DSE : SPCL
Shahjibazar Power Company Limited — Financial statements
Cogeneration Services and Small Power Producers · Bangladesh
Last price 55.9 BDT (At close: Oct 29, 2026) · Market cap 10.43B
Latest research: Shahjibazar Power valuation report: fair value BDT 18.5–51.2 (Oct 2026) · Shahjibazar Power: NENP plant to 2029, fair value BDT 18.5-51.2
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Financial statements
Shahjibazar Power Company Limited (SPCL) reported revenue of 13.67B 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 | 13.67B | 12.33B | 11.16B | 9.39B | 7.25B | 9.15B |
| Operations & Maintenance | 33.96M | 36.70M | 125.68M | 16.08M | 13.79M | 17.53M |
| Selling, General & Admin | 105.56M | 127.37M | 122.58M | 123.66M | 106.91M | 126.82M |
| Depreciation & Amortization | 1.81M | 1.81M | 2.00M | 2.70M | 1.00M | 4.61M |
| Other Operating Expenses | 12.24B | 11.16B | 9.82B | 8.23B | 6.01B | 7.64B |
| Total Operating Expenses | 12.39B | 11.33B | 10.07B | 8.37B | 6.13B | 7.79B |
| Operating Income | 1.29B | 1.00B | 1.10B | 1.02B | 1.12B | 1.36B |
| Interest Expense | -410.21M | -458.33M | -353.25M | -231.08M | -263.55M | -358.14M |
| Interest Income | 101.35M | 101.35M | 9.34M | 96.21M | 115.60M | 94.82M |
| Net Interest Expense | -308.86M | -356.98M | -343.91M | -134.87M | -147.95M | -263.32M |
| Income (Loss) on Equity Investments | 562.19M | 257.16M | -43.01M | -199.68M | 178.28M | 489.21M |
| Currency Exchange Gain (Loss) | -7.08M | -7.08M | -3.41M | -62.89M | -18.19M | -12.47M |
| Other Non-Operating Income (Expenses) | -149.38M | -129.53M | 30.58M | -136.20M | -67.74M | -36.42M |
| EBT Excluding Unusual Items | 1.38B | 765.17M | 737.31M | 483.92M | 1.06B | 1.54B |
| Gain (Loss) on Sale of Assets | 405.00K | |||||
| Other Unusual Items | 26.99M | 26.99M | -5.40M | -31.64M | -10.00M | |
| Pretax Income | 1.41B | 792.15M | 731.92M | 452.28M | 1.05B | 1.54B |
| Income Tax Expense | 465.17M | 321.05M | 275.79M | 168.23M | 254.92M | 380.98M |
| Earnings From Continuing Ops. | 946.08M | 471.10M | 456.13M | 284.05M | 795.64M | 1.16B |
| Minority Interest in Earnings | -552.39K | 1.53M | -24.78M | -539.63K | -23.15M | -32.51M |
| Net Income | 945.53M | 472.64M | 431.35M | 283.51M | 772.49M | 1.13B |
| Net Income to Common | 945.53M | 472.64M | 431.35M | 283.51M | 772.49M | 1.13B |
| Shares Outstanding (Basic) | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M |
| Shares Outstanding (Diluted) | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M |
| EPS (Basic) | 5.07 | 2.53 | 2.31 | 1.52 | 4.14 | 6.04 |
| EPS (Diluted) | 5.07 | 2.53 | 2.31 | 1.52 | 4.14 | 6.04 |
| Free Cash Flow | 1.17B | 617.17M | 1.19B | 392.40M | 990.98M | 2.01B |
| Free Cash Flow Per Share | 6.28 | 3.31 | 6.35 | 2.10 | 5.31 | 10.75 |
| Dividend Per Share | 2.00 | 2.00 | 1.20 | 1.10 | 1.54 | 2.59 |
| Profit Margin | 6.92% | 3.83% | 3.86% | 3.02% | 10.66% | 12.32% |
