DSE : MERCINS
Mercantile Islami Insurance PLC — Financial statements
Insurance Carriers · Bangladesh
Last price 41.7 BDT (At close: Oct 28, 2026) · Market cap 1.82B
Latest research: Mercantile Islami Insurance financial analysis: 2025 combined ratio 110.7%, fire net claims Tk 181.7m (Oct 2026) · Mercantile Islami Insurance: fire claims of Tk 181.7m, combined ratio 110.7% and 2025 EPS Tk 1.65
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Technical report: trend, RSI, support and resistance, charts
Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 254.66M | 273.76M | 388.61M | 308.87M | 315.79M | 296.54M |
| Total Interest & Dividend Income | 134.44M | 143.38M | 103.66M | 94.45M | 79.24M | 64.62M |
| Gain (Loss) on Sale of Investments | -65.96M | -65.96M | -7.60M | 1.35M | 2.79M | 12.35M |
| Other Revenue | -2.31M | 24.89M | 26.65M | 44.97M | 51.17M | 48.77M |
| Total Revenue | 320.83M | 376.07M | 511.32M | 449.64M | 448.98M | 422.28M |
| Policy Benefits | 112.76M | 119.51M | 220.99M | 179.61M | 127.56M | 148.52M |
| Policy Acquisition & Underwriting Costs | 46.21M | 46.21M | 55.29M | 60.61M | 66.83M | 28.04M |
| Depreciation & Amortization | 12.66M | 12.66M | 357.00K | 13.58M | 14.42M | 4.68M |
| Selling, General & Administrative | 77.57M | 111.41M | 137.58M | 146.01M | 129.65M | 120.36M |
| Total Operating Expenses | 249.20M | 289.80M | 414.21M | 399.81M | 338.46M | 301.61M |
| Operating Income | 71.63M | 86.27M | 97.11M | 49.83M | 110.52M | 120.68M |
| Other Non Operating Income (Expenses) | -1.17M | -1.17M | -1.86M | -2.06M | -1.86M | -1.94M |
| EBT Excluding Unusual Items | 70.46M | 85.10M | 95.25M | 47.77M | 108.66M | 118.73M |
| Pretax Income | 70.46M | 85.10M | 95.25M | 47.77M | 108.66M | 118.73M |
| Income Tax Expense | 3.77M | 14.17M | 11.62M | -1.99M | 24.58M | 29.24M |
| Net Income | 66.69M | 70.93M | 83.63M | 49.76M | 84.08M | 89.49M |
| Net Income to Common | 66.69M | 70.93M | 83.63M | 49.76M | 84.08M | 89.49M |
| Shares Outstanding (Basic) | 43.20M | 43.10M | 43.10M | 43.10M | 43.10M | 43.10M |
| Shares Outstanding (Diluted) | 43.20M | 43.10M | 43.10M | 43.10M | 43.10M | 43.10M |
| EPS (Basic) | 1.54 | 1.65 | 1.94 | 1.15 | 1.95 | 2.08 |
| EPS (Diluted) | 1.54 | 1.65 | 1.94 | 1.15 | 1.95 | 2.08 |
| Free Cash Flow | -46.42M | -104.43K | 77.23M | 36.12M | 20.00M | 41.33M |
| Free Cash Flow Per Share | -1.07 | -0.00 | 1.79 | 0.84 | 0.46 | 0.96 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Operating Margin | 22.33% | 22.94% | 18.99% | 11.08% | 24.62% | 28.58% |
| Profit Margin | 20.79% | 18.86% | 16.36% | 11.07% | 18.73% | 21.19% |
| Free Cash Flow Margin | -14.47% | -0.03% | 15.10% | 8.03% | 4.45% | 9.79% |
| EBITDA | 77.58M | 91.63M | 102.58M | 56.28M | 118.05M | 125.35M |
| EBITDA Margin | 24.18% | 24.37% | 20.06% | 12.52% | 26.29% | 29.68% |
| D&A For EBITDA | 5.94M | 5.36M | 5.47M | 6.45M | 7.53M | 4.68M |
| EBIT | 71.63M | 86.27M | 97.11M | 49.83M | 110.52M | 120.68M |
| EBIT Margin | 22.33% | 22.94% | 18.99% | 11.08% | 24.62% | 28.58% |
| Effective Tax Rate | 5.35% | 16.65% | 12.20% | 22.62% | 24.63% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 60.77M | 60.77M | 35.00M | 35.00M | 35.00M | 35.00M |
| Other Investments | 170.03M | 180.42M | 232.01M | 385.43M | 369.60M | 261.83M |
