -288.22M | -77.94M | -61.05M | |
| Interest & Investment Income | 143.16M | 180.83M | 332.63M | 234.90M | 13.36M | 61.53M |
| Currency Exchange Gain (Loss) | -869.00K | -827.00K | -1.72M | -2.75M | -5.68M | -1.96M |
| Other Non Operating Income (Expenses) | -97.69M | -97.69M | -256.20M | -4.94M | 1.12M | |
| EBT Excluding Unusual Items | -53.85M | 390.20M | 729.36M | 785.35M | -71.00M | 666.92M |
| Gain (Loss) on Sale of Assets | -5.65M | -5.65M | -2.67M | 1.26M | -8.82M | |
| Other Unusual Items | -377.00K | |||||
| Pretax Income | -59.49M | 384.55M | 726.69M | 786.62M | -80.20M | 666.92M |
| Income Tax Expense | 73.75M | 183.94M | 264.90M | 327.20M | 153.25M | 191.63M |
| Net Income | -133.24M | 200.62M | 461.79M | 459.41M | -233.44M | 475.28M |
| Net Income to Common | -133.24M | 200.62M | 461.79M | 459.41M | -233.44M | 475.28M |
| Shares Outstanding (Basic) | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M |
| Shares Outstanding (Diluted) | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M |
| EPS (Basic) | -2.36 | 3.55 | 8.17 | 8.13 | -4.13 | 8.41 |
| EPS (Diluted) | -2.36 | 3.55 | 8.17 | 8.13 | -4.13 | 8.41 |
| Free Cash Flow | 313.54M | -303.32M | 1.78B | 1.02B | -8.68M | 856.16M |
| Free Cash Flow Per Share | 5.55 | -5.37 | 31.52 | 18.08 | -0.15 | 15.15 |
| Dividend Per Share | 1.10 | 1.10 | 2.50 | 2.50 | 1.00 | 2.60 |
| Gross Margin | 7.68% | 10.49% | 11.79% | 11.48% | 6.38% | 11.11% |
| Operating Margin | -0.72% | 2.21% | 4.53% | 4.71% | -0.01% | 4.67% |
| Profit Margin | -0.97% | 1.38% | 3.13% | 2.56% | -1.39% | 3.32% |
| Free Cash Flow Margin | 2.30% | -2.09% | 12.08% | 5.69% | -0.05% | 5.97% |
| EBITDA | 258.61M | 706.67M | 1.07B | 1.26B | 437.52M | 1.06B |
| EBITDA Margin | 1.89% | 4.87% | 7.23% | 7.01% | 2.61% | 7.42% |
| D&A For EBITDA | 357.06M | 385.20M | 397.91M | 412.20M | 439.38M | 394.41M |
| EBIT | -98.45M | 321.48M | 668.17M | 846.36M | -1.86M | 668.40M |
| EBIT Margin | -0.72% | 2.21% | 4.53% | 4.71% | -0.01% | 4.67% |
| Effective Tax Rate | 47.83% | 36.45% | 41.60% | 28.73% | ||
| Advertising Expenses | 217.62M | 130.83M | 205.97M | 184.99M | 111.27M |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.10B | 1.31B | 2.98B | 4.30B | 230.11M | 465.30M |
| Cash & Short-Term Investments | 1.10B | 1.31B | 2.98B | 4.30B | 230.11M | 465.30M |
| Accounts Receivable | 224.68M | 206.43M | 209.00M | 400.62M | 471.11M | 367.89M |
| Other Receivables | 14.44M | 27.90M | 50.01M | 48.64M | 30.62M | 42.68M |
| Receivables | 239.12M | 234.34M | 259.01M | 449.26M | 501.73M | 410.57M |
| Inventory | 2.55B | 2.00B | 2.07B | 1.59B | 2.00B | 2.02B |
