DSE : RAKCERAMIC
RAK Ceramics (Bangladesh) Limited — Financial statements
Structural Clay Products · Bangladesh
Last price 24.1 BDT (At close: Oct 28, 2026) · Market cap 10.40B
Latest research: RAK Ceramics (Bangladesh) financial analysis: gas cost doubled, 2025 loss, H1 2026 recovery (Oct 2026) · RAK Ceramics (Bangladesh): gas shortages turned a 30%-gross-margin tile leader into a BDT 396m loss in 2025; H1 2026 is back in profit
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Financial statements
RAK Ceramics (Bangladesh) Limited (RAKCERAMIC) reported revenue of 8.01B 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 | 8.01B | 7.37B | 6.67B | 7.82B | 7.45B | 6.85B |
| Cost of Revenue | 6.81B | 6.43B | 5.55B | 5.90B | 5.50B | 4.83B |
| Gross Profit | 1.20B | 947.78M | 1.12B | 1.92B | 1.95B | 2.02B |
| Selling, General & Admin | 1.00B | 949.60M | 904.76M | 1.05B | 996.02M | 897.21M |
| Operating Expenses | 1.04B | 981.55M | 894.90M | 1.06B | 998.95M | 897.49M |
| Operating Income | 159.06M | -33.77M | 225.33M | 859.35M | 951.88M | 1.12B |
| Interest Expense | -252.16M | -232.15M | -162.64M | -41.28M | -26.58M | -5.70M |
| Interest & Investment Income | 14.43M | 13.81M | 13.66M | 30.90M | 48.91M | 44.82M |
| Currency Exchange Gain (Loss) | -18.22M | -29.16M | -16.00M | -27.38M | -79.49M | -2.58M |
| Other Non Operating Income (Expenses) | -5.52M | -6.08M | -8.80M | -2.56M | -3.21M | -2.11M |
| EBT Excluding Unusual Items | -102.40M | -287.36M | 51.54M | 819.04M | 891.52M | 1.16B |
| Gain (Loss) on Sale of Assets | -520.60K | 934.78K | ||||
| Asset Writedown | 3.25M | 76.77K | -898.79K | -1.87M | -3.38M | |
| Pretax Income | -99.67M | -286.42M | 51.62M | 818.14M | 889.65M | 1.15B |
| Income Tax Expense | 63.08M | 109.51M | 78.95M | 199.75M | 218.06M | 248.92M |
| Earnings From Continuing Operations | -162.75M | -395.93M | -27.33M | 618.39M | 671.59M | 905.19M |
| Minority Interest in Earnings | -16.00 | -41.00 | -118.00 | -204.00 | ||
| Net Income | -162.75M | -395.93M | -27.33M | 618.39M | 671.59M | 905.19M |
| Net Income to Common | -162.75M | -395.93M | -27.33M | 618.39M | 671.59M | 905.19M |
| Shares Outstanding (Basic) | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M |
| Shares Outstanding (Diluted) | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M |
| EPS (Basic) | -0.38 | -0.93 | -0.06 | 1.44 | 1.57 | 2.12 |
| EPS (Diluted) | -0.39 | -0.93 | -0.06 | 1.44 | 1.57 | 2.12 |
| Free Cash Flow | 64.94M | 205.27M | -252.31M | -686.85M | -426.48M | 450.43M |
| Free Cash Flow Per Share | 0.15 | 0.48 | -0.59 | -1.60 | -1.00 | 1.05 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.25 | ||
| Gross Margin | 15.00% | 12.85% | 16.80% | 24.58% | 26.17% | 29.49% |
| Operating Margin | 1.98% | -0.46% | 3.38% | 10.99% | 12.77% | 16.39% |
| Profit Margin | -2.03% | -5.37% | -0.41% | 7.91% | 9.01% | 13.21% |
| Free Cash Flow Margin | 0.81% | 2.78% | -3.78% | -8.78% | -5.72% | 6.58% |
| EBITDA | 639.10M | 473.01M | 734.87M | 1.32B | 1.39B | 1.58B |
