Financial Information

Financial Highlights

Amount in PKR. millions
Profit & Loss 2020 2019 2018 2017 2016 2015
Sales 53,941 57,288 45,626 40,066 32,275 33,355
Gross profit 9,069 11,982 9,576 7,207 7,306 6,094
Operating profit 1,932 5,482 3,315 1,686 2,245 2,118
Earnings before interest and tax 1,932 5,482 3,315 1,686 2,245 2,118
Profit / (loss) before tax (76) 4,008 2,328 809 1,335 783
Profit / (loss) after tax (479) 3,609 2,075 818 1,141 605
Cash dividend 891 891 356 555 343
Bonus shares 713              –              –
Balance Sheet
Property, plant and equipment 23,936 18,994 16,104 15,969 12,050 9,039
Intangible 90 45 24 34 13 11
Long term investment, loans,
advances and deposits 2,862 492 299 291 236 165
Net current assets 1,017 4,843 3,211 2,088 1,394 756
Total assets employed 27,905 24,374 19,638 18,382 13,693 9,971
Represented by:
Share capital 4,278 3,565 3,565 3,565 2,971 2,285
Reserves 9,685 11,768 9,056 7,349 5,746 4,884
Shareholders’ equity 13,963 15,333 12,621 10,914 8,717 7,169
Long term loans 13,481 8,857 6,912 7,146 4,630 2,408
Deferred liabilities 172 158 87 322 345 394
Total capital employed 27,616 24,348 19,620 18,382 13,692 9,971
Cash Flow Statement
Operating activities (20) 160 (1,083) 2,071 (2,085) 670
Investing activities (8,806) (4,899) (1,956) (5,275) (4,159) (1,783)
Financing activities 2,298 875 100 4,097 2,407 108
Cash and cash equivalents at
the end of the year (24,998) (18,470) (14,606) (11,665) (12,559) (8,721)
Financial Ratios      2020      2019       2018       2017      2016       2015
Profitability ratios
Gross profit ratio 16.81 20.92 20.99 17.99 22.64 18.27
Operating leverage ratio 0.09 0.08 0.08 (1.03) (1.86) (19.65)
EBITDA margin to sales 7.61 12.99 11.37 8.16 10.44 9.28
Net profit to sales (0.89) 6.30 4.55 2.04 3.54 1.81
Return on equity (3.27) 25.82 17.63 8.34 14.37 8.75
Return on capital employed 7.43 24.94 17.45 10.52 18.97 22.01
Liquidity ratios
Current ratio 1.03 1.16 1.14 1.11 1.08 1.05
Quick / acid test ratio 0.30 0.39 0.40 0.37 0.26 0.20
Cash to current liabilities 0.01 0.02 0.02 0.01 0.02 0.01
Cash flow from operations to sales (0.00) 0.00 (0.02) 0.05 (0.06) 0.02
Capital structure ratios
Financial leverage ratio 2.82 1.89 1.85 1.81 2.06 1.67
Weighted average cost of debt 0.06 0.05 0.04 0.04 0.04 0.11
Debt to equity ratio 0.97 0.58 0.55 0.65 0.53 0.34
Interest cover ratio 0.96 3.72 3.36 1.92 2.47 1.59
Turnover ratios
Inventory turnover 192 151 145 146 184 155
Inventory turnover ratio 1.90 2.42 2.52 2.50 1.99 2.35
Debtor turnover 43 40 35 26 24 18
Debtor turnover ratio 8.45 9.19 10.44 14.04 15.09 20.33
Creditors turnover 175 149 148 204 243 223
Creditors turnover ratio 1.83 2.45 2.46 1.79 1.50 1.64
Fixed assets turnover ratio 2.25 3.02 2.83 2.51 2.68 3.69
Total assets turnover ratio 0.81 1.05 1.05 1.09 1.00 1.34
Operating cycle 60 54 38 (35) (61) (9)
Investor information
Earnings per share (1.12) 10.12 5.82 2.50 *3.92 2.30
Price earning ratio (25.56) 4.65 7.38 16.36 *9.23 18.53
Price to book ratio 0.18 0.31 0.35 0.40 *0.33 0.45
Dividend yield ratio 0.05 0.06 0.02 0.03 0.03
Cash dividend per share 2.50 2.50 1.00 1.00 1.50
Bonus shares issued 2.00
Dividend payout ratio 0.43 1.00 0.26 0.43 0.28
Dividend cover ratio 4.05 2.33 2.50 3.92 1.77
Break – up value per share 32.64 43.01 35.40 33.40 29.93 27.22
Market value per share
at the end of the year 28.63 47.12 42.93 40.98 36.19 49.05
high during the year. 49.62 58.4 49.5 61.2 53.2 73.25
low during the year 21.45 38.25 32.52 36.00 32.99 44.65
EBITDA 4,751 7,442 5,186 3,267 3,371 3,094
*Ratio restated based on number of shares outstanding as on June 30, 2020.