| Free Cash Flow Margin | 8.57% | 5.00% | 10.62% | 4.18% | 13.67% | 21.92% |
| EBITDA | 1.77B | 1.50B | 1.71B | 1.66B | 1.60B | 2.02B |
| EBITDA Margin | 12.92% | 12.15% | 15.34% | 17.71% | 22.14% | 22.05% |
| D&A For EBITDA | 479.36M | 496.09M | 615.81M | 644.78M | 488.45M | 655.29M |
| EBIT | 1.29B | 1.00B | 1.10B | 1.02B | 1.12B | 1.36B |
| EBIT Margin | 9.42% | 8.12% | 9.83% | 10.84% | 15.40% | 14.90% |
| Effective Tax Rate | 32.96% | 40.53% | 37.68% | 37.20% | 24.27% | 24.73% |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 465.45M | 359.37M | 143.27M | 344.09M | 284.49M | 652.97M |
| Trading Asset Securities | 13.98M | 12.71M | 15.16M | 20.41M | 15.36M | 22.59M |
| Accounts Receivable | 4.97B | 2.80B | 1.71B | 3.20B | 1.29B | 1.11B |
| Other Receivables | 12.64M | 18.00M | 15.04M | 1.51M | 50.33K | 73.33K |
| Inventory | 2.63B | 2.17B | 2.14B | 1.60B | 2.09B | 1.32B |
| Prepaid Expenses | 6.56M | 2.32M | 4.05M | 6.29M | 9.12M | 8.18M |
| Other Current Assets | 2.18B | 1.48B | 864.83M | 784.51M | 547.12M | 547.17M |
| Total Current Assets | 10.28B | 6.84B | 4.89B | 5.96B | 4.24B | 3.66B |
| Property, Plant & Equipment | 3.06B | 3.39B | 3.90B | 4.31B | 4.74B | 5.16B |
| Other Intangible Assets | 47.53K | 187.18K | ||||
| Long-Term Investments | 3.19B | 2.72B | 2.96B | 2.34B | 2.43B | 1.90B |
| Other Long-Term Assets | 113.03M | 108.37M | 72.77M | 16.84M | 13.39M | 443.72M |
| Total Assets | 16.64B | 13.06B | 11.82B | 12.63B | 11.42B | 11.17B |
| Accounts Payable | 2.39B | 1.03B | 33.07M | 1.11B | 148.12M | 147.95M |
| Accrued Expenses | 116.90M | 117.45M | 93.91M | 41.20M | 58.45M | 59.33M |
| Short-Term Debt | 5.44B | 3.78B | 3.95B | 3.27B | 2.74B | 2.95B |
| Current Portion of Long-Term Debt | 164.82M | 291.02M | 214.54M | |||
| Current Portion of Leases | 6.10M | 5.96M | 5.17M | 1.09M | ||
| Current Income Taxes Payable | 115.06M | 96.49M | 10.53M | 149.37M | 129.57M | 150.78M |
| Other Current Liabilities | 85.84M | 70.08M | 57.78M | 88.01M | 49.03M | 76.92M |
| Total Current Liabilities | 8.15B | 5.10B | 4.15B | 4.83B | 3.42B | 3.60B |
| Long-Term Debt | 406.46M | 555.18M | 461.15M | |||
| Long-Term Leases | 29.81M | 31.43M | 34.57M | 4.07M | ||
| Long-Term Deferred Tax Liabilities | 380.07M | 297.32M | 239.38M | 247.98M | 287.91M | 252.26M |
| Other Long-Term Liabilities | -1.00 | -1.00 | ||||
| Total Liabilities | 8.56B | 5.43B | 4.43B | 5.49B | 4.26B | 4.31B |
| Common Stock | 1.87B | 1.87B | 1.87B | 1.87B | 1.79B | 1.73B |
| Additional Paid-In Capital | 914.92M | 914.92M | 914.92M | 914.92M | 914.92M | 914.92M |
| Retained Earnings | 4.99B | 4.54B | 4.30B | 4.07B | 4.14B | 3.92B |
| Total Common Equity | 7.77B | 7.33B | 7.08B | 6.85B | 6.85B | 6.56B |
| Minority Interest | 313.20M | 304.93M | 316.47M | 291.69M | 301.15M | 290.00M |
| Shareholders' Equity | 8.08B | 7.63B | 7.39B | 7.14B | 7.16B | 6.85B |
