2017 2018 2019

ASSETS
Non-current assets
Right-of-use assets – 75,538
Property, plant and equipment 1,121,578 1,105,932 1,101,670
Depriciation 107,361 104,569 106,914
Advances for property, plant and equipment 3,888 4,161 2,849
Goodwill 275,933 275,933 275,933
Intangible assets 90,387 85,923 82,908
Other financial assets 3,887 7,582 –
Total non-current assets 1,603,034 1,479,531 1,538,898
Current assets
Inventories 313,595 338,045 335,900
Trade and other receivables 404,736 536,769 580,307
Government compensation receivable 35,628 37,727 27,782
Due from related parties 387 194 1,115
Cash and bank balances 692,842 571,255 637,234
Total current assets 1,447,188 1,483,990 1,582,338
Total assets 3,050,222 2,963,521 3,121,236
EQUITY AND LIABILITIES
Equity
Share capital 600,000 600,000 600,000
Legal reserve 167,459 188,509 202,212
Translation reserve (42,036) (55,815) (57,475)
Other reserve (6,445) (3,943) –
Retained earnings 1,093,880 1,193,326 1,216,448
Equity attributable to the owners of the Company 1,812,858 1,922,077 1,961,185
Non-controlling interests 33,641 29,643 28,535
Total equity 1,846,499 1,951,720 1,989,720
Non-current liabilities
Provision for employees’ end of service benefits 74,967 74,228 80,458
Bank borrowings 278,928 179,919 8,115
57,098
Lease liabilities –
Total non-current liabilities 353,895 254,147 145,671
Current liabilities
Bank borrowings 314,023 340,142 513,437
Lease liabilities – 16,932

Trade and other payables 425,504 414,904 446,191

Due to related parties 2,940 2,608 9,285

Total current liabilities 742,467 757,654 985,845

Total liabilities 1,096,362 1,011,801 1,131,516
Total equity and liabilities 2,942,861 2,963,521 3,121,236
Share Price 6.95 4.12 5.00
Market Capitalization 4,170,000 2,472,000 3,000,000
Income Statement 2017 2018 2019
Revenue 2,047,957 2,001,316 2,039,263
Cost of sales (1,369,456) (1,315,227) (1,382,294)
Gross profit 678,501 686,089 656,969
Selling and distribution expenses (333,081) (328,643) (358,018)
General and administrative expense (158,775) (149,566) (168,491)
Research and development cost (6,662) (7,421) (6,931)
Other income 23,392 8,766 9,753
Operating profit 203,375 209,225 133,282
Finance income 203,375 21,017 21,017
Finance expense/Interest Expense (20,174) (22,221) (22,221)
Profit before tax and zakat 386,576 208,021 132,078
Income tax and zakat expenses (342) (1,455) 3,924
Profit for the year 386,234 206,566 136,002
6.95 4.12 5.00
EPS 0.64 0.34 0.23
 2017 2018 2019
Revenue ### ### ###
Profit for 386,234 206,566 136,002

Revenue Vs Profi t
2,500,000

2,000,000

1,500,000

1,000,000

500,000

0
2017 2018 2019

Revenue Profit for the year

 Ratios 2017 2018
Liquidity Ratios
Current Ratio = CA / CL 2.16 1.95
Quick Ratio = (CA – Inventory) / CL 1.53 1.51
Cash Ratio = Cash / CL 0.93 0.75
NWC to Total Assets = NWC / TA 0.28 0.24
Interval Measure = CA / average daily operating costs 1.06 1.13
Computing Long-term Solvency Ratios
Total Debt Ratio = (TA – TE) / TA 39.46% 34.14%
Debt/Equity = TD / TE 19.17% 13.02%
Equity Multiplier = TA / TE = 1 + D/E 119.17% 113.02%
Long-term debt ratio = LTD / (LTD + TE) 13.12% 8.44%
Computing Coverage Ratios
Times Interest Earned = EBIT / Interest 10.08 9.42
Cash Coverage = (EBIT + Depreciation) / Interest 15.40 14.12
Inventory Turnover Ratio
Inventory Turnover = Cost of Goods Sold / Inventory 4.37 3.89

