DSE : UPGDCL
United Power Generation & Distribution Company Ltd. — Financial statements
Cogeneration Services and Small Power Producers · Bangladesh
Last price 112.2 BDT (At close: Oct 29, 2026) · Market cap 65.04B
Latest research: United Power Generation & Distribution valuation report: fair value BDT 79.7–118 (Oct 2026) · Capacity contracts run off by 2034: fair value range BDT 79.7-117.8, base 94.3
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Financial statements
United Power Generation & Distribution Company Ltd. (UPGDCL) reported revenue of 32.51B 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 | 32.51B | 39.09B | 34.78B | 41.31B | 49.44B | 30.58B |
| Selling, General & Admin | 17.31M | 35.90M | 48.86M | 58.56M | 59.13M | 72.49M |
| Depreciation & Amortization | 25.30M | 24.91M | 24.51M | 18.37M | 19.77M | 21.20M |
| Amortization of Goodwill & Intangibles | 1.01M | 1.01M | 1.01M | 1.01M | 1.01M | |
| Provision for Bad Debts | 169.47M | 352.28M | ||||
| Other Operating Expenses | 21.13B | 25.80B | 24.51B | 30.59B | 37.00B | 18.69B |
| Total Operating Expenses | 21.17B | 25.87B | 24.75B | 31.02B | 37.08B | 18.78B |
| Operating Income | 11.33B | 13.22B | 10.03B | 10.29B | 12.35B | 11.80B |
| Interest Expense | -1.35B | -877.95M | -1.68B | -1.19B | -500.15M | -965.89M |
| Interest Income | -276.38M | 240.76M | 791.83M | 559.04M | 830.51M | 399.94M |
| Net Interest Expense | -1.63B | -637.19M | -883.23M | -635.08M | 330.35M | -565.96M |
| Currency Exchange Gain (Loss) | 68.94M | -60.33M | -829.86M | -1.47B | -2.51B | -75.26K |
| Other Non-Operating Income (Expenses) | -22.29M | -24.22M | -62.45M | -17.74M | -21.08M | -15.63M |
| EBT Excluding Unusual Items | 9.75B | 12.50B | 8.25B | 8.17B | 10.15B | 11.22B |
| Gain (Loss) on Sale of Investments | -2.49M | -1.81M | -16.53K | -10.21M | 6.13M | 73.10M |
| Gain (Loss) on Sale of Assets | -37.46M | -37.28M | -185.68M | |||
| Insurance Settlements | 19.83M | 89.33M | ||||
| Pretax Income | 9.71B | 12.46B | 8.27B | 8.25B | 10.16B | 11.10B |
| Income Tax Expense | 216.92M | 274.48M | 14.74M | 4.10M | 2.02M | -9.22M |
| Earnings From Continuing Ops. | 9.49B | 12.18B | 8.26B | 8.24B | 10.16B | 11.11B |
| Minority Interest in Earnings | -203.38M | -207.24M | -135.65M | -223.20M | -180.89M | -213.32M |
| Net Income | 9.29B | 11.98B | 8.12B | 8.02B | 9.97B | 10.90B |
| Net Income to Common | 9.29B | 11.98B | 8.12B | 8.02B | 9.97B | 10.90B |
| Shares Outstanding (Basic) | 579.52M | 579.70M | 579.70M | 579.70M | 579.70M | 579.70M |
| Shares Outstanding (Diluted) | 579.52M | 579.70M | 579.70M | 579.70M | 579.70M | 579.70M |
| EPS (Basic) | 16.03 | 20.66 | 14.01 | 13.83 | 17.21 | 18.80 |
| EPS (Diluted) | 16.03 | 20.66 | 14.01 | 13.83 | 17.21 | 18.80 |
| Free Cash Flow | 5.95B | 10.42B | -1.10B | 10.86B | 993.29M | 15.29B |
| Free Cash Flow Per Share | 10.28 | 17.97 | -1.90 | 18.74 | 1.71 | 26.38 |
| Dividend Per Share | 6.50 | 6.50 | 6.00 | 8.00 | 17.00 | 17.00 |
| Profit Margin | 28.57% | 30.64% | 23.36% | 19.41% | 20.18% | 35.65% |
