A long-listed, low-debt chemicals maker whose profit has climbed every year and whose cash dividend keeps growing — though its year-to-year cash flow has been lumpy.

Kohinoor Chemical Company (Bangladesh) PLC is a long-established manufacturer in the pharmaceuticals-and-chemicals space. It has been listed on the Dhaka Stock Exchange since 1988, which makes it one of the older names on the market — more than three decades of public trading history. In June 2026 it simply updated its legal name from 'Limited' to 'PLC'; the business behind the name did not change.

By the numbers in this pack it is a mid-size company. It has about 4.08 crore shares in issue and did roughly ৳647 crore of sales in its latest year (2025). Its face value is ৳10 per share, and over the decades it has built up ৳200.8 crore of retained reserves against just ৳40.8 crore of paid-up capital — a sign of many years of profits kept inside the company.

Ownership is concentrated in the founders' hands. The sponsors and directors hold 50.57% of the shares, the general public about 34.98%, and local institutions 14.41%; foreign ownership is negligible at 0.04%. In short, this is an owner-run, home-grown manufacturer with a very long history on the exchange.

Kohinoor makes money the simple way a manufacturer does — it produces goods and sells them, keeping the difference between what they cost to make and what customers pay. It sits in the pharmaceuticals-and-chemicals category, the part of the market that covers chemical and personal-care type products.

The engine has been growing. Sales rose from ৳416.7 crore in 2021 to ৳647.0 crore in 2025 — up about 55% over five years — and, importantly, profit grew even faster than sales. Profit from its main operations climbed from ৳30.2 crore to ৳87.8 crore over the same period, meaning each taka of sales now brings home more profit than it used to.

Because it makes physical products, its costs are mostly raw materials and manufacturing. It does not need to pour money into new plant every year — its yearly spending on equipment has been small, roughly between ৳1 crore and ৳5 crore. That light spending is part of why it turns sales into cash reasonably well in most years.

This is one of the company's strongest points. Final (net) profit went up every year, from ৳23.4 crore in 2021 to ৳63.2 crore in 2025 — a rise of about 170% over the span. Earnings per share climbed from ৳10.54 to ৳17.05, up 62%, with only one tiny wobble along the way (a dip from ৳12.41 in 2022 to ৳12.31 in 2023).

Profit has grown faster than sales, which is a healthy sign. Sales rose 55% while net profit rose 170% — that gap means the company is squeezing more profit out of each taka of sales than before. Profit from the core business nearly tripled, from ৳30.2 crore to ৳87.8 crore.

So on the profit question the record is clear and consistent: steady, upward, and getting more efficient. The one caution is not about profit itself but about cash, which the next section covers.

On the balance sheet, Kohinoor looks solid. Its total borrowing was just ৳32.6 crore in 2025 against ৳241.6 crore of shareholders' money — so debt is a small fraction of what the owners have put in (a debt-to-own-money level of only 0.13, down from 0.26 in 2021). It also holds ৳200.8 crore of reserves built from past profits and about ৳29.2 crore of cash. A company this lightly borrowed can comfortably ride out a weak year.

The one blemish is cash flow. In most years the cash coming in from operations was healthy — ৳41.4 crore in 2021, ৳96.6 crore in 2024, ৳64.8 crore in 2025 — but in 2023 operating cash flow was sharply negative at minus ৳93.2 crore, even though the company reported a positive profit that year. Such a gap between reported profit and actual cash usually points to money tied up in inventory or unpaid bills, and it is worth watching whether it stays a one-off.

There is also an auditor 'emphasis of matter' note attached to the 2025 accounts. That is not the same as saying the accounts are wrong — it is the auditor drawing attention to something they want readers to notice. It is a flag to read, not an alarm, but a careful investor would want to understand what it refers to.

Kohinoor has a strong dividend record. It paid a cash dividend in every year of this five-year record, and the amount has generally risen: 35% of face value in 2021, then 20%, 40%, 50%, and 65% for 2025 — that last one equal to ৳6.5 in cash per share. On top of the cash it has also handed out stock dividends (bonus shares) each year, most recently 10%.