| Prepaid Expenses | 33.97M | 30.68M | 13.77M | 7.78M | 14.14M | 4.41M |
| Other Current Assets | 599.71M | 485.81M | 299.16M | 663.13M | 150.60M | 393.45M |
| Total Current Assets | 4.52B | 4.06B | 5.62B | 7.01B | 2.90B | 3.30B |
| Property, Plant & Equipment | 5.07B | 5.23B | 5.33B | 5.53B | 5.80B | 5.86B |
| Other Intangible Assets | 33.30M | 39.95M | 53.26M | 66.56M | 78.03M | 79.28M |
| Other Long-Term Assets | -1.00K | -1.00K | 1.00K | |||
| Total Assets | 9.63B | 9.33B | 11.00B | 12.60B | 8.78B | 9.23B |
| Accounts Payable | 5.10B | 2.40B | 2.53B | 1.09B | 1.43B | 1.75B |
| Accrued Expenses | 2.02M | 2.02B | 2.29B | 2.63B | 2.04B | 1.77B |
| Short-Term Debt | 4.09B | 313.56M | 78.59M | |||
| Current Portion of Long-Term Debt | 1.19B | 313.20M | 313.20M | |||
| Current Portion of Leases | 40.45M | 35.33M | 29.77M | 53.27M | 85.75M | 48.90M |
| Current Income Taxes Payable | 30.24M | 131.53M | 200.94M | 59.57M | ||
| Other Current Liabilities | 132.58M | 181.71M | 206.15M | 228.78M | 280.37M | |
| Total Current Liabilities | 5.14B | 4.62B | 6.35B | 8.27B | 4.47B | 4.25B |
| Long-Term Debt | 135.34M | 135.34M | 135.34M | 135.34M | 308.54M | 621.74M |
| Long-Term Leases | 104.31M | 138.95M | 140.47M | 170.24M | 193.93M | 43.20M |
| Pension & Post-Retirement Benefits | 10.74M | |||||
| Long-Term Deferred Tax Liabilities | 94.13M | 109.28M | 125.26M | 107.08M | 298.74M | 515.50M |
| Other Long-Term Liabilities | 149.02M | 142.87M | 130.56M | 118.26M | 113.32M | 32.56M |
| Total Liabilities | 5.63B | 5.15B | 6.88B | 8.81B | 5.39B | 5.47B |
| Common Stock | 565.04M | 565.04M | 565.04M | 565.04M | 565.04M | 565.04M |
| Retained Earnings | 3.30B | 3.47B | 3.41B | 3.09B | 2.69B | 3.06B |
| Comprehensive Income & Other | 141.61M | 141.61M | 141.61M | 141.61M | 141.61M | 141.61M |
| Shareholders' Equity | 4.00B | 4.18B | 4.12B | 3.80B | 3.39B | 3.76B |
| Total Liabilities & Equity | 9.63B | 9.33B | 11.00B | 12.60B | 8.78B | 9.23B |
| Total Debt | 280.10M | 309.62M | 1.50B | 4.45B | 1.21B | 1.11B |
| Net Cash (Debt) | 817.50M | 1.00B | 1.48B | -156.28M | -984.87M | -640.32M |
| Net Cash Per Share | 14.47 | 17.70 | 26.27 | -2.77 | -17.43 | -11.33 |
| Filing Date Shares Outstanding | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M |
| Total Common Shares Outstanding | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M | 56.50M |
| Working Capital | -620.68M | -565.84M | -732.73M | -1.27B | -1.57B | -951.45M |
| Book Value Per Share | 70.86 | 73.92 | 72.87 | 67.20 | 60.07 | 66.60 |
| Tangible Book Value | 3.97B | 4.14B | 4.06B | 3.73B | 3.32B | 3.68B |
| Tangible Book Value Per Share | 70.27 | 73.21 | 71.93 | 66.02 | 58.69 | 65.20 |