| Total Investments | 230.80M | 241.19M | 267.01M | 420.43M | 404.60M | 296.83M |
| Cash & Equivalents | 1.13B | 1.11B | 1.21B | 1.20B | 1.15B | 1.19B |
| Reinsurance Recoverable | 734.12M | 754.89M | 771.45M | 678.79M | 725.90M | 811.01M |
| Other Receivables | 50.53M | 21.18M | 21.74M | 9.64M | 8.65M | 7.36M |
| Property, Plant & Equipment | 37.09M | 43.34M | 39.75M | 46.32M | 53.12M | 30.92M |
| Other Current Assets | 182.15M | 206.27M | 172.26M | 152.05M | 133.06M | 79.75M |
| Long-Term Deferred Tax Assets | 10.76M | 9.15M | 10.38M | 5.57M | 1.33M | 901.43K |
| Other Long-Term Assets | -1.00 | |||||
| Total Assets | 2.38B | 2.39B | 2.49B | 2.51B | 2.48B | 2.42B |
| Accrued Expenses | 4.19M | 3.27M | 3.54M | 3.33M | 4.20M | |
| Insurance & Annuity Liabilities | 121.53M | 141.63M | 195.80M | 157.16M | 158.31M | 148.49M |
| Unpaid Claims | 275.13M | 293.36M | 357.04M | 195.24M | 174.83M | 160.00M |
| Unearned Premiums | 87.09M | 70.47M | 56.01M | 64.02M | 56.47M | 58.74M |
| Reinsurance Payable | 782.11M | 752.53M | 885.22M | 1.08B | 1.05B | 1.08B |
| Current Income Taxes Payable | 138.52M | 125.42M | 108.95M | 106.69M | 81.68M | |
| Long-Term Leases | 9.44M | 12.94M | 6.40M | 9.64M | 11.59M | |
| Other Long-Term Liabilities | 195.26M | 23.72M | 21.05M | 21.70M | 21.44M | 8.62M |
| Total Liabilities | 1.47B | 1.45B | 1.66B | 1.66B | 1.58B | 1.54B |
| Common Stock | 430.95M | 430.95M | 430.95M | 430.95M | 430.95M | 430.95M |
| Additional Paid-In Capital | 74.81M | 74.81M | 74.81M | 74.81M | 74.81M | 74.81M |
| Retained Earnings | 390.86M | 409.82M | 381.99M | 341.45M | 402.79M | 361.80M |
| Comprehensive Income & Other | 12.96M | 19.69M | -58.54M | 4.00M | -13.13M | 10.83M |
| Shareholders' Equity | 909.58M | 935.27M | 829.22M | 851.21M | 895.43M | 878.40M |
| Total Liabilities & Equity | 2.38B | 2.39B | 2.49B | 2.51B | 2.48B | 2.42B |
| Filing Date Shares Outstanding | 43.07M | 43.10M | 43.10M | 43.10M | 43.10M | 43.10M |
| Total Common Shares Outstanding | 43.07M | 43.10M | 43.10M | 43.10M | 43.10M | 43.10M |
| Total Debt | 9.44M | 12.94M | 6.40M | 9.64M | 11.59M | |
| Net Cash (Debt) | 1.13B | 1.10B | 1.20B | 1.19B | 1.14B | 1.19B |
| Net Cash Per Share | 26.05 | 25.54 | 27.91 | 27.52 | 26.49 | 27.69 |
| Book Value Per Share | 21.12 | 21.70 | 19.24 | 19.75 | 20.78 | 20.38 |
| Tangible Book Value | 909.58M | 935.27M | 829.22M | 851.21M | 895.43M | 878.40M |
| Tangible Book Value Per Share | 21.12 | 21.70 | 19.24 | 19.75 | 20.78 | 20.38 |
| Buildings | 6.17M | 6.17M | 6.17M | 6.17M | 6.18M | |
| Machinery | 94.78M | 91.16M | 89.52M | 88.18M | 69.86M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 43.30M | 70.93M | 83.63M | 49.76M | 84.08M | 89.49M |
| Depreciation & Amortization | 15.66M | 12.17M | 11.31M | 13.58M | 13.86M | 4.68M |
| Change in Unearned Revenue | 31.08M | 14.47M | -8.02M | |||
| Change in Insurance Reserves / Liabilities | -81.91M | -63.68M | 161.80M | |||
| Change in Other Net Operating Assets | -94.76M | -59.54M | -211.18M | |||
| Other Operating Activities | 45.89M | 29.21M | 41.50M | -25.42M | -59.29M | -45.23M |
| Operating Cash Flow | -40.73M | 3.55M | 79.05M | 37.92M | 38.65M | 48.94M |
| Capital Expenditures | -5.68M | -3.65M | -1.82M | -1.80M | -18.65M | -7.61M |
| Investment in Securities | 95.05M | 5.34M | -77.78M | -10.81M | -107.78M | 10.83M |