| EBITDA Margin | 7.98% | 6.42% | 11.02% | 16.88% | 18.71% | 22.99% |
| D&A For EBITDA | 480.04M | 506.78M | 509.54M | 460.14M | 442.73M | 452.32M |
| EBIT | 159.06M | -33.77M | 225.33M | 859.35M | 951.88M | 1.12B |
| EBIT Margin | 1.98% | -0.46% | 3.38% | 10.99% | 12.77% | 16.39% |
| Effective Tax Rate | 152.95% | 24.41% | 24.51% | 21.57% | ||
| Advertising Expenses | 77.51M | 81.83M | 93.96M | 115.33M | 74.97M |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 282.37M | 302.60M | 424.16M | 842.00M | 1.28B | 2.28B |
| Cash & Short-Term Investments | 282.37M | 302.60M | 424.16M | 842.00M | 1.28B | 2.28B |
| Accounts Receivable | 2.73B | 2.65B | 2.76B | 2.48B | 1.52B | 1.22B |
| Other Receivables | 933.86K | 999.54K | 822.34K | 888.13K | 1.09M | 6.60M |
| Receivables | 2.74B | 2.65B | 2.76B | 2.48B | 1.52B | 1.23B |
| Inventory | 3.89B | 3.74B | 3.54B | 3.82B | 3.46B | 3.06B |
| Prepaid Expenses | 12.47M | 4.44M | 8.13M | 9.82M | 28.15M | 17.88M |
| Other Current Assets | 224.64M | 214.18M | 213.03M | 4.38B | 4.31B | 4.09B |
| Total Current Assets | 7.14B | 6.91B | 6.95B | 11.54B | 10.60B | 10.67B |
| Property, Plant & Equipment | 3.76B | 3.74B | 4.01B | 4.04B | 3.44B | 2.83B |
| Other Intangible Assets | 4.64M | 5.79M | 9.91M | 4.12M | 675.94K | 2.03M |
| Long-Term Deferred Tax Assets | 144.42M | 100.81M | 15.53M | |||
| Other Long-Term Assets | 502.24M | 502.35M | 502.57M | 502.79M | 503.01M | 503.23M |
| Total Assets | 11.55B | 11.25B | 11.48B | 16.08B | 14.55B | 14.01B |
| Accounts Payable | 1.12B | 1.25B | 846.77M | 914.08M | 500.84M | 609.57M |
| Accrued Expenses | 1.04B | 977.09M | 1.06B | 994.87M | 950.55M | 877.47M |
| Short-Term Debt | 1.75B | 1.39B | 965.94M | 722.38M | 372.81M | 430.41M |
| Current Portion of Long-Term Debt | 137.04M | 128.62M | 111.52M | 11.24M | ||
| Current Portion of Leases | 21.05M | 20.03M | 15.40M | 12.21M | 5.43M | 4.81M |
| Current Income Taxes Payable | 400.92M | 433.63M | 438.10M | 4.71B | 4.52B | 4.27B |
| Current Unearned Revenue | 22.10M | 14.39M | 36.86M | 11.15M | 7.66M | 9.75M |
| Other Current Liabilities | 156.96M | 81.41M | 124.26M | 419.79M | 434.31M | 158.27M |
| Total Current Liabilities | 4.65B | 4.30B | 3.60B | 7.79B | 6.79B | 6.36B |
| Long-Term Debt | 393.92M | 340.71M | 448.67M | 363.89M | ||
| Long-Term Leases | 62.79M | 66.27M | 56.42M | 45.66M | 13.16M | 4.90M |
| Long-Term Deferred Tax Liabilities | 49.34M | 108.06M | 139.83M | |||
| Total Liabilities | 5.10B | 4.70B | 4.11B | 8.25B | 6.91B | 6.51B |
| Common Stock | 4.28B | 4.28B | 4.28B | 4.28B | 4.28B | 4.28B |
| Additional Paid-In Capital | 1.47B | 1.47B | 1.47B | 1.47B | 1.47B | 1.47B |
| Retained Earnings | 698.35M | 795.04M | 1.62B | 2.07B | 1.88B | 1.75B |
| Total Common Equity | 6.45B | 6.55B | 7.37B | 7.83B | 7.64B | 7.50B |
| Minority Interest | 1.39K | 1.38K | 1.34K | 1.42K | ||
| Shareholders' Equity | 6.45B | 6.55B | 7.37B | 7.83B | 7.64B | 7.50B |
| Total Liabilities & Equity | 11.55B | 11.25B | 11.48B | 16.08B | 14.55B | 14.01B |