| Total Liabilities & Equity | 16.64B | 13.06B | 11.82B | 12.63B | 11.42B | 11.17B |
| Total Debt | 5.47B | 3.82B | 3.99B | 3.85B | 3.59B | 3.62B |
| Net Cash (Debt) | -4.99B | -3.44B | -3.83B | -3.49B | -3.29B | -2.95B |
| Net Cash Per Share | -26.76 | -18.46 | -20.54 | -18.68 | -17.62 | -15.80 |
| Filing Date Shares Outstanding | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M |
| Total Common Shares Outstanding | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M | 186.63M |
| Working Capital | 2.13B | 1.74B | 732.43M | 1.13B | 818.76M | 63.71M |
| Book Value Per Share | 41.62 | 39.25 | 37.92 | 36.71 | 36.73 | 35.17 |
| Tangible Book Value | 7.77B | 7.33B | 7.08B | 6.85B | 6.85B | 6.56B |
| Tangible Book Value Per Share | 41.62 | 39.25 | 37.92 | 36.71 | 36.73 | 35.17 |
| Land | 213.95M | 213.95M | 213.95M | 213.95M | 213.95M | 213.95M |
| Buildings | 907.02M | 907.02M | 907.02M | 907.02M | 907.02M | 907.02M |
| Machinery | 9.38B | 9.38B | 9.47B | 9.49B | 9.29B | 9.05B |
| Construction In Progress | 44.48M | 42.69M | 27.00M |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 945.53M | 472.64M | 431.35M | 283.51M | 772.49M | 1.13B |
| Depreciation & Amortization | 481.51M | 497.32M | 615.81M | 644.78M | 488.45M | 655.29M |
| Loss (Gain) on Sale of Assets | -405.00K | |||||
| Change in Accounts Receivable | -2.34B | -1.09B | 1.49B | -1.91B | 562.68M | |
| Change in Inventory | 290.45M | -35.91M | -67.39M | 489.08M | 381.55M | |
| Change in Accounts Payable | 1.35B | 1.00B | -1.08B | 965.80M | -75.72M | |
| Change in Other Net Operating Assets | 272.67M | -247.51M | -50.98M | 166.91M | -515.43M | |
| Other Operating Activities | -2.21M | -4.30M | 24.78M | 539.63K | -32.11M | 130.35M |
| Operating Cash Flow | 1.12B | 648.13M | 1.36B | 602.28M | 1.23B | 2.27B |
| Capital Expenditures | 54.27M | -30.96M | -173.55M | -209.88M | -237.84M | -259.79M |
| Sale of Property, Plant & Equipment | 2.79M | 71.61M | 3.67M | 1.40M | 405.00K | |
| Investment in Securities | -81.92M | 465.10M | -719.18M | -126.04M | 88.67M | -44.87M |
| Investing Cash Flow | -24.86M | 505.74M | -889.06M | -334.52M | -149.17M | -304.25M |
| Short-Term Debt Issued | 223.46M | 879.97M | ||||
| Long-Term Debt Issued | 170.51M | 244.87M | ||||
| Total Debt Issued | 223.46M | 879.97M | 170.51M | 244.87M | ||
| Short-Term Debt Repaid | -429.63M | -118.51M | -474.50M | -1.12B | -973.45M | |
| Long-Term Debt Repaid | -2.71M | -576.78M | -149.71M | -166.98M | ||
| Lease Payments | 160.99K | -2.71M | -5.50M | -984.33K | ||
| Total Debt Repaid | -219.67M | -432.35M | -695.29M | -624.21M | -1.12B | -1.14B |
| Net Debt Issued (Repaid) | -219.67M | -432.35M | -471.83M | 255.76M | -947.24M | -895.56M |
| Common Dividends Paid | -376.64M | -233.96M | -205.96M | -287.13M | -495.98M | -485.68M |
| Other Financing Activities | -163.00M | -271.46M | 7.00M | -176.80M | -4.91M | |
