DSE : SONALIPAPR
Sonali Paper & Board Mills Limited — Financial statements
Paper and Allied Products · Bangladesh
Last price 210.5 BDT (At close: Oct 28, 2026) · Market cap 6.93B
Latest research: Sonali Paper & Board Mills financial analysis: operating margin up to 13.7%, share losses and a qualified FY2025 audit (Oct 2026) · Sonali Paper & Board Mills: operating profit nearly tripled after FY2023, but the share book, a qualified audit and a BDT 569m tax charge on land shape the numbers
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Financial statements
Sonali Paper & Board Mills Limited (SONALIPAPR) reported revenue of 2.75B 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 | 2.75B | 2.83B | 2.78B | 2.49B | 2.05B | 1.41B |
| Cost of Revenue | 2.33B | 2.37B | 2.37B | 2.28B | 1.83B | 1.23B |
| Gross Profit | 419.10M | 461.55M | 411.20M | 213.82M | 214.13M | 184.63M |
| Selling, General & Admin | 99.84M | 89.25M | 73.52M | 81.51M | 90.05M | 76.39M |
| Operating Expenses | 99.84M | 89.25M | 73.52M | 81.51M | 90.05M | 76.39M |
| Operating Income | 319.25M | 372.31M | 337.68M | 132.31M | 124.08M | 108.24M |
| Interest Expense | -74.89M | -34.28M | -50.31M | -79.46M | -52.97M | -61.22M |
| Interest & Investment Income | 30.09M | 30.29M | 25.80M | 7.13M | 1.69M | 2.44M |
| Currency Exchange Gain (Loss) | -24.80M | -22.15M | -1.16M | -5.05M | -4.57M | -35.42K |
| Other Non Operating Income (Expenses) | 21.12M | -44.21M | -39.64M | -25.34M | -23.40M | -2.12M |
| EBT Excluding Unusual Items | 270.78M | 301.95M | 272.37M | 29.59M | 44.82M | 47.31M |
| Gain (Loss) on Sale of Investments | 14.64M | -18.14M | -117.72M | 137.83M | 108.55M | 47.77M |
| Gain (Loss) on Sale of Assets | 590.90K | |||||
| Other Unusual Items | -253.98K | |||||
| Pretax Income | 285.42M | 283.80M | 154.65M | 167.42M | 153.37M | 95.41M |
| Income Tax Expense | 48.06M | 47.75M | 29.85M | 11.26M | 20.90M | 5.95M |
| Net Income | 237.36M | 236.06M | 124.80M | 156.16M | 132.47M | 89.47M |
| Net Income to Common | 237.36M | 236.06M | 124.80M | 156.16M | 132.47M | 89.47M |
| Shares Outstanding (Basic) | 32.95M | 32.95M | 32.95M | 32.95M | 32.95M | 21.96M |
| Shares Outstanding (Diluted) | 32.95M | 32.95M | 32.95M | 32.95M | 32.95M | 21.96M |
| EPS (Basic) | 7.20 | 7.17 | 3.79 | 4.74 | 4.02 | 4.07 |
| EPS (Diluted) | 7.20 | 7.17 | 3.79 | 4.74 | 4.02 | 4.07 |
| Free Cash Flow | 204.64M | 452.96M | 304.60M | 168.63M | -183.96M | 203.79M |
| Free Cash Flow Per Share | 6.21 | 13.75 | 9.25 | 5.12 | -5.58 | 9.28 |
| Dividend Per Share | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 2.00 |
| Gross Margin | 15.23% | 16.33% | 14.79% | 8.58% | 10.46% | 13.05% |
| Operating Margin | 11.60% | 13.17% | 12.14% | 5.31% | 6.06% | 7.65% |
| Profit Margin | 8.62% | 8.35% | 4.49% | 6.27% | 6.47% | 6.32% |
| Free Cash Flow Margin | 7.43% | 16.02% | 10.96% | 6.77% | -8.99% | 14.41% |
| EBITDA | 384.79M | 440.02M | 408.44M | 202.65M | 184.46M | 166.58M |