| Total Debt | 2.36B | 1.95B | 1.60B | 1.16B | 391.39M | 440.12M |
| Net Cash (Debt) | -2.08B | -1.64B | -1.17B | -313.39M | 884.39M | 1.84B |
| Net Cash Per Share | -4.86 | -3.84 | -2.74 | -0.73 | 2.07 | 4.29 |
| Filing Date Shares Outstanding | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M |
| Total Common Shares Outstanding | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M | 427.97M |
| Working Capital | 2.50B | 2.61B | 3.34B | 3.74B | 3.81B | 4.31B |
| Book Value Per Share | 15.08 | 15.30 | 17.23 | 18.29 | 17.85 | 17.53 |
| Tangible Book Value | 6.45B | 6.54B | 7.36B | 7.82B | 7.64B | 7.50B |
| Tangible Book Value Per Share | 15.06 | 15.29 | 17.20 | 18.28 | 17.84 | 17.52 |
| Land | 1.25B | 1.25B | 1.25B | 1.25B | 1.03B | 341.57M |
| Buildings | 1.81B | 1.79B | 1.73B | 1.61B | 1.05B | 1.57B |
| Machinery | 6.94B | 6.89B | 7.20B | 6.79B | 7.16B | 6.43B |
| Construction In Progress | 280.53M | 101.12M | 270.28M | 355.45M | 155.71M | 17.71M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -162.75M | -395.93M | -27.33M | 618.39M | 671.59M | 905.19M |
| Depreciation & Amortization | 506.39M | 532.80M | 530.70M | 476.14M | 451.74M | 460.49M |
| Other Amortization | 1.00M | 659.37K | 364.11K | 336.80K | 1.14M | 1.27M |
| Loss (Gain) From Sale of Assets | 109.98K | 109.98K | 44.08K | 898.79K | 1.87M | 3.38M |
| Other Operating Activities | 131.52M | 159.76M | 47.43M | 59.89M | 46.09M | -54.09M |
| Change in Accounts Receivable | -243.82M | 113.00M | -278.83M | -956.62M | -303.03M | -223.16M |
| Change in Inventory | 334.59M | -214.54M | 145.39M | -174.70M | -414.77M | -962.81M |
| Change in Accounts Payable | -159.89M | 230.47M | -210.13M | 295.50M | 164.79M | 452.58M |
| Operating Cash Flow | 407.15M | 426.33M | 207.63M | 319.83M | 619.42M | 582.86M |
| Capital Expenditures | -342.21M | -221.06M | -459.94M | -1.01B | -1.05B | -132.43M |
| Sale of Property, Plant & Equipment | 322.80K | 5.48M | 205.80K | 2.16M | 497.56K | 3.33M |
| Sale (Purchase) of Intangibles | -3.73M | -2.99M | -13.96M | -8.80M | -450.00K | |
| Other Investing Activities | 10.84M | 8.96M | 7.31M | 19.57M | 46.73M | 41.22M |
| Investing Cash Flow | -334.79M | -209.60M | -466.39M | -993.74M | -998.67M | -88.33M |
| Short-Term Debt Issued | 423.95M | 243.56M | 349.58M | 310.47M | ||
| Long-Term Debt Issued | 185.07M | 375.13M | ||||
| Total Debt Issued | 562.61M | 423.95M | 428.63M | 724.71M | 310.47M | |
| Short-Term Debt Repaid | -57.60M | |||||
| Long-Term Debt Repaid | -107.20M | -13.43M | -9.57M | -7.11M | -6.07M | |
| Lease Payments | -16.08M | -16.33M | -13.43M | -9.57M | -7.11M | -6.07M |
| Total Debt Repaid | -75.55M | -107.20M | -13.43M | -9.57M | -64.71M | -6.07M |
| Net Debt Issued (Repaid) | 487.06M | 316.74M | 415.20M | 715.14M | -64.71M | 304.39M |
| Common Dividends Paid | -396.87M | -428.29M | -428.01M | -431.75M | -534.82M | -465.78M |
| Other Financing Activities | -244.30M | -226.99M | -146.42M | -43.26M | -23.30M | -5.84M |
| Financing Cash Flow | -154.10M | -338.53M | -159.23M | 240.14M | -622.84M | -167.23M |