| Free Cash Flow Margin | 18.32% | 26.65% | -3.17% | 26.30% | 2.01% | 50.01% |
| EBITDA | 14.76B | 16.63B | 13.39B | 12.65B | 14.83B | 14.39B |
| EBITDA Margin | 45.40% | 42.54% | 38.51% | 30.61% | 30.00% | 47.05% |
| D&A For EBITDA | 3.43B | 3.41B | 3.36B | 2.36B | 2.48B | 2.59B |
| EBIT | 11.33B | 13.22B | 10.03B | 10.29B | 12.35B | 11.80B |
| EBIT Margin | 34.87% | 33.82% | 28.84% | 24.91% | 24.99% | 38.58% |
| Effective Tax Rate | 2.23% | 2.20% | 0.18% | 0.05% | 0.02% |
Balance sheet
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.14B | 1.08B | 703.92M | 1.50B | 1.23B | 1.48B |
| Trading Asset Securities | 74.30M | 136.02M | 137.83M | 137.84M | 148.05M | 151.76M |
| Accounts Receivable | 21.21B | 15.53B | 12.37B | 17.92B | 24.49B | 5.36B |
| Other Receivables | 10.30B | 23.54B | 17.95B | 18.72B | 15.35B | 13.77B |
| Inventory | 3.63B | 3.86B | 5.01B | 3.45B | 4.27B | 4.12B |
| Prepaid Expenses | 25.42M | 9.30M | 12.41M | 726.67M | 19.44M | 20.47M |
| Other Current Assets | 548.34M | 424.50M | 1.05B | 174.44M | 160.95M | 128.84M |
| Total Current Assets | 36.93B | 44.58B | 37.24B | 42.64B | 45.67B | 25.03B |
| Property, Plant & Equipment | 30.47B | 32.73B | 35.76B | 38.55B | 40.54B | 42.65B |
| Other Long-Term Assets | 1.00 | 1.00 | ||||
| Total Assets | 67.39B | 77.30B | 73.00B | 81.19B | 86.21B | 67.67B |
| Accounts Payable | 6.11B | 7.83B | 6.87B | 8.40B | 14.40B | 5.64B |
| Accrued Expenses | 389.95M | 152.10M | 202.76M | 111.98M | 83.09M | 239.62M |
| Short-Term Debt | 7.64B | 10.20B | 4.23B | 5.50B | 6.21B | 2.49B |
| Current Portion of Long-Term Debt | 233.08M | 598.90M | 2.00B | 1.74B | 2.17B | 2.56B |
| Current Unearned Revenue | 103.18M | 126.99M | 158.73M | 190.48M | 234.27M | 477.76M |
| Current Portion of Leases | 2.04M | 1.21M | 2.30M | 2.13M | 1.98M | 960.08K |
| Current Income Taxes Payable | 497.60M | 274.95M | 8.99M | 5.84M | 1.74M | 2.89M |
| Other Current Liabilities | 2.84B | 13.40B | 23.86B | 29.63B | 23.91B | 18.40B |
| Total Current Liabilities | 17.82B | 32.58B | 37.32B | 45.58B | 47.00B | 29.81B |
| Long-Term Debt | 1.28B | 1.28B | 824.83M | 4.22B | 5.98B | 4.75B |
| Long-Term Leases | 21.33M | 19.04M | 20.25M | 22.55M | 24.68M | 23.49M |
| Other Long-Term Liabilities | 2.23M | 2.70M | 15.70M | 15.70M | 700.00K | 700.00K |
| Total Liabilities | 19.13B | 33.89B | 38.18B | 49.83B | 53.01B | 34.58B |
| Common Stock | 5.80B | 5.80B | 5.80B | 5.80B | 5.80B | 5.80B |
| Additional Paid-In Capital | 2.05B | 2.05B | 2.05B | 2.05B | 2.05B | 2.05B |
| Retained Earnings | 39.68B | 34.94B | 26.44B | 22.95B | 24.79B | 24.67B |
| Comprehensive Income & Other | 53.58M | 54.09M | 54.76M | 55.44M | 56.12M | 56.79M |
| Total Common Equity | 47.58B | 42.83B | 34.34B | 30.85B | 32.69B | 32.57B |
| Minority Interest | 685.73M | 583.75M | 482.93M | 503.02M | 512.17M | 525.08M |
| Shareholders' Equity | 48.26B | 43.42B | 34.82B | 31.35B | 33.20B | 33.09B |
| Total Liabilities & Equity | 67.39B | 77.30B | 73.00B | 81.19B | 86.21B | 67.67B |
| Total Debt | 9.18B | 12.10B | 7.07B | 11.49B | 14.39B | 9.82B |
