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.

Financial Information

Financial Highlights

2021

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2011

2010