Question 1

Brief introduction of the gulf hotel (Oman) company limited

Gulf hotels (Oman) company limited is a company that is located in the Al Qurum

RUWI region of Muscat in Oman. it is a public limited joint stock company that deals in the

business of hospitality and tourism. Incorporated in the year 1977 this organisation has

earned huge reputation in the tourism industry. In the Muscat region the organisation own

and operate the crown plaza hotel which is licenced and managed by a subsidiary company of

the international hotel groups which is a part of the gulf hotels (Oman) company. The

company has also made investments in various subsidiary companies like the Arabian hotel

management LLC, which looks after the services related with hotel management. The major

shareholders of the company are the golden sands hotel company LLC and Salim and

partners LLC & associates.

In this part a brief analysis of the financial statement of the gulf hotel (Oman)

company limited is made and for that analysis different financial ratios like the liquidity ratio,

profitability ratio, efficiency ratio, market ratio, capital structure ratio has been assessed from

which it can be possible to detect the current financial condition of the company and also to

recommend suggestion in which areas the company should give more emphasis to attain

sustainable growth in the future.

Question 1(B)

Analysis of the various ratios of the Gulf Hotels (Oman)

Liquidity ratios
 The liquidity ratios are used to measure the liquidity condition of the company, to

evaluate the efficiency of the organisation to settle its short term debt obligations by utilising

its liquid assets. A low liquidity ratio indicates that the company does not have enough liquid

assets to settle its short term obligations. On the contrary it can be said that if the company

has a high liquidity ratio then in such cases it reflects that the liquidity condition is strong and

the company will be able to settle its short term obligation from its liquid assets. Although a

high liquid ratio is also occurs if the organisation’s inventory turnover ratio is low. A low

inventory turnover indicates that the company fails to sales it products frequently its

inventory value will increase and for that reason the liquidity ratio will also increases so in

that context it can be said that abnormal increase in the liquidity ratio is always not a good

indicator for the organisation. The liquidity ratio is classified into two types the current ratio

and the quick ratio:

Current ratio

The current ratio is calculated by dividing the current assets by the current liabilities.

This ratio is used to measure the position of the current assets in relation to the current

liabilities. The current assets in this respect includes the cash and bank balances, inventory,

bill receivables and trade receivables, and the current liabilities include trade payables, bills

payables and bank overdrafts. By analysing the trend of the last five years of the gulf hotels

Oman it can be observed that the current ratio is declining after the year 2015. In the year the

current ratio of the organisation is 1.29 and it started to fall since then. In the year 2016 the

ratio fall down to 1.17 and again it raised up to 1.77 in the year 2017, but after that in the year

2018 it fall sharply and the current ratio in the year 2018 comes down to 1.02. This shows

that the company’s current assets is declining in contrast to the current liabilities. In 2019 the

current ratio again increased to 1.15. the gulf hotel’s current ratio in the years 2015 ,2016,

2017, 2018 and 2019 is more than 1 which is greater than the standard limit, which means
that the organisation have enough current assets over the current liabilities and it will be

possible for the company to settle the short term obligations from the current assets. However

from 2018 the situation become worse and this happens because the company started to take

more credit from the suppliers in the year 2018and 2019 and also their current assets falls

from $2908000 in the year 2017 to 1888000 in the year 2018 only in this year the company

has to suffer due to the fall in the value of then current assets and increase of the current

liabilities (Khoja Chipulu and Jayasekera 2016).

Except 2018 the overall trend in the last 5 years is satisfactory and from the analysis

of the current ratio it can be said that the management of the company has played an effective

role in maintaining a strong base of liquid assets from which it can be possible for the

organisation to settle the dues of the suppliers.

From this analysis it can be said that the suppliers will always provide necessary raw

materials to the company on credit as they are ensured that the company has enough

resources to settle their dues and they will not suffer any loss by giving credit to gulf hotels.

In this regard the only recommendation that can be given to the management that they should

try to maintain this balance in the current assets and current liabilities and should not hold too

much inventory to manipulate the liquidity position in order to attract the creditors.

Quick ratio

The quick ratio is more effective than the current ratio to evaluate the condition of the

liquid assets of the company as in this ratio the inventory is deducted from the current assets

and the ratio is calculated by dividing current assets minus inventory by the current liabilities.

As the companies used to overvalue the liquidity position by including inventory in their
current assets it will be effective to consider the quick asset ratio as in this ratio the inventory

is deducted from the current assets and after that the current assets is divided by the current

liabilities to assess the actual capacity of the current assets of the company to settle the short

term obligations. As inventory valuation is often manipulated by the organisations so it will

be better not to consider it to evaluate the liquidity position of the organisation. It is generally

accepted that a quick ratio of more than 1 indicates that the liquidity condition of the

company is strong and there is enough quick assets available with the company to settle the

obligation of the short term debts that includes the dues of the vendors.