| EBITDA Margin | 13.98% | 15.57% | 14.69% | 8.14% | 9.01% | 11.77% |
| D&A For EBITDA | 65.53M | 67.71M | 70.76M | 70.34M | 60.38M | 58.34M |
| EBIT | 319.25M | 372.31M | 337.68M | 132.31M | 124.08M | 108.24M |
| EBIT Margin | 11.60% | 13.17% | 12.14% | 5.31% | 6.06% | 7.65% |
| Effective Tax Rate | 16.84% | 16.82% | 19.30% | 6.73% | 13.63% | 6.23% |
| Advertising Expenses | 2.83M | 2.37M | 4.29M | 11.88M | 1.22M |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 119.26M | 123.48M | 197.53M | 96.71M | 315.03M | 85.37M |
| Short-Term Investments | 1.00B | 579.05M | 210.65M | 448.50M | 259.92M | 439.28M |
| Cash & Short-Term Investments | 1.12B | 702.53M | 408.18M | 545.21M | 574.95M | 524.65M |
| Accounts Receivable | 1.36M | 11.86M | 55.20M | 64.23M | 175.26M | 152.37M |
| Other Receivables | 125.56M | 8.28M | 1.75M | 1.02M | 895.00 | 2.41M |
| Receivables | 126.92M | 20.14M | 56.95M | 65.26M | 175.26M | 154.78M |
| Inventory | 540.55M | 472.24M | 375.44M | 348.51M | 326.61M | 182.28M |
| Prepaid Expenses | 3.64M | 2.55M | 1.66M | 1.66M | 1.66M | 1.66M |
| Other Current Assets | 96.55M | 50.82M | 105.31M | 94.87M | 41.48M | 48.09M |
| Total Current Assets | 1.89B | 1.25B | 947.54M | 1.06B | 1.12B | 911.45M |
| Property, Plant & Equipment | 5.84B | 5.83B | 5.86B | 5.89B | 5.88B | 5.76B |
| Other Intangible Assets | 39.81K | 39.81K | ||||
| Other Long-Term Assets | -1.00 | 1.00 | ||||
| Total Assets | 7.72B | 7.08B | 6.81B | 6.95B | 7.00B | 6.68B |
| Accounts Payable | 1.25M | 19.07M | 1.53M | 2.03M | 175.21K | 225.65K |
| Accrued Expenses | 84.94M | 84.31M | 47.65M | 69.45M | 47.02M | 56.37M |
| Short-Term Debt | 1.15B | 1.07B | 851.88M | 881.87M | 986.99M | 640.28M |
| Current Portion of Long-Term Debt | 77.57M | 124.80M | 124.80M | 128.98M | 128.98M | |
| Current Income Taxes Payable | 137.91M | 70.93M | 29.10M | 15.76M | 23.36M | 22.86M |
| Other Current Liabilities | 5.41M | 26.43M | 2.39M | 5.62M | 4.76M | 732.63K |
| Total Current Liabilities | 1.45B | 1.27B | 1.06B | 1.10B | 1.19B | 849.45M |
| Long-Term Debt | 386.73M | 27.15M | 119.00M | 220.27M | 332.88M | |
| Long-Term Deferred Tax Liabilities | 837.06M | 272.04M | 294.41M | 294.57M | 293.05M | 289.32M |
| Other Long-Term Liabilities | -1.00 | |||||
| Total Liabilities | 2.68B | 1.54B | 1.38B | 1.51B | 1.70B | 1.47B |
| Common Stock | 329.45M | 329.45M | 329.45M | 329.45M | 219.63M | 183.03M |
| Retained Earnings | 359.05M | 274.47M | 170.19M | 177.18M | 152.80M | 93.54M |
| Comprehensive Income & Other | 4.36B | 4.93B | 4.93B | 4.93B | 4.93B | 4.93B |
| Shareholders' Equity | 5.05B | 5.53B | 5.43B | 5.43B | 5.30B | 5.20B |
| Total Liabilities & Equity | 7.72B | 7.08B | 6.81B | 6.95B | 7.00B | 6.68B |
| Total Debt | 1.61B | 1.07B | 1.00B | 1.13B | 1.34B | 1.10B |
| Net Cash (Debt) | -490.02M | -368.96M | -595.65M | -580.45M | -761.29M | -577.49M |
| Net Cash Per Share | -14.87 | -11.20 | -18.08 | -17.62 | -23.11 | -26.29 |