| Land | 4.10B | 4.08B | 3.99B | 3.98B | 3.97B | |
| Machinery | 8.07B | 7.84B | 7.52B | 7.36B | 7.23B | |
| Construction In Progress | 116.78M | 69.97M | 51.98M | 201.62M | 207.18M | 194.53M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -133.24M | 200.62M | 461.79M | 459.41M | -233.44M | 475.28M |
| Depreciation & Amortization | 428.76M | 434.10M | 464.76M | 505.16M | 530.92M | 463.11M |
| Other Amortization | 19.96M | 13.31M | 13.31M | 13.24M | 13.20M | 1.45M |
| Loss (Gain) From Sale of Assets | 1.26M | 5.65M | 2.67M | -1.26M | 8.82M | |
| Other Operating Activities | -212.86M | -117.27M | -51.24M | -50.28M | -145.44M | -132.65M |
| Change in Accounts Receivable | 20.98M | 24.67M | 190.25M | 52.48M | -102.75M | 493.55M |
| Change in Inventory | -1.02B | 72.30M | -476.82M | 414.08M | 17.27M | -834.57M |
| Change in Accounts Payable | 1.46B | -426.34M | 1.08B | 297.89M | -152.69M | 773.79M |
| Change in Other Net Operating Assets | -46.59M | -209.27M | 367.12M | -459.82M | 278.78M | -123.76M |
| Operating Cash Flow | 520.67M | -2.23M | 2.05B | 1.23B | 214.67M | 1.12B |
| Capital Expenditures | -207.13M | -301.08M | -267.71M | -209.08M | -223.35M | -260.03M |
| Sale of Property, Plant & Equipment | 7.96M | 5.17M | 578.00K | 3.63M | 4.04M | 2.78M |
| Cash Acquisitions | 25.00K | |||||
| Other Investing Activities | -1.00K | |||||
| Investing Cash Flow | -199.17M | -295.92M | -267.13M | -205.45M | -219.31M | -257.23M |
| Long-Term Debt Issued | 3.99B | 313.56M | ||||
| Long-Term Debt Repaid | -1.23B | -2.86B | -886.14M | -396.67M | -445.11M | |
| Lease Payments | -33.88M | -40.36M | -53.27M | -86.18M | -83.47M | -71.91M |
| Total Debt Repaid | -1.22B | -1.23B | -2.86B | -886.14M | -396.67M | -445.11M |
| Net Debt Issued (Repaid) | -1.22B | -1.23B | -2.86B | 3.11B | -83.11M | -445.11M |
| Common Dividends Paid | -203.41M | -141.26M | -141.26M | -135.18M | -68.86M | -142.08M |
| Other Financing Activities | 163.41M | -31.66M | -189.14M | |||
| Financing Cash Flow | -1.26B | -1.37B | -3.00B | 2.94B | -151.96M | -776.33M |
| Miscellaneous Cash Flow Adjustments | -1.00K | -1.00K | 1.00K | |||
| Net Cash Flow | -942.09M | -1.67B | -1.22B | 3.96B | -156.60M | 82.64M |
| Free Cash Flow | 313.54M | -303.32M | 1.78B | 1.02B | -8.68M | 856.16M |
| Free Cash Flow Margin | 2.30% | -2.09% | 12.08% | 5.69% | -0.05% | 5.97% |
| Free Cash Flow Per Share | 5.55 | -5.37 | 31.52 | 18.08 | -0.15 | 15.15 |
| Levered Free Cash Flow | 272.73M | -313.48M | 1.70B | 987.67M | 382.21M | 660.24M |
| Unlevered Free Cash Flow | 272.73M | -304.98M | 1.70B | 1.17B | 430.92M | 698.40M |