Days’ Sales in Inventory = 365 / Inventory Turnover

83.58 93.81
Computing Receivables Ratios
Receivables Turnover = Sales / Accounts Receivable 5.06 3.73
Days’ Sales in Receivables = 365 / Receivables Turnover 72.13 97.90
Computing Total Asset Turnover
Total Asset Turnover = Sales / Total Assets 0.67 0.68
NWC Turnover = Sales / NWC 2.91 2.76
Fixed Asset Turnover = Sales / NFA 1.28 1.35
Computing Profitability Measures
GPM = (Sales – COGS) / Sales 33.13% 34.28%
OPM = EBIT / Sales 9.93% 10.45%
Profit Margin = Net Income / Sales 18.86% 10.32%
Return on Assets (ROA) = Net Income / Total Assets 12.66% 6.97%
Return on Equity (ROE) = Net Income / Total Equity 20.92% 10.58%
Market Value Ratio
P.E ratio = Price per share / EPS 10.8 12.0
Market-to-book ratio = Market value per share / Book value per share 7.0 4.1
Enterprise value = market value of stock + book value of liabilities – cash 3,198,230.0 1,720,826.0
EBITDA ratio = Enterprise value / EBITDA 15.7 8.2
MV=Market Capitalization/Total Book Value 7.0 4.1
 2019 % Change 2017-2018 % Change 2018-2019
2017
1.56 -9.55% -20.063% Current Ratio = CA / CL 2.16
1.26 -0.94% -16.407% Quick Ratio = (CA – Invento 1.53
0.65 -19.20% -14.270% Cash Ratio = Cash / CL 0.93
0.18 -13.66% -27.258% NWC to Total Assets = NWC 0.28
1.14 6.77% 1.454% Interval Measure = CA / ave 1.06
2017
36.25% -13.48% 6.181% Total Debt Ratio = (TA – TE) 39.46%
7.32% -32.06% -43.777% Debt/Equity = TD / TE 19.17%
107.32% -5.16% -5.044% Equity Multiplier = TA / TE 119.17%
0.41% -35.68% -95.188% Long-term debt ratio = LTD 13.12%
2017
6.00 -6.60% -36.297% Times Interest Earned = EBI 10.08
10.81 -8.32% -23.454% Cash Coverage = (EBIT + Dep 15.40
2017
4.12 -10.91% 5.770% Inventory Turnover = Cost 4.37

Days’ Sales in Inventory =

365 / Inventory Turnover
88.70 12.24% -5.456% 83.58
2017
3.51 -26.31% -5.749% Receivables Turnover = Sal 5.06
103.87 35.71% 6.099% Days’ Sales in Receivables 72.13
2017
0.65 0.58% -3.253% Total Asset Turnover = Sale 0.67
3.42 -5.19% 24.077% NWC Turnover = Sales / N 2.91
1.33 5.88% -2.035% Fixed Asset Turnover = Sal 1.28
2017
32.22% 3.47% -6.026% GPM = (Sales – COGS) / Sal 33%
6.54% 5.27% -37.483% OPM = EBIT / Sales 10%
6.67% -45.27% -35.386% Profit Margin = Net Income 19%
4.36% -44.95% -37.487% Return on Assets (ROA) = N 13%
6.84% -49.40% -35.418% Return on Equity (ROE) = N 21%
2017
22.1 10.84% 84.326% 10.8
P.E ratio = Price per share / EPS
5.0 -40.72% 21.359% Market-to-book ratio = Ma 7.0
2,354,651.0 -46.19% 36.833% Enterprise value = market va ###
17.7 -47.70% 114.799% EBITDA ratio = Enterprise 15.7
5.0 -40.72% 21.359% MV=Market Capitalization/ 7.0
2018 2019
1.95 1.56
1.51 1.26
0.75 0.65
0.24 0.18
1.13 1.14
2018 2019
34.14% 36.25%
13.02% 7.32%
113.02% 107.32%
8.44% 0.41%
2018 2019
9.42 6.00
14.12 10.81
2018 2019
3.89 4.12

MV=Market Capitalizati on/Total Book Value

93.81 88.70
8.0
2018 2019
3.73 3.51 7.0

97.90 103.87 6.0

2018 2019 5.0
0.68 0.65
4.0
2.76 3.42
3.0
1.35 1.33
2018 2019 2.0
34% 32% 1.0
10% 7%
0.0
10% 7% 2017 2018 2019
7% 4%
11% 7%
2018 2019
12.0 22.1
4.1 5.0
### ###
8.2 17.7
4.1 5.0
Value

2019