Due to financial difficulties and losses, at least 57 publicly traded companies have announced that they will pay out no dividends to their stockholders. Five of these businesses are banks and non-bank financial institutions (NBFIs), according to statistics from the Dhaka Stock Exchange (DSE). The remaining Campaigns are mostly in the manufacturing sector. Remarkably, around 200 businesses have released their annual reports for the fiscal year 2024–2025.
The analysis shows that 12 state-owned companies failed to recommend any dividends. In the textile sector, 13 out of 58 companies did not declare dividends for their shareholders. Several companies from the engineering, pharmaceutical, power, food, information technology, and paper sectors have also opted for zero dividends.
Meanwhile, a number of companies were unable to pay dividends due to the absence of profits or negative retained earnings. Analysts say that the weak post-pandemic economic environment, political uncertainty, and rising production costs are responsible for this situation.
State-owned companies are at the top of the list in this regard. Several government-owned entities in the power, NBFI, engineering, and food sectors have refrained from paying dividends. Three years ago, most state-owned companies were profitable and paid dividends to shareholders, but the situation is now completely different.
Dhaka Electric Supply Company (DESCO) has decided not to pay dividends for two consecutive years for the first time since its listing in 2006. In the 2023–24 fiscal year, DESCO incurred a loss of Tk 1.25 billion, and its cumulative losses have now reached Tk 11.72 billion.
Similarly, the state-owned Investment Corporation of Bangladesh (ICB) has refrained from paying dividends for the first time in its history. Due to weak investment decisions and a market downturn, the corporation posted a loss of Tk 12.14 billion in the 2025 fiscal year. In the 2024 fiscal year, it paid a 2 percent cash dividend, which was significantly lower than during its high-earning periods in the past.
Power Grid Bangladesh has also announced that it will not pay any dividends for the 2024–25 fiscal year, marking the second consecutive year of no dividends. The company was previously known for offering attractive dividends to shareholders.
Other state-owned companies that are not paying dividends this year include Bangladesh Services, National Tea, Renwick Jajneswar, Shyampur Sugar Mills, Osmania Glass, Zil Bangla Sugar, Atlas Bangladesh, Eastern Cables, and Aziz Pipes.
In the textile sector, 13 companies have refrained from declaring dividends for shareholders in the 2025 fiscal year. These companies have suffered significant losses and failed to return to profitability.
Maksons Spinning Mills incurred the highest loss of Tk 2.24 billion, bringing its cumulative losses over the past three years to Tk 4.06 billion. Due to these losses, the company could not pay dividends; its last dividend was a 10 percent cash payout in 2022.
In the paper industry, leading company Bashundhara Paper Mills also failed to declare dividends after being hit by raw material shortages and heavy debt burdens. At the same time, Lube-Rref (Bangladesh) Limited reported a record loss of Tk 660 million in the 2024–25 fiscal year and, for the first time, failed to recommend any dividends.
Overall, this situation reflects the severe impact of multiple challenges facing the country’s economy, including liquidity constraints, production disruptions, and declining investment, which have significantly weakened the financial health of many companies.