The payout looks safe. In 2025 it earned ৳17.05 per share and paid ৳6.5 of that as cash — a bit over a third of its profit — keeping the rest inside the company to fund growth. A payout that leaves most of the profit reinvested is generally easier to sustain and even to grow over time.

The record is not perfectly smooth: the cash dividend dipped to 20% (৳2.0 per share) in 2022 before climbing back, so it is 'rising over time' rather than 'up every single year.' Still, for an income-minded shareholder, a company that has paid cash every year for at least five years and grown the amount is a dependable one. How much you actually earn relative to the price — the yield — is shown live beside this report, since it moves with the price.

Kohinoor's real advantages are durability and discipline rather than sheer size. It has been making and selling chemical and consumer products for decades, it carries almost no debt, and it has quietly stacked up ৳200.8 crore of reserves — about five times its ৳40.8 crore of paid-up capital. Its owners hold more than half the company (50.57%), so their fortunes are tied to those of ordinary shareholders. And its profitability has been improving, with profit from the core business nearly tripling over five years.

Against its sector peers, though, it is a mid-size local player rather than a giant. It shares the pharmaceuticals-and-chemicals space with much larger and often multinational names such as Square Pharmaceuticals, Marico Bangladesh, Reckitt Benckiser, ACME Laboratories and Navana Pharmaceuticals. Those bigger firms have more scale and, in several cases, global brands behind them, which can mean stronger pricing power than a company of Kohinoor's size.

So the honest picture is a company with a solid, defensible niche and disciplined financial habits, but without the scale advantage of the sector's largest players. Its edge is being consistently well-run and conservatively financed — genuinely valuable, but different from having a dominant market position.

• Profit keeps rising: net profit grew about 170% over five years, from ৳23.4 crore (2021) to ৳63.2 crore (2025), and earnings per share rose 62% to ৳17.05.
• Very low debt: borrowings were just ৳32.6 crore against ৳241.6 crore of shareholders' money in 2025 (a debt-to-own-money level of only 0.13), giving a strong cushion for tough years.
• Deep reserves: ৳200.8 crore of retained reserves versus ৳40.8 crore of paid-up capital shows decades of profits kept and compounded inside the business.
• Rising, well-covered dividend: the cash dividend climbed to ৳6.5 per share for 2025 (65% of face value) while using only about a third of profit — leaving room to keep paying.
• Owners are committed: sponsors and directors hold 50.57%, so management's fortunes rise and fall with those of small shareholders.

• Cash flow has been lumpy: in 2023 cash from operations was sharply negative at minus ৳93.2 crore even though the company reported a profit — a reminder that reported profit and real cash can drift apart.
• Auditor 'emphasis of matter': the auditor attached an emphasis-of-matter note to the 2025 accounts — not a statement that they are wrong, but a flag worth understanding before you rely on the numbers.
• Dividend isn't perfectly smooth: the cash dividend fell to 20% (৳2.0 per share) in 2022 before recovering, so the rising trend has had a real dip.
• Small beside the giants: it competes with far larger, often multinational firms (Square, Marico, Reckitt Benckiser) that carry more scale and pricing power.
• Willing to borrow when needed: debt briefly rose to ৳52.6 crore in 2023 before coming back down — a reminder it will lever up when it chooses to.

Kohinoor Chemical is, at heart, a steady, conservatively run manufacturer with a rare combination of rising profit, very little debt, deep reserves and a dependable cash dividend. For an investor who wants to own a piece of a long-established, financially sturdy business and collect a growing dividend over the years, it fits that bill well.

It is less suited to someone chasing rapid gains or a dominant-market-leader story, because it is a mid-size player among larger multinational rivals and because its year-to-year cash flow has been uneven. The negative 2023 operating cash flow and the auditor's emphasis-of-matter note on the 2025 accounts are the two things a careful buyer should read up on first.

Whether the price is right today is a separate question that changes with the market — the live value estimate beside this report handles that. What the durable record tells you is that the underlying business is sound, well-owned and shareholder-friendly, with a couple of honest caveats to keep in view.