| Net Cash (Debt) | -7.96B | -10.88B | -6.23B | -9.85B | -13.01B | -8.19B |
| Net Cash Per Share | -13.74 | -18.78 | -10.74 | -16.98 | -22.44 | -14.12 |
| Filing Date Shares Outstanding | 579.70M | 579.70M | 579.70M | 579.70M | 579.70M | 579.70M |
| Total Common Shares Outstanding | 579.70M | 579.70M | 579.70M | 579.70M | 579.70M | 579.70M |
| Working Capital | 19.11B | 12.00B | -85.66M | -2.94B | -1.34B | -4.78B |
| Book Value Per Share | 82.08 | 73.89 | 59.23 | 53.22 | 56.38 | 56.18 |
| Tangible Book Value | 47.58B | 42.83B | 34.34B | 30.85B | 32.69B | 32.57B |
| Tangible Book Value Per Share | 82.08 | 73.89 | 59.23 | 53.22 | 56.38 | 56.18 |
| Land | 321.93M | 321.93M | 321.93M | 321.93M | 321.93M | 321.93M |
| Buildings | 2.71B | 2.71B | 2.71B | 2.71B | 2.71B | 2.70B |
| Machinery | 51.70B | 51.52B | 51.24B | 50.94B | 50.80B | 50.59B |
| Construction In Progress | 2.53B | 2.39B | 2.30B | 2.00B | 1.80B | 1.64B |
Cash flow statement
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 9.29B | 11.98B | 8.12B | 8.02B | 9.97B | 10.90B |
| Depreciation & Amortization | 3.45B | 3.43B | 3.39B | 2.38B | 2.50B | 2.61B |
| Loss (Gain) on Sale of Assets | 37.46M | 37.28M | 185.68M | |||
| Loss (Gain) on Sale of Investments | 3.71M | 1.81M | 16.53K | 44.39M | -6.13M | -73.10M |
| Change in Accounts Receivable | -3.12B | -3.16B | 5.39B | 6.18B | -19.14B | 1.38B |
| Change in Inventory | -832.72M | 1.15B | -1.56B | 822.71M | -150.17M | -1.55B |
| Change in Accounts Payable | -940.33M | 720.17M | 1.26B | -5.96B | 8.75B | 2.29B |
| Change in Income Taxes | 179.59M | 265.39M | -11.56M | 3.38M | -1.19M | -14.24M |
| Change in Unearned Revenue | -31.75M | -31.75M | -31.75M | -43.79M | -243.49M | 214.56M |
| Change in Other Net Operating Assets | 384.83M | 634.09M | -151.55M | -676.11M | 30.93M | -42.27M |
| Other Operating Activities | -2.24B | -4.24B | -17.08B | 128.21M | -626.57M | -152.00M |
| Operating Cash Flow | 6.18B | 10.79B | -512.92M | 11.25B | 1.09B | 15.75B |
| Capital Expenditures | -224.72M | -373.70M | -588.07M | -384.15M | -99.79M | -456.68M |
| Sale of Property, Plant & Equipment | 6.60M | 5.78M | ||||
| Cash Acquisitions | -5.31B | |||||
| Investment in Securities | 62.69M | |||||
| Other Investing Activities | 10.07B | 4.45B | 1.85B | 12.70B | 6.43B | 6.52B |
| Investing Cash Flow | 9.91B | 4.09B | 1.26B | 12.32B | 6.33B | 748.71M |
| Short-Term Debt Issued | 8.33B | 10.83B | 2.82B | 3.72B | 13.19B | |
| Long-Term Debt Issued | 5.38B | 1.10B | ||||
| Total Debt Issued | 6.70B | 8.33B | 10.83B | 2.82B | 9.10B | 14.29B |
| Short-Term Debt Repaid | -2.49B | -713.83M | -4.26B | |||
| Long-Term Debt Repaid | -18.00B | -2.93B | -1.31B | -661.60M | -905.74K | |
| Lease Payments | -2.01M | -2.30M | -2.13M | -1.98M | -1.84M | -905.74K |
| Total Debt Repaid | -18.39B | -18.00B | -5.42B | -2.02B | -661.60M | -4.26B |
| Net Debt Issued (Repaid) | -11.69B | -9.66B | 5.41B | 791.17M | 8.44B | 10.03B |
| Common Dividends Paid | -27.13B | |||||