| Free Cash Flow After Leases | 279.66M | -343.68M | 1.73B | 935.63M | -92.15M | 784.25M |
| Cash Interest Paid | 293.17M | 76.82M | 62.89M | |||
| Cash Income Tax Paid | 285.65M | 301.21M | 316.14M | 377.49M | 296.84M | 324.29M |
| Change in Working Capital | 416.78M | -538.63M | 1.16B | 304.62M | 40.60M | 309.01M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.14B | 12.21B | 12.52B | 13.53B | 10.12B | 15.39B |
| Enterprise Value | 10.32B | 11.68B | 12.35B | 13.32B | 11.08B | 15.58B |
| Last Close Price | 197.10 | 214.91 | 217.50 | 232.49 | 173.20 | 260.14 |
| PE Ratio | 60.86 | 27.10 | 29.46 | 32.38 | ||
| Forward PE | 12.93 | 12.93 | 12.93 | 12.93 | 12.61 | |
| PS Ratio | 0.82 | 0.84 | 0.85 | 0.75 | 0.60 | 1.07 |
| PB Ratio | 2.78 | 2.92 | 3.04 | 3.56 | 2.98 | 4.09 |
| P/TBV Ratio | 2.80 | 2.95 | 3.08 | 3.63 | 3.05 | 4.18 |
| P/FCF Ratio | 35.52 | 7.03 | 13.24 | 17.98 | ||
| P/OCF Ratio | 21.39 | 6.11 | 10.99 | 47.14 | 13.79 | |
| PEG Ratio | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | |
| EV/Sales Ratio | 0.76 | 0.81 | 0.84 | 0.74 | 0.66 | 1.09 |
| EV/EBITDA Ratio | 33.74 | 16.53 | 11.58 | 10.59 | 25.32 | 14.66 |
| EV/EBIT Ratio | 36.33 | 18.48 | 15.74 | 23.31 | ||
| EV/FCF Ratio | 32.91 | 6.93 | 13.04 | 18.20 | ||
| Debt / Equity Ratio | 0.07 | 0.07 | 0.36 | 1.17 | 0.36 | 0.29 |
| Debt / EBITDA Ratio | 0.92 | 0.41 | 1.32 | 3.29 | 2.30 | 0.98 |
| Debt / FCF Ratio | 0.89 | 0.84 | 4.36 | 1.29 | ||
| Net Debt / Equity Ratio | -0.20 | -0.24 | -0.36 | 0.04 | 0.29 | 0.17 |
| Net Debt / EBITDA Ratio | -3.16 | -1.42 | -1.39 | 0.12 | 2.25 | 0.60 |
| Net Debt / FCF Ratio | -2.61 | 3.30 | -0.83 | 0.15 | -113.42 | 0.75 |
| Asset Turnover | 1.41 | 1.43 | 1.25 | 1.68 | 1.86 | 1.53 |
| Inventory Turnover | 6.17 | 6.39 | 7.11 | 8.84 | 7.80 | 7.44 |
| Quick Ratio | 0.26 | 0.33 | 0.51 | 0.57 | 0.16 | 0.21 |
| Current Ratio | 0.88 | 0.88 | 0.89 | 0.85 | 0.65 | 0.78 |
| Return on Equity (ROE) | -3.25% | 4.84% | 11.67% | 12.78% | -6.52% | 12.49% |
| Return on Assets (ROA) | -0.64% | 1.98% | 3.54% | 4.95% | -0.01% | 4.47% |
| Return on Invested Capital (ROIC) | -3.33% | 5.77% | 12.89% | 11.87% | -0.04% | 10.23% |
| Return on Capital Employed (ROCE) | -2.20% | 6.80% | 14.40% | 19.60% | 0.00% | 13.40% |
| Earnings Yield | -1.20% | 1.64% | 3.69% | 3.40% | -2.31% | 3.09% |
| FCF Yield | 2.82% | -2.48% | 14.23% | 7.55% | -0.09% | 5.56% |
| Dividend Yield | 0.56% | 0.51% | 1.13% | 1.04% | 0.56% | 0.95% |
| Payout Ratio | 70.41% | 30.59% | 29.43% | 29.89% | ||
| Buyback Yield / Dilution | 0.00% | |||||
| Total Shareholder Return | 0.56% | 0.51% | 1.13% | 1.04% | 0.56% | 0.95% |