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while prices fell, as high production capacity coincided with weaker demand from government projects, said Chowdhury.

He said companies also offered promotions and incentives to boost sales, which reduced profitability. Rising variable costs, including raw materials, energy, and finance charges, further weighed on earnings.

He added that firms could not fully pass these costs on to customers.

Shahidul Islam, managing director and CEO of VIPB Asset Management Company, said multinational companies usually report double-digit sales growth, which fell after 2022 during “an extremely bad time” for the economy.

High inflation suppressed consumer demand, the dollar crisis affected raw material imports, and political unrest also hurt sales, he commented.

Inflation in Bangladesh was 8.36 percent in September and has remained elevated since March 2022, according to the Bangladesh Bureau of Statistics (BBS).

Islam said sales are expected to rebound this year as the economy shows signs of recovery.

“The sales growth is a very clear indication of economic rebound,” he said.

Having invested hundreds of crores in shares of several multinational companies, he predicted the recovery would continue.

“Foreign exchange levels are improving and, although inflation has not dropped as much as expected, it is easing.” Once political stability returns, Islam said, consumer demand and corporate sales are likely to rise further.

In the July-September quarter, RAK Ceramics reported the highest sales growth at 54 percent, followed by Unilever Consumer Care at 25 percent and Marico Bangladesh at 23 percent.

Singer Bangladesh recorded 15 percent growth, British American Tobacco 11 percent, and Reckitt Benckiser 10 percent. Linde, Berger, LafargeHolcim, Grameenphone, and Robi saw growth between 1 and 7 percent.

Ali Imam, CEO of EDGE Asset Management, said the 2025 sales growth shows that consumer demand is still below levels seen in previous years.

“As their sales in 2024 were low, there is a low base effect in 2025,” he said.

If the underlying demand were stronger, sales growth could have been higher. Of the 8 percent growth, around five percentage points came from price adjustments, while the remainder reflected volume increases, commented Imam.

Rising interest rates, higher overheads, and increased raw material costs have limited companies’ ability to adjust prices fully, affecting profitability in the last quarter, he added.