| Filing Date Shares Outstanding | 32.95M | 32.95M | 32.95M | 32.95M | 21.96M | 21.96M |
| Total Common Shares Outstanding | 32.95M | 32.95M | 32.95M | 32.95M | 21.96M | 21.96M |
| Working Capital | 434.87M | -23.95M | -109.81M | -44.01M | -71.32M | 62.01M |
| Book Value Per Share | 153.18 | 167.90 | 164.73 | 164.94 | 241.30 | 236.94 |
| Tangible Book Value | 5.05B | 5.53B | 5.43B | 5.43B | 5.30B | 5.20B |
| Tangible Book Value Per Share | 153.18 | 167.90 | 164.73 | 164.94 | 241.30 | 236.94 |
| Land | 5.18B | 5.18B | 5.18B | 5.18B | 5.18B | |
| Buildings | 102.84M | 102.24M | 100.47M | 97.30M | 91.99M | |
| Machinery | 6.75B | 1.41B | 1.37B | 1.34B | 1.26B | 1.09B |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 237.36M | 236.06M | 124.80M | 156.16M | 132.47M | 89.47M |
| Depreciation & Amortization | 65.53M | 67.71M | 70.76M | 70.34M | 60.38M | 58.34M |
| Asset Writedown & Restructuring Costs | 39.81K | 39.81K | 209.09K | |||
| Loss (Gain) From Sale of Investments | -15.88M | -52.99M | 171.62M | -90.26M | 105.81M | 1.49M |
| Other Operating Activities | 49.74M | 141.48M | 16.34M | 55.03M | -140.17M | 11.28M |
| Change in Accounts Receivable | -51.32M | 43.34M | 9.04M | 111.03M | -22.89M | 36.46M |
| Change in Inventory | -55.22M | -96.80M | -26.93M | -21.91M | -144.33M | 81.64M |
| Change in Accounts Payable | 8.01M | 77.71M | -26.19M | 24.77M | -5.38M | 1.51M |
| Change in Income Taxes | 73.86M | 41.83M | 13.34M | -7.60M | 494.83K | 5.55M |
| Change in Other Net Operating Assets | -24.47M | 53.60M | -10.44M | -53.01M | 6.61M | -27.58M |
| Operating Cash Flow | 261.85M | 489.61M | 342.18M | 246.07M | -3.28M | 247.64M |
| Capital Expenditures | -57.21M | -36.66M | -37.58M | -77.44M | -180.68M | -43.85M |
| Sale of Property, Plant & Equipment | 800.00K | |||||
| Sale (Purchase) of Intangibles | -39.81K | |||||
| Investment in Securities | -453.70M | -386.55M | 120.14M | -50.75M | 287.91M | -391.51M |
| Other Investing Activities | 75.39M | 23.76M | 25.07M | 6.11M | 4.10M | 13.44M |
| Investing Cash Flow | -435.51M | -399.45M | 107.63M | -122.12M | 111.33M | -421.12M |
| Short-Term Debt Issued | 219.62M | 346.71M | ||||
| Long-Term Debt Issued | 370.59M | |||||
| Total Debt Issued | 473.96M | 219.62M | 346.71M | 370.59M | ||
| Short-Term Debt Repaid | -29.99M | -105.13M | -77.39M | |||
| Long-Term Debt Repaid | -151.95M | -91.84M | -105.45M | -112.61M | ||
| Total Debt Repaid | -151.95M | -121.83M | -210.58M | -112.61M | -77.39M | |
| Net Debt Issued (Repaid) | 473.96M | 67.67M | -121.83M | -210.58M | 234.10M | 293.20M |
| Issuance of Common Stock | 109.82M | |||||
| Common Dividends Paid | -131.25M | -131.25M | -131.78M | -131.78M | -36.61M | -8.32M |
| Other Financing Activities | -140.87M | -100.63M | -95.38M | -109.73M | -75.88M | -61.22M |
| Financing Cash Flow | 201.84M | -164.21M | -348.99M | -342.27M | 121.62M | 223.66M |
| Miscellaneous Cash Flow Adjustments | 1.00 | -2.00 | -1.00 | 1.00 | ||
