BALANCE SHEET - ATTOCK CEMENT

FY15
ASSETS

Non-current assets

Fixed assets - property, plant and equipments 5,999,669

Long-term investments 4,500
Long term loans and adances- considered goods 55,754
Long term deposits 42,980
Deferred Tax Assets -
6,102,903
Current Assets

Inventories 1,749,861
Trade receivables - considered good 124,414
loans and advances - considered good 61,115
Short-term deposits and Prepayments 16,938
Investments 3,104,907
Other receivables 68,117
Taxation-payments less provision 147,585
Tax refunds due from Government - Sales tax -
Cash and bank balances 858,698
6,131,635
TOTAL ASSETS 12,234,538

EQUITY AND LIABILITIES

Share capital and reserves

Share capital - issued, subscribed and paid-up 1,145,225
unappropriated profit 7,789,909
8,935,134
LIABILITIES

Non-current liabilities

Long-term loans -
Liability against asset subject to finance lease 7956
Deferred tax liabilities 813,378
Employee benefit obligations 252,336
1,073,670
Current liability

Trade and other payables 1,772,101

Unclaimed dividend -
Accrued mark-up -
Short-term borrowings -
Current maturity of liability against asset subject to finance lea 3,927
Taxation- Provision less payments 449,706
2,225,734
Total liabilities 3,299,404

Contingency and commitments

Total equity and liabilities 12,234,538

Total debt -
Average assets -
Average equity -
Average net fixed assets -
Total inventory 1,749,861
Average inventory -
Average recievables -
Working capital 3,905,901
Average working capital -

Share Prices 191

Sales per share 95.22302912
B/V 65.01778412

common sahre dividend 2020890

dividend per share 15
K CEMENT
FY16 FY17 FY18 FY19

7,140,508 16660338 17962931 17685584

4,500 786112 1435379 1836541
41,538 48588 47311 47593
42,980 42980 99940 99940
- 131543 -
7,229,526 17538018 19677104 19669658

1,916,774 1929782 3649066 3395522

211,112 180490 709917 795061
81,935 76383 78499 87931
17,518 23655 22593 45212
4,273,362
114,864 105787 201370 235807
- 236663 1453299 2602240
- 496755 289270 182587
581,318 121847 324936 302586
7,196,883 3171362 6728950 7646946
14,426,409 20709380 26406054 27316604

1,145,225 1145225 1145225 1374270

9,301,618 10802410 13727410 14725189
10,446,843 11947635 14872635 16099459

- 1500000 3437500 2187500

4,029 1033 10793 7915
809516 817747 - 351283
425,333 489453 387093 266878
1,238,878 2808233 3835386 2813576
 2,680,056 3816087 4983843 3577440
- 7592 8998 10182
- 45990 88773 143867
- 2080847 2612508 4669202
3,927 2996 3911 2878
56,696 - - -
2,740,679 5953512 7698033 8403569
3,979,557 8761745 11533419 11217145

- - -

14,426,400 20709380 26406054 27316604

- 3,583,843 6053919 6859580

13330473.5 17567894.5 23557717 26861329
9,690,989 11197239 13410135 15486047
6666214.5 12383772 18607561 19673381
1,916,774 1929782 3649066 3395522
1833317.5 1923278 2789424 3522294
167763 195801 445203.5 752489
4,456,204 11584506 -969083 -756623
4181052.5 8020355 5307711.5 -862853

239 303 135 71

101.278797 107.222593 120.0330287 151.2154469
76 86.9386797 108.2228618 117.1500226

1684075 1818801 1077808 549704

12.5 13.5 8 4.080162701
INCOME STATEMENT - ATTOCK CEMENT
FY15

Revenue from contracts with customers 13,086,120

Cost of sales 8,689,940
Gross profit 4,396,180
Distribution costs 986,673
Administrative expenses 346,946
Other expenses 238,821
Other income 422,190
Profit from operations (EBIT) 3,246,650
Finance cost 25,999

Share of net income of associate accounted for using the equity method -
Profit before income tax (EBT) 3,220,651
Income tax (expense) / credit 1,015,000
Profit for the year (PAT) 2,205,651
MENT
FY16 FY17 FY18 FY19