| Foreign Exchange Rate Adjustments | 267.63K | 233.53K | 155.45K | 1.21M | 161.45K | |
| Net Cash Flow | -81.47M | -121.57M | -417.83M | -433.77M | -1.00B | 327.46M |
| Free Cash Flow | 64.94M | 205.27M | -252.31M | -686.85M | -426.48M | 450.43M |
| Free Cash Flow Margin | 0.81% | 2.78% | -3.78% | -8.78% | -5.72% | 6.58% |
| Free Cash Flow Per Share | 0.15 | 0.48 | -0.59 | -1.60 | -1.00 | 1.05 |
| Levered Free Cash Flow | -244.86M | 307.79M | -270.22M | -758.54M | -460.77M | 288.26M |
| Unlevered Free Cash Flow | -87.26M | 452.88M | -168.56M | -732.74M | -444.16M | 291.83M |
| Free Cash Flow After Leases | 48.87M | 188.94M | -265.74M | -696.41M | -433.59M | 444.35M |
| Cash Interest Paid | 244.30M | 226.99M | 146.42M | 43.26M | 23.30M | 5.10M |
| Cash Income Tax Paid | 187.29M | 199.26M | 208.03M | 177.97M | 234.35M | 277.13M |
| Change in Working Capital | -69.13M | 128.93M | -343.57M | -835.83M | -553.01M | -733.38M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.40B | 9.37B | 9.67B | 18.36B | 18.36B | 19.00B |
| Enterprise Value | 12.48B | 11.08B | 10.96B | 18.55B | 18.03B | 17.52B |
| Last Close Price | 24.30 | 21.02 | 20.81 | 38.46 | 37.56 | 37.93 |
| PE Ratio | 29.69 | 27.34 | 20.99 | |||
| PS Ratio | 1.30 | 1.27 | 1.45 | 2.35 | 2.46 | 2.77 |
| PB Ratio | 1.61 | 1.43 | 1.31 | 2.35 | 2.40 | 2.53 |
| P/TBV Ratio | 1.61 | 1.43 | 1.31 | 2.35 | 2.40 | 2.53 |
| P/FCF Ratio | 160.14 | 45.66 | 42.19 | |||
| P/OCF Ratio | 25.54 | 21.98 | 46.58 | 57.41 | 29.64 | 32.60 |
| EV/Sales Ratio | 1.56 | 1.50 | 1.64 | 2.37 | 2.42 | 2.56 |
| EV/EBITDA Ratio | 18.75 | 23.42 | 14.91 | 14.06 | 12.93 | 11.12 |
| EV/EBIT Ratio | 78.45 | 48.63 | 21.59 | 18.94 | 15.60 | |
| EV/FCF Ratio | 192.15 | 53.96 | 38.90 | |||
| Debt / Equity Ratio | 0.37 | 0.30 | 0.22 | 0.15 | 0.05 | 0.06 |
| Debt / EBITDA Ratio | 3.55 | 3.90 | 2.11 | 0.87 | 0.28 | 0.28 |
| Debt / FCF Ratio | 36.36 | 9.48 | 0.98 | |||
| Net Debt / Equity Ratio | 0.32 | 0.25 | 0.16 | 0.04 | -0.12 | -0.24 |
| Net Debt / EBITDA Ratio | 3.25 | 3.47 | 1.60 | 0.24 | -0.63 | -1.17 |
| Net Debt / FCF Ratio | 32.01 | 8.00 | -4.65 | -0.46 | 2.07 | -4.08 |
| Asset Turnover | 0.69 | 0.65 | 0.48 | 0.51 | 0.52 | 0.52 |
| Inventory Turnover | 1.66 | 1.77 | 1.51 | 1.62 | 1.69 | 1.89 |
| Quick Ratio | 0.65 | 0.69 | 0.88 | 0.43 | 0.41 | 0.55 |
| Current Ratio | 1.54 | 1.61 | 1.93 | 1.48 | 1.56 | 1.68 |
| Return on Equity (ROE) | -2.47% | -5.69% | -0.36% | 8.00% | 8.87% | 12.46% |
| Return on Assets (ROA) | 0.85% | -0.19% | 1.02% | 3.51% | 4.17% | 5.29% |
| Return on Invested Capital (ROIC) | 1.92% | -0.40% | -1.43% | 8.72% | 11.57% | 16.20% |
| Return on Capital Employed (ROCE) | 2.30% | -0.50% | 2.90% | 10.40% | 12.30% | 14.70% |
| Earnings Yield | -1.60% | -4.22% | -0.28% | 3.37% | 3.66% | 4.76% |
| FCF Yield | 0.62% | 2.19% | -2.61% | -3.74% | -2.32% | 2.37% |
| Dividend Yield | 4.12% | 4.42% | 2.33% | 2.33% | 2.81% | |
| Payout Ratio | 69.82% | 79.64% | 51.46% | |||
| Total Shareholder Return | 4.12% | 4.42% | 2.33% | 2.33% | 2.81% |