| Net Cash Flow | 28.18M | -74.05M | 100.82M | -218.31M | 229.66M | 50.18M |
| Free Cash Flow | 204.64M | 452.96M | 304.60M | 168.63M | -183.96M | 203.79M |
| Free Cash Flow Margin | 7.43% | 16.02% | 10.96% | 6.77% | -8.99% | 14.41% |
| Free Cash Flow Per Share | 6.21 | 13.75 | 9.25 | 5.12 | -5.58 | 9.28 |
| Levered Free Cash Flow | 88.85M | 356.01M | 171.54M | 78.16M | -238.95M | 141.47M |
| Unlevered Free Cash Flow | 135.66M | 377.43M | 202.99M | 127.82M | -205.84M | 179.73M |
| Cash Interest Paid | 118.99M | 100.63M | 95.38M | 109.73M | 75.88M | 61.22M |
| Cash Income Tax Paid | 63.54M | 37.88M | 22.54M | 18.65M | 18.08M | 16.01M |
| Change in Working Capital | -74.94M | 97.31M | -41.33M | 54.80M | -161.77M | 86.85M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.93B | 4.58B | 8.70B | 20.26B | 12.79B | 4.15B |
| Enterprise Value | 7.42B | 5.09B | 9.12B | 20.88B | 13.27B | 4.86B |
| Last Close Price | 210.30 | 136.13 | 251.90 | 582.87 | 548.72 | 119.23 |
| PE Ratio | 29.19 | 19.40 | 69.72 | 129.77 | 96.53 | 46.44 |
| PS Ratio | 2.52 | 1.62 | 3.13 | 8.14 | 6.25 | 2.94 |
| PB Ratio | 1.37 | 0.83 | 1.60 | 3.73 | 2.41 | 0.80 |
| P/TBV Ratio | 1.37 | 0.83 | 1.60 | 3.73 | 2.41 | 0.80 |
| P/FCF Ratio | 33.86 | 10.11 | 28.56 | 120.17 | 20.39 | |
| P/OCF Ratio | 26.46 | 9.35 | 25.43 | 82.35 | 16.78 | |
| EV/Sales Ratio | 2.70 | 1.80 | 3.28 | 8.38 | 6.48 | 3.44 |
| EV/EBITDA Ratio | 19.28 | 11.56 | 22.32 | 103.02 | 71.93 | 29.20 |
| EV/EBIT Ratio | 23.24 | 13.66 | 27.00 | 157.79 | 106.93 | 44.94 |
| EV/FCF Ratio | 36.25 | 11.23 | 29.93 | 123.80 | 23.87 | |
| Debt / Equity Ratio | 0.32 | 0.19 | 0.18 | 0.21 | 0.25 | 0.21 |
| Debt / EBITDA Ratio | 4.19 | 2.44 | 2.46 | 5.55 | 7.24 | 6.62 |
| Debt / FCF Ratio | 7.88 | 2.37 | 3.30 | 6.67 | 5.41 | |
| Net Debt / Equity Ratio | 0.10 | 0.07 | 0.11 | 0.11 | 0.14 | 0.11 |
| Net Debt / EBITDA Ratio | 1.27 | 0.84 | 1.46 | 2.86 | 4.13 | 3.47 |
| Net Debt / FCF Ratio | 2.40 | 0.81 | 1.96 | 3.44 | -4.14 | 2.83 |
| Asset Turnover | 0.37 | 0.41 | 0.40 | 0.36 | 0.30 | 0.22 |
| Inventory Turnover | 4.55 | 5.58 | 6.54 | 6.75 | 7.20 | 5.51 |
| Quick Ratio | 0.86 | 0.57 | 0.44 | 0.56 | 0.63 | 0.80 |
| Current Ratio | 1.30 | 0.98 | 0.90 | 0.96 | 0.94 | 1.07 |
| Return on Equity (ROE) | 4.50% | 4.31% | 2.30% | 2.91% | 2.52% | 1.73% |
| Return on Assets (ROA) | 2.69% | 3.35% | 3.07% | 1.19% | 1.13% | 1.04% |
| Return on Invested Capital (ROIC) | 5.01% | 5.19% | 4.53% | 2.04% | 1.81% | 1.74% |
| Return on Capital Employed (ROCE) | 5.10% | 6.40% | 5.90% | 2.30% | 2.10% | 1.90% |
| Earnings Yield | 3.43% | 5.16% | 1.43% | 0.77% | 1.04% | 2.15% |
| FCF Yield | 2.95% | 9.89% | 3.50% | 0.83% | -1.44% | 4.91% |
| Dividend Yield | 1.90% | 2.88% | 1.52% | 0.65% | 0.69% | 1.06% |
| Payout Ratio | 55.29% | 55.60% | 105.59% | 84.39% | 27.63% | 9.30% |
| Buyback Yield / Dilution | -50.00% | 0.00% | ||||
| Total Shareholder Return | 1.90% | 2.88% | 1.52% | 0.65% | -49.31% | 1.06% |