Amount in PKR. millions
Profit & Loss	2019	2018	2017	2016	2015	2014
Sales	57,288	45,626	40,066	32,275	33,355	33,013
Gross profit	11,982	9,576	7,207	7,306	6,094	5,976
Operating profit	5,482	3,315	1,686	2,245	2,118	2,659
Earnings before interest and tax	5,482	3,315	1,686	2,245	2,118	2,659
Profit / (loss) before tax	4,008	2,328	809	1,335	783	1,496
Profit / (loss) after tax	3,609	2,075	818	1,141	605	1,235
Cash dividend	891	891	356	555	343	81
Bonus shares	–	–	–	–	–	457

Balance Sheet
Property, plant and equipment	18,994	16,104	15,969	12,050	9,039	8,210
Intangible	45	24	34	13	11	20
Long term investment, loans,
advances and deposits	492	299	291	236	165	151
Net current assets	4,843	3,211	2,088	1,394	756	890
Total assets employed	24,374	19,638	18,382	13,693	9,971	9,271
Represented by:
Share capital	3,565	3,565	3,565	2,971	2,285	1,828
Reserves	11,768	9,056	7,349	5,746	4,884	4,832
Shareholders’ equity	15,333	12,621	10,914	8,717	7,169	6,660
Long term loans	8,857	6,912	7,146	4,630	2,408	2,239
Deferred liabilities	158	87	322	345	394	372
Total capital employed	24,348	19,620	18,382	13,692	9,971	9,271
Cash Flow Statement
Operating activities	160	(1,083)	2,071	(2,085)	670	2,090
Investing activities	(4,899)	(1,956)	(5,275)	(4,159)	(1,783)	(1,833)
Financing activities	875	100	4,097	2,407	108	217
Cash and cash equivalents at
the end of the year	(18,470)	(14,606)	(11,665)	(12,559)	(8,721)	(7,715)

Financial Ratios	2019	2018	2017	2016	2015	2014
Profitability ratios
Gross profit ratio	20.92	20.99	17.99	22.64	18.27	18.10
Operating leverage ratio	0.08	0.08	(1.03)	(1.86)	(19.65)	2.77
EBITDA margin to sales	12.99	11.37	8.16	10.44	9.28	10.66
Net profit to sales	6.30	4.55	2.04	3.54	1.81	3.74
Return on equity	25.82	17.63	8.34	14.37	8.75	20.43
Return on capital emplyed	24.94	17.45	10.52	18.97	22.01	30.91

Liquidity ratios
Current ratio	1.16	1.14	1.11	1.08	1.05	1.06
Quick / acid test ratio	0.39	0.40	0.37	0.26	0.20	0.20
Cash to current liabilities	0.02	0.02	0.01	0.02	0.01	0.01
Cash flow from operations to sales	0.00	(0.02)	0.05	(0.06)	0.02	0.06

Capital structure ratios
Financial leverage ratio	1.89	1.85	1.81	2.06	1.67	1.62
Weighted average cost of debt	0.05	0.04	0.04	0.04	0.11	0.09
Debt to equity ratio	0.58	0.55	0.65	0.53	0.34	0.34
Interest cover ratio	3.72	3.36	1.92	2.47	1.59	2.29

Turnover ratios

Inventory turnover	151	145	146	184	155	145
Inventory turnover ratio	2.42	2.52	2.50	1.99	2.35	2.52
Debtor turnover	40	35	26	24	18	22
Debtor turnover ratio	9.19	10.44	14.04	15.09	20.33	16.76
Creditors turnover	149	148	204	243	223	163
Creditors turnover ratio	2.45	2.46	1.79	1.50	1.64	2.24
Fixed assets turonver ratio	3.02	2.83	2.51	2.68	3.69	4.02
Total assets turnover ratio	1.05	1.05	1.09	1.00	1.34	1.36
Operating cycle	42	32	(31)	(35)	(50)	41

Investor information
Earnings per share	10.12	5.82	2.50	*3.92	2.30	5.40
Price earning ratio	4.65	7.38	16.36	*9.23	18.53	11.85
Price to book ratio	0.31	0.35	0.40	*0.33	0.45	0.48
Dividend yeild ratio	0.05	0.06	0.02	0.03	0.03	0.02
Cash dividend per share	2.50	2.50	1.00	1.00	1.50	1.50
Bonus shares issued	–	–	–	–	–	25
Dividend payout ratio	0.25	0.43	0.40	0.26	0.65	0.28
Dividend cover ratio	4.05	2.33	2.50	3.92	1.77	4.50
Break – up value per share	43.01	35.40	33.40	29.93	27.22	29.14
Market value per share
at the end of the year	47.12	42.93	40.98	36.19	49.05	64.01
high during the year.	58.4	49.5	61.2	53.2	73.25	72.35
low during the year	38.25	32.52	36.00	32.99	44.65	20.50
EBITDA	7,442	5,186	3,267	3,371	3,094	3,519

*Ratio restated based on number of shares outstanding as on June 30, 2019.

Financial Information

Financial Highlights

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010