| Dividends Paid | -4.36B | -4.82B | -6.58B | -22.79B | -17.62B | -27.13B |
| Other Financing Activities | -468.06K | -13.00M | 15.94M | 104.33M | ||
| Financing Cash Flow | -16.17B | -14.50B | -1.55B | -23.30B | -7.68B | -15.60B |
| Foreign Exchange Rate Adjustments | 89.41K | |||||
| Miscellaneous Cash Flow Adjustments | 371.23M | 1.00 | ||||
| Net Cash Flow | -77.04M | 375.08M | -426.68M | 271.62M | -252.57M | 896.74M |
| Free Cash Flow | 5.95B | 10.42B | -1.10B | 10.86B | 993.29M | 15.29B |
| Free Cash Flow Margin | 18.32% | 26.65% | -3.17% | 26.30% | 2.01% | 50.01% |
| Free Cash Flow Per Share | 10.28 | 17.97 | -1.90 | 18.74 | 1.71 | 26.38 |
| Levered Free Cash Flow | 426.91M | -5.51B | 5.38B | 10.68B | 2.77B | 23.59B |
| Unlevered Free Cash Flow | 1.45B | -4.96B | 6.43B | 11.43B | 3.09B | 24.19B |
| Free Cash Flow After Leases | 5.95B | 10.41B | -1.10B | 10.86B | 991.45M | 15.29B |
| Cash Interest Paid | 1.36B | 887.31M | 1.73B | 342.17M | 965.89M | |
| Cash Income Tax Paid | 339.05M | 247.07M | 7.91M | 4.10M | 2.72M | 2.97M |
| Change in Working Capital | -4.36B | -418.25M | 4.89B | 323.13M | -10.75B | 2.28B |
Ratios
Fiscal year July - June; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 65.04B | 69.91B | 83.01B | 135.47B | 144.11B | 159.94B |
| Enterprise Value | 73.69B | 78.29B | 121.29B | 143.11B | 153.63B | 185.41B |
| PE Ratio | 7.00 | 5.84 | 10.22 | 16.89 | 14.45 | 14.67 |
| PS Ratio | 2.00 | 1.79 | 2.39 | 3.28 | 2.92 | 5.23 |
| PB Ratio | 1.35 | 1.61 | 2.38 | 4.32 | 4.34 | 4.83 |
| P/FCF Ratio | 10.92 | 6.71 | 12.47 | 145.09 | 10.46 | |
| P/OCF Ratio | 10.53 | 6.48 | 12.04 | 131.84 | 10.15 | |
| EV/Sales Ratio | 2.27 | 2.00 | 3.49 | 3.46 | 3.11 | 6.06 |
| EV/EBITDA Ratio | 4.99 | 4.71 | 9.06 | 11.32 | 10.36 | 12.89 |
| EV/EBIT Ratio | 6.50 | 5.92 | 12.09 | 13.91 | 12.44 | 15.71 |
| EV/FCF Ratio | 12.37 | 7.52 | 13.17 | 154.67 | 12.12 | |
| Debt / Equity Ratio | 0.19 | 0.28 | 0.20 | 0.37 | 0.43 | 0.30 |
| Debt / EBITDA Ratio | 0.62 | 0.73 | 0.53 | 0.91 | 0.97 | 0.68 |
| Debt / FCF Ratio | 1.54 | 1.16 | 1.06 | 14.48 | 0.64 | |
| Net Debt / Equity Ratio | 0.17 | 0.25 | 0.18 | 0.31 | 0.39 | 0.25 |
| Net Debt / EBITDA Ratio | 0.54 | 0.66 | 0.47 | 0.78 | 0.88 | 0.57 |
| Net Debt / FCF Ratio | 1.34 | 1.04 | -5.66 | 0.91 | 13.10 | 0.54 |
| Quick Ratio | 1.84 | 1.24 | 0.83 | 0.84 | 0.88 | 0.70 |
| Current Ratio | 2.07 | 1.37 | 1.00 | 0.94 | 0.97 | 0.84 |
| Asset Turnover | 0.44 | 0.52 | 0.45 | 0.49 | 0.64 | 0.59 |
| Return on Equity (ROE) | 20.89% | 31.15% | 24.96% | 25.54% | 30.64% | 35.32% |
| Return on Assets (ROA) | 9.51% | 10.99% | 8.13% | 7.68% | 10.03% | 14.22% |
| Return on Capital Employed (ROCE) | 22.90% | 29.60% | 28.10% | 28.90% | 31.50% | 31.20% |
| Earnings Yield | 14.29% | 17.13% | 9.79% | 5.92% | 6.92% | 6.82% |
| FCF Yield | 9.16% | 14.90% | -1.33% | 8.02% | 0.69% | 9.56% |
| Dividend Yield | 5.79% | 5.39% | 4.19% | 3.42% | 6.84% | 6.16% |
| Payout Ratio | 46.95% | 40.28% | 80.95% | 284.22% | 176.62% | 248.86% |
| Total Shareholder Return | 5.83% | 5.39% | 4.19% | 3.42% | 6.84% | 6.16% |