| Financing Cash Flow | -759.31M | -937.77M | -670.79M | -208.16M | -1.45B | -1.38B |
| Miscellaneous Cash Flow Adjustments | 1.00 | 1.00 | ||||
| Net Cash Flow | 333.08M | 216.10M | -200.82M | 59.60M | -368.48M | 580.18M |
| Free Cash Flow | 1.17B | 617.17M | 1.19B | 392.40M | 990.98M | 2.01B |
| Free Cash Flow Margin | 8.57% | 5.00% | 10.62% | 4.18% | 13.67% | 21.92% |
| Free Cash Flow Per Share | 6.28 | 3.31 | 6.35 | 2.10 | 5.31 | 10.75 |
| Levered Free Cash Flow | -94.68M | 184.93M | 580.51M | 274.21M | -218.47M | 2.05B |
| Unlevered Free Cash Flow | 161.70M | 471.39M | 801.29M | 418.64M | -53.75M | 2.27B |
| Free Cash Flow After Leases | 1.17B | 614.45M | 1.18B | 391.42M | 990.98M | 2.01B |
| Cash Interest Paid | 294.26M | 2.35M | 42.02M | 73.83M | 110.68M | 74.81M |
| Cash Income Tax Paid | 168.21M | 451.33M | 394.48M | 386.47M | 304.26M | 382.78M |
| Change in Working Capital | -307.57M | -317.53M | 287.08M | -326.55M | 353.09M |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.43B | 6.74B | 12.22B | 12.22B | 13.49B | 12.67B |
| Enterprise Value | 15.74B | 11.45B | 14.93B | 15.83B | 16.59B | 16.52B |
| PE Ratio | 11.03 | 14.26 | 28.34 | 43.12 | 17.47 | 11.23 |
| PS Ratio | 0.76 | 0.55 | 1.09 | 1.30 | 1.86 | 1.38 |
| PB Ratio | 1.29 | 0.88 | 1.65 | 1.71 | 1.89 | 1.85 |
| P/FCF Ratio | 8.91 | 10.92 | 10.31 | 31.15 | 13.62 | 6.31 |
| P/OCF Ratio | 9.34 | 10.39 | 8.99 | 20.30 | 10.98 | 5.59 |
| EV/Sales Ratio | 1.15 | 0.93 | 1.34 | 1.69 | 2.29 | 1.80 |
| EV/EBITDA Ratio | 6.76 | 7.65 | 8.71 | 9.52 | 10.34 | 8.19 |
| EV/EBIT Ratio | 8.51 | 11.43 | 13.61 | 15.56 | 14.86 | 12.12 |
| EV/FCF Ratio | 13.44 | 18.55 | 12.59 | 40.34 | 16.74 | 8.24 |
| Debt / Equity Ratio | 0.68 | 0.50 | 0.54 | 0.54 | 0.50 | 0.53 |
| Debt / EBITDA Ratio | 3.10 | 2.55 | 2.33 | 2.32 | 2.24 | 1.80 |
| Debt / FCF Ratio | 4.67 | 6.18 | 3.37 | 9.81 | 3.62 | 1.81 |
| Net Debt / Equity Ratio | 0.62 | 0.45 | 0.52 | 0.49 | 0.46 | 0.43 |
| Net Debt / EBITDA Ratio | 2.83 | 2.30 | 2.24 | 2.10 | 2.05 | 1.46 |
| Net Debt / FCF Ratio | 4.26 | 5.58 | 3.23 | 8.88 | 3.32 | 1.47 |
| Quick Ratio | 0.67 | 0.62 | 0.45 | 0.74 | 0.47 | 0.50 |
| Current Ratio | 1.26 | 1.34 | 1.18 | 1.23 | 1.24 | 1.02 |
| Asset Turnover | 0.91 | 0.99 | 0.91 | 0.78 | 0.64 | 0.81 |
| Return on Equity (ROE) | 12.14% | 6.27% | 6.28% | 3.97% | 11.36% | 17.80% |
| Return on Assets (ROA) | 5.35% | 5.03% | 5.61% | 5.29% | 6.18% | 7.50% |
| Return on Capital Employed (ROCE) | 15.20% | 12.60% | 14.30% | 13.00% | 14.00% | 18.00% |
| Earnings Yield | 9.06% | 7.02% | 3.53% | 2.32% | 5.72% | 8.90% |
| FCF Yield | 11.23% | 9.16% | 9.70% | 3.21% | 7.34% | 15.84% |
| Dividend Yield | 3.58% | 5.54% | 1.83% | 1.68% | 2.13% | 3.82% |
| Payout Ratio | 39.83% | 49.50% | 47.75% | 101.27% | 64.20% | 43.08% |
| Buyback Yield / Dilution | 0.00% | 0.00% | ||||
| Total Shareholder Return | 3.58% | 5.54% | 1.83% | 1.68% | 2.13% | 3.82% |