From the analysis of the last 5 years trend of the gulf hotels Oman it can be observed

that in the year 2015 the quick ratio is 1.13 and it raised to 1.14 in the year 2016 and in 2017

it raised further to 1.77 which indicates that in these 3 years the organisation has managed its

current assets adequately and create a strong liquid assets base which will assist in setting off

the dues of the vendors and other short term obligations. However in the year 2018 the ratio

certainly drop down to below the standard level of 1 and reached the level of 0.99. This

indicates that the liquidity condition of the company in this year suddenly decreases, however

in the year 2019 the company again improve its quick asset ratio and raise it to 1.14.

From this analysis it can be recommended to the management that they should try to

increase the value of their inventory and should try to increase the value of the current assets

which will increase the quick ratio and will improve the liquidity condition of the company in

the future also (Wen and Zhu 2019).

Profitability ratios

The profitability ratios are used to measure the profit earning capacity of the

organisations. The main objective of every company is to increase its profit earning capacity

in order to sustain in the competitive market the higher the profit earning ration the better it is
for the organisation. If the profitability ratio shows a declining trend then the management

should take immediate action to solve the problem for which the profitability of the company

is declining. A high profitability ratio on the other hand indicates that the company is

operating efficiently and that it should try to maintain this trend in the future also. The

profitability ratio is measured using the following ratios like the net profit margin ratio, the

return on assets ratio, and the return on equity.

Net profit margin

The net profit margin is calculated by dividing the net profit or loss after tax by the

operating revenue generated by the company during the financial year. The net profit margin

is calculated to measure the margin of profit earned by the company from its revenue. The net

profit is calculated by deducting the cost of goods sold and the expenses. By analysing the net

profit margin of gulf hotel it is observed that the company’s earning capacity has fallen over

the last 5 years since 2015. In the year 2015 the net profit margin is 24.26 which indicates

that the company has beat the market standard of 20% in this year. In the year 2015 the

company generated huge revenue and also been able to impose control over its operating

expenses for which the profit percentage increased significantly.

In the year 2016 the net profit margin fall down to 21.19 but in spite of that the

company able to keep its net profit margin more than the average market rate. The net profit

margin of the company fall down below 20 in the year 2017, the net profit margin in this year

is 19.78. This indicates that the company’s operating expenses increase in this year and for

that reason the net profit also decreases which influenced the net profit margin. In the year

2018 the net profit fall significantly to 11.21. in this year the organisation suffer heavy loss in

its revenue generating capacity from 8175000 in the year the revenue sharply fall down to

6342000 this indicates that the management fail to generate revenue and at the same time the
expenses also increases which negatively impact the earning capacity of the gulf hotel. In the

year 2019 the management take some effective actions by controlling the expenses and also

increase the revenue for which the company has been able to increase its net profit margin

from 11.21 in the year 2018 to 18.33 in the year 2019. From this analysis it can be said that

the management of the company is competent enough to rectify the errors that they have

made in the year 2018 and from that they have turn around and make a 7 % increase in the

net profit margin within a period of one year (Mahdaleta 2016).

It has been recommended that the management of the company has to take initiative

to increase their net profit earning capacity in the future since last five years the company’s

net profit margin falls, this happened due to the lack of integrity of the management to

improve the revenue generation capacity and also to bring control in the expenses so that the

profit percentage can be increased.

Return on assets

The return on assets is used to measure how much efficient the organisation’s assets

are in generating profit. The return on assets is calculated by dividing the net profit by the

total value of assets. The higher the return on assets the better it is for the organisation as it

indicates that the company is more efficient to generate more revenue by utilising its limited

resources. The total assets in this matter includes the total liabilities and the shareholder’s

equity. The return on assets of the gulf hotel in the year 2015 is 6.52 which started to fall in

the consecutive four years until 2019. In the year 2016 the return on assets fall down to 5.16

and it further fall down to 4.65% in the year 2017 this fall continues as the net profit of the

company fall on a continuous basis due to the increase of the expenses and the failure of the

company to increase its turnover.

 The condition further worsen in the year 2018 as in this year the return on assets

further decreases to 1.94%. The organisation continuously fail to increase the revenue from

its assets for a continuous 4 years which is not a good indicator for the growth of the business

activities. It is recommended that the company should try to make full utilisation of the

unused assets either by letting out more spaces or the company have to detect the idle and

utilised assets and should try to liquidate such assets which will help the company to improve

the liquidity position (Al Habsi 2018).