| Other Investing Activities | -106.39M | -48.39M | 64.47M | 69.17M | 98.33M | 91.25M |
| Investing Cash Flow | -17.03M | -46.70M | -15.13M | 56.57M | -28.09M | 94.47M |
| Total Debt Repaid | -6.84M | -8.60M | -6.79M | -7.87M | -6.69M | |
| Lease Payments | -6.84M | -8.60M | -6.79M | -7.87M | -6.69M | |
| Net Debt Issued (Repaid) | -6.84M | -8.60M | -6.79M | -7.87M | -6.69M | |
| Common Dividends Paid | -43.10M | -43.10M | -43.10M | -43.10M | -43.10M | -43.10M |
| Other Financing Activities | -438.40K | -840.48K | -697.55K | -794.85K | -870.64K | |
| Financing Cash Flow | -50.38M | -52.54M | -50.58M | -51.76M | -50.66M | -43.10M |
| Miscellaneous Cash Flow Adjustments | -1.00 | -1.00 | ||||
| Net Cash Flow | -60.86M | -95.69M | 13.34M | 42.73M | -40.10M | 100.31M |
| Free Cash Flow | -46.42M | -104.43K | 77.23M | 36.12M | 20.00M | 41.33M |
| Free Cash Flow Margin | -14.47% | -0.03% | 15.10% | 8.03% | 4.45% | 9.79% |
| Free Cash Flow Per Share | -1.07 | -0.00 | 1.79 | 0.84 | 0.46 | 0.96 |
| Levered Free Cash Flow | -174.83M | -70.76M | 69.84M | 123.11M | -9.68M | 65.90M |
| Unlevered Free Cash Flow | -174.83M | -70.76M | 69.84M | 123.11M | -9.68M | 65.90M |
| Free Cash Flow After Leases | -53.26M | -8.70M | 70.44M | 28.26M | 13.31M | 41.33M |
| Cash Interest Paid | 840.48K | 840.48K | 697.55K | 794.85K | 870.64K | |
| Cash Income Tax Paid | 32.33M | 32.33M | 21.80M | 18.29M | 32.27M | 24.10M |
| Change in Working Capital | -145.59M | -108.76M | -57.40M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.82B | 1.02B | 1.08B | 1.42B | 1.32B | 2.15B |
| Enterprise Value | 733.05M | -170.60M | -91.74M | 254.58M | 198.62M | 1.13B |
| PE Ratio | 27.40 | 14.40 | 12.88 | 28.50 | 15.69 | 24.03 |
| PS Ratio | 5.68 | 2.72 | 2.11 | 3.15 | 2.94 | 5.09 |
| PB Ratio | 2.00 | 1.09 | 1.30 | 1.67 | 1.47 | 2.45 |
| P/FCF Ratio | 13.95 | 39.25 | 65.94 | 52.03 | ||
| P/OCF Ratio | 287.96 | 13.63 | 37.39 | 34.12 | 43.94 | |
| EV/Sales Ratio | 2.28 | 0.57 | 0.44 | 2.67 | ||
| EV/EBITDA Ratio | 8.69 | 4.52 | 1.68 | 9.00 | ||
| EV/EBIT Ratio | 10.23 | 5.11 | 1.80 | 9.35 | ||
| EV/FCF Ratio | 7.05 | 9.93 | 27.29 | |||
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| Debt / EBITDA Ratio | 0.11 | 0.13 | 0.06 | 0.15 | 0.09 | |
| Debt / FCF Ratio | 0.08 | 0.27 | 0.58 | |||
| Net Debt / Equity Ratio | -1.24 | -1.18 | -1.45 | -1.39 | -1.27 | -1.36 |
| Net Debt / EBITDA Ratio | -14.51 | -12.01 | -11.72 | -21.08 | -9.67 | -9.52 |
| Net Debt / FCF Ratio | 24.24 | 10,537.89 | -15.57 | -32.84 | -57.08 | -28.87 |
| Quick Ratio | 1.18 | 1.03 | 1.01 | 1.09 | 1.10 | 1.05 |
| Current Ratio | 1.99 | 1.81 | 1.69 | 1.66 | 1.72 | 1.70 |
| Asset Turnover | 0.13 | 0.15 | 0.20 | 0.18 | 0.18 | 0.18 |
| Return on Equity (ROE) | 7.97% | 8.04% | 9.95% | 5.70% | 9.48% | 10.53% |
| Return on Assets (ROA) | 1.84% | 2.21% | 2.43% | 1.25% | 2.82% | 3.24% |
| Return on Invested Capital (ROIC) | 7.19% | 8.06% | 10.05% | 5.64% | 9.58% | 10.70% |
| Earnings Yield | 3.65% | 6.94% | 7.76% | 3.51% | 6.38% | 4.16% |
| FCF Yield | -2.55% | -0.01% | 7.17% | 2.55% | 1.52% | 1.92% |
| Dividend Yield | 2.36% | 4.22% | 4.00% | 3.04% | 3.27% | 2.00% |
| Payout Ratio | 64.62% | 60.76% | 51.53% | 86.61% | 51.26% | 48.16% |
| Total Shareholder Return | 2.23% | 4.22% | 4.00% | 3.04% | 3.27% | 2.00% |