Return on equity

The return on equity is essential to interpret the capacity of the company to give

return to its equity shareholders this an essential tool to evaluate the potential of the company

to maximise the wealth of the investors. The return on equity is calculated by dividing the net

profit by the value of the equity shares. A company that provides high return on equity is

always desired by the investors and a company that provide a low return on equity is not

considered by the investors. In case of gulf hotels Oman the return on equity shows that the

company is only giving a moderate rate of return to its equity shareholders. In the year 2015

the rate of return is 8% which again decreases to 2016 to 6% and it fail to improve the figures

in the year 2017 and the rate of return remains to 6% in this year also (Hussain et al 2017).

The rate falls down significantly in the year 2018 to 3% due to the poor performance

of the company in this particular year. The net profit in the year 2018 is reduced to 711000.00

which adversely affect the return on equity. The company however in the year 2019 made

some improvements and increase its rate of return up to 5%. This indicates that even though

the company fail to provide a high return on equity it tried to maintain a range below which

its rate of return on equity does not falls down.

Recommendation for the company

 The company should improve its operating activities so that it can improve its revenue

earning capacity and if the revenue earning capacity increases then in such cases the return on

equity will definitely improve. Beside that the company should also try to reduce the cost so

that it can be possible to maintain a standard of profit margin even if any crisis situation

occurs in the future as it happened with the company in the year 2018.

Capital structure ratios

The capital structure ratio is used to measure the portion of debt and equity in the

capital structure of the organisation. It is considered a company with a high percentage of

debt in its capital structure is considered as a risky company and if the percentage of equity is

high then in such cases that firm will be considered as a less risky one. If a company contain

more debt in its capital structure then such organisation have to pay a fixed amount on regular

basis to settle the debt obligation even if it fail to perform effectively and its profit margin

decrease continuously. On the other hand if the capital structure contain more equity then

such companies are considered as less risky. The following capital structure ratios are

considered for evaluating the capital structure of Gulf Hotels.

Debt to assets ratio

The debt to assets ratio is used to evaluate the amount of debt used to finance the

assets of the company. A high debt to equity ratio indicates a greater degree of financial risk.

This ratio is generally used by the creditors to identify the amount of debt in an organisation,

and the capacity of the organisation to repay such debt, and based on the capacity of the

organisation the creditors take decision whether to provide additional fund to the

organisation. The investors use this ratio to assess the ability of the company to meet its

current and future liabilities and whether after meeting such obligations it will be possible for

the organisation to provide a return on the amount of investment made by the investors. A
debt to equity ratio equals to one indicates that the company has an equal balance in its

capital structure which is a very good indicator for the company, if the debt to equity ratio is

less than 1 then it indicates that the company is less risky and the portion of debt is low, if the

ratio is more than 1 then it indicates that the company use more debt in buying assets and

such company will be considered as a risky organisation (Rahman 2017).

The debt to asset ratio of gulf hotels for the last 5 years indicates that the company

does not rely heavily on debt to finance its assets which indicates that there is enough fund

available in the organisation from which it can finance its assets. This is possible because the

company covers a large portion of the equity market in Oman. In the year 2015 the debt to

assets ratio is 0.15 which remains the same in the year 2016 also, the ratio increases to 0.18 in

the year 2017 and since then in the year 2018 the ratio increase to 0.23 and 0.22 in the year

2019.

Recommendation

It has been observed that even the debt to assets ratio is less than one but the trend

after 2017 indicates that the company’s debt to assets increases on a continuous basis which

indicates that the organisation’s dependency on debt is increasing this should be avoided. The

company should not buy more assets and even if it is essential for the organisation to buy

new assets then in that case the company should finance the assets by raising fund from

equity (Chandra 2017).

Debt to equity ratio

The debt to equity ratio is calculated by dividing the total debt by the shareholder’s

equity, this ratio is used to assess the portion of debt to equity in the capital structure. A high

debt to equity ratio indicates that there is more debt in the capital structure in comparison to

the equity. It is always expected that the organisation should maintain an optimum balance in
the capital structure which will also attract the investors. Neither a high nor allow debt to

equity ratio is desired by the investors (Oskooee 2019).

The trend of the debt to equity ratio of the gulf hotel indicates that the organisation

has been able to keep the portion of debt in their capital as low as possible. In the year 2015

the debt equity ratio is 0.13, in 2016 also the same rate prevails in the year 2017 it increased

to 0.16 and in 2018 it increased to 0.23. The company again reduced the debt burden in the

year 2019 for which the ratio decrease down to 0.21.

Recommendation

From the analysis it can be recommended that the company can increase the portion

of debt as the interest that is to be paid for taking debt can provide income tax benefit to the

company as such in the years when the company generate high revenue it is recommended

that in these year the company can increase the debt portion which will give leverage in the

capital structure of the company.

Capital gearing ratio

The capital gearing ratio is used as measurement tool to evaluate the organisation’s

capacity to settle the fixed interest bearing debts that the company has taken to meet its

financial obligations. A high gearing ratio the company is highly leveraged and so it will be

risky to make investment in such companies. A company is considered as low geared where

the portion of shareholder’s equity is high and such organisations are considered as low risky

(Chandra 2017).

In 2015 the gearing ratio of gulf hotels is 7.97 which decreases to 7.81 in the year

2016 and in 2017 it further reduced to 6.30. This indicates that the company is continuously

reducing its dependency in debt and increases its equity portion in the capital structure. This
indicates that the company is less leveraged. The ratio further reduced to 4.35 and 4.71 in the

year 2018 and 2019 respectively (Bayrakdaroglu Mirgen and Kuyu 2017).

Recommendation

It is recommended that the company should not reduce the entire portion of debt from

the capital structure it should try to maintain a balance between the debt and equity.

Efficiency ratios

The efficiency ratios measure the ability of the organisation to manage its liabilities

and how efficiently the management of the company utilises its assets. There are different

kind of efficiency ratios among these the most commonly used ratios are fixed assets turnover

ratio and the receivable ratios (Das 2019).

Fixed assets turnover ratios

The fixed assets turnover ratio is used to measure the efficiency of the management in

generating turnover by using the fixed assets. A higher fixed assets turnover ratio indicates

that the management is efficiently utilised their fixed assets in generating revenue. A low

ratio indicates the inefficiency of the company in managing their fixed assets.

The gulf hotels fail to maintain an increasing trend in the fixed assets ratio category.

This indicates that the company is not efficient to manage the assets and generate revenue

from such assets. In 2015 the ratio is 0.29 and in the year 2019 it decreased to 0.25 this

indicates the failure of the company to generate revenue from its fixed assets (Laitinen 2017).

Recommendation

The management should try to find out the idle assets from which the company fail to

generate revenue and should give more emphasis to acquire more productive assets which

will assist the company to generate profit.

Receivable ratios

This ratio indicates the efficiency of the management to collect the dues from the

customers. The higher receivable ratio indicates the efficiency of the company to manage the

credit that has been provided to the customers and to recollect these dues from the customers.

The management of the gulf hotels has been able to maintain a steady trend in the

receivable ratios. The management has efficiently collected the dues from the customers and

that assist in minimising the loss that the company may have faced due to non-payment of

dues (Hedau Singh and Janor 2018).

Recommendation

The company should try to improve the receivable ratios from the current condition as

in the year 2019 the receivable ratio increased significantly to 13.83 which is not desirable

and this increase can adversely affect the financial condition of the company.

Market ratios

The market ratios is used to make comparison between the market value of the

company to its book value. It is also used to measure whether the company is overvalued or

undervalued. The following ratios that are used are dividend pay-out ratio and the price to

earnings ratio.

Dividend pay out ratio

The dividend pay-out ratio is used to evaluate the actual dividend offered by the

company to its existing shareholders. A high dividend pay-out ratio indicates that the

company has enough fund to give dividend to its shareholders which will attract more

investors to invest in the company.

 In 2015 the dividend pay-out ratio of the company is 0.03 which it maintains still

2018 and in the year 2019 the company increased the dividend pay-out ratio to 0.07 which

will attract more investors (Rehman 2016).

Recommendation

The gulf hotels should not increase the dividend pay-out suddenly in a particular year

as a high dividend can adversely affect the general reserve and if any financial crisis occurs

then in that situation the company may face difficulty due to insufficient fund. The dividend

pay-out ratio should be increased gradually and not suddenly.

Price to earnings ratio

The price to earnings ratio indicates whether the share price is overvalued or

undervalued. If the share price is undervalued then in that situation the investors will like to

make investment in such companies and if the PE ratio is high then it indicates that the share

price is overvalued.

From the analysis of the 5 years trend of the PE ratio of gulf hotels it can be said that

the PE ratio of the company is high, generally the PE ratio should range between 13 to 15 but

in this case of gulf hotels the PE ratio in 2015 is 14.70 and after that in the year the price

earnings ratio increases to 20.58, 20.11, 49.95 and 27.00 in the years 2016, 2017, 2018 and

2019 respectively (Rehman 2016).

Recommendation

The company is recommended to take buy back decisions to undervalue its market

prices which the company has started to do from the financial year 2019.

Question 1( C)

Recommendations to the investors whether to invest in the shares of Gulf Hotel or not
 The recommendation whether to buy or not to buy the shares of a company depends

on the results of the various ratios from which it will be possible to understand the financial

strength of the company as well as the value of the current market price of the shares of the

particular organisation. After analysing the liquidity ratios, profitability ratios, efficiency

ratios, capital structure and the market ratios (Abdi Amiri and Farughi 2018).

Liquidity ratio

From the liquidity ratios it has been observed that the liquidity position of the

company is favourable, and gulf hotels have enough liquid assets to meet its short term

obligation.

Capital structure ratios

The company is less risky as the amount of debt is less in the capital structure in

comparison to the equity. It is recommended that as the company is able to generate sufficient

revenue, so the company should raise some more fund from the debt market and increase its

debt portion in the capital structure so that an optimum balance of debt and equity can be

maintained.

Profitability ratios

The company has to make more improvements in the profitability ratios in this aspect

the company’s performance is below the market standard.

Efficiency ratios

The efficiency ratio is used to measure the efficiency of the management to utilise the

assets to generate profit and to strengthen the financial position of the company.

Market ratios
 By analysing the market ratios it has been observed the company is paying high

dividend which indicates the strong financial condition of the company.

From the analysis of these ratios it can be recommended that the investors can invest

in this company and they will get a good return on their investments (Keyghobadi Seif and

Fathi 2019).

Recommendation on capital structure

Further from the perspective of the capital structure it can be recommended that, as

the debt portion in the capital structure of the company is less in comparison to its equity it

can be said that the company is less risky and the investors’ wealth will not decrease even in

case of occurrence of any financial crisis in the future.

Question 2(B)

From the analysis of the results of the NPV the following decisions can be taken for

the individual projects

Projects IBRA

The NPV of the project is negative which indicates that the cash outflow of the

project is higher than the cash inflows for which it will not be viable to accept this project. In

addition to that the PI of the project is also less than 1 which further indicates that the project

will not be able to provide financial benefit to the organisation (Hopkinson 2016).

Project at SUR

This project is also not financially viable as the NPV of the project is -28915.35 and

the profitability index is 0.90 which is less than 1 and for that reason this project should be

rejected (Bratvold 2017).

Project NIZWA

The NPV of the project is 2950.19 which indicates that this project is financially

viable and it will be effective for the company to accept this project as the cash inflow

exceeds the cash outflow. The profitability index is also more than 1 for which it can be

recommended that the company should accept this project.

According to Creemers (2018), it can be said that a project can be financially

acceptable only if the discounted cash inflow exceeds the initial cash outlay. A project is only

viable if it give a positive Net present value, in the case of all these three projects the net

present value of project NIZWA is positive so it will be better to select this project. Similarly

from the perspective of PI it can be said that a project is acceptable only if the PI is greater

than one. If we compare all the three projects it can be observed that the PI of project at

IBRA is -0.950, PI of project at SUR is 0.903and the PI of project at NIZWA is 1.007 which

is more than , and for that reason it will be beneficial to accept project NIZWA.

Reflection report on the guest lecture

Introduction

The guest lecturer is an efficient teacher having experience and adequate knowledge

over all the topics related to finance. The guest lecturer is efficient and very cooperative that

help me to interact with him easily and acquire all the knowledge that he share with us during

the session.

Reflection of my understanding on all points covered by the guest lecture

I have learned from the guest lecture that before taking an investment decision it is

essential to make ratio analysis from which it can be possible to predict the financial position

of the company. I have also learned about the various techniques of the NPV and PI from
which it can be possible to evaluate the financial viability of a particular project. I have

learned that only if the NPV is positive and the PI ratio is one only then a project should be

accepted. I have also learned the various cost analysis techniques like calculation of PV ratio,

breakeven point analysis which help me to understand the need of various decision making

tools that assist the management to meet the financial objective of an organisation.

Reflection on the question and answer session

From the question and answer session I have learned about the probable questions that

may occur in the mind of a potential investor and what answers can satisfy their queries.

The question and answer session is very interactive and the guest lecturer asked many

questi8ons to me which I have answered properly and I have also asked several questions

regarding investment decisions which has been answered by the lecturer and that help me to

clear all my doubts.

Conclusion

I have learned all the necessary factors from the guest lecturer that are essential to

evaluate a financial condition of a company and how to take investment decisions from such

analysis. The guest lecturer is very experienced and has the ability to make things clear and

also guided me to clear all my doubts regarding the topic.

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