13,918,340 14735172 16495659 20780934

8,331,840 8842960 11697583 15978032
5,586,500 5892212 4798076 4802902
954,746 903531 782218 1414820
401,792 419378 533111 505149
314,042 333645 163000 149756
341,095 236632 60804 293803
4,257,015 4472920 3380551 3026980
21,309 28369 251172 648444

- - - 24665
4,235,706 4443921 3129379 2403201
13,456,833 1409864 1270405 330000
2,890,023 3034057 4399784 2073201
CASH FLOW STATEMENT - ATTOCK CEMENT
FY1 FY16
Cash flows from operating activities

Cash generated from operations 3,026,853 5,174,284

Finance cost paid 25,999 21,309
Income tax paid 937,444 1,693,873
Increase in long term deposits
(Increase) / decrease in long-term loans and adva 22,786 14,216
Employee benefit obligations paid 117,084 109,727

Net cash generated from operating activities 1,923,540 3,363,591

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure incurred 294,781 1,572,267

Investment in subsidiary company - -
Proceeds from disposal of operating assets 5,420 4,364
Purchase of open ended mutual fund units 12716170 13,526,865
Proceeds from sale of open ended mutual fund uni 13,108,862 12,632,459
dividend receive from open end mutual fund 4,019 5,462
Interest received 23,346 21,486

Net cash used in investing activities 130,696 2,435,361

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid 1,659,446 1,201,683

Proceeds from long term loan - -
Repayment of long term loan - -
Current portion of long term loan repaid - -
Lease rentals paid 3,927 3,927

Net cash (used in) / generated from financing activ 1,663,373 1,205,610

Net (decrease) / increase in cash and cash equival 390,863 277,380

Cash and cash equivalents at beginning of the yea 467,835 858,698

Cash and cash equivalents at end of the year 858,698 581,318

CK CEMENT
FY17 FY18 FY19

4412368 3356307 3126411

28369 -290191 -593350
1694992 -895521 -996115
- -56960 -
7050 1277 -282
115815 -127425 -133181

2566142 1987487 1403483

8752605 -2076529 -953141

781612 -649267 -376497
3750 9508 5429
2498310 -165000 -
6844342 167268 -

11947 10423 10589

5172488 -2703597 -1313620

1430045 -1544647 -914996

1600000 3400000 -
- -212500 -
- -100000 -1250000
3927 -5315 -3911

166028 1537538 -2168907

2440318 821428 -2079044

581318 -1859000 -1037572

1859000 -1037572 -3116616

 BS - VERTICAL ANALYSIS
FY15

ASSETS

Non-current assets

Fixed assets - property, plant and equipments 49%

Long-term investments 0%
Long term loans and adances- considered goods 0%
Long term deposits 0%
Deferred Tax Assets -
50%
Current Assets

Inventories 14%
Trade receivables - considered good 1%
loans and advances - considered good 0%
Short-term deposits and Prepayents 0%
Investments 25%
Other receivables 1%
Taxation-payments less provision 1%
Tax refunds due from Government - Sales tax -
Cash and bank balances 7%
50%
TOTAL ASSETS 100%

EQUITY AND LIABILITIES

Share capital and reserves 9%

Share capital - issued, subscribed and paid-up 64%
unappropriated profit 73%

LIABILITIES

Non-current liabilities

Long-term loans -
Liability against asset subject to finance lease 0%
Deferred tax liabilities 7%
Employee benefit obligations 2%
 9%
Current liability

Trade and other payables 14%

Unclaimed dividend -
Accrued mark-up -
Short-term borrowings -
Current maturity of liability against asset subject to finance lease 0%
Taxation- Provision less payments 4%
18%
Total liabilities 27%

Contingency and commitments

Total equity and liabilities 100%

LYSIS
FY16 FY17 FY18 FY19

49% 80% 68% 65%

0% 4% 5% 7%
0% 0% 0% 0%
0% 0% 0% 0%
0% - 0% -
50% 85% 75% 72%

13% 9% 14% 12%

1% 1% 3% 3%
1% 0% 0% 0%
0% 0% 0% 0%
30% 0% 0% 0%
1% 1% 1% 1%
- 1% 6% 10%
- 2% 1% 1%
4% 1% 1% 1%
50% 15% 25% 28%
100% 100% 100% 100%

8% 6% 4% 5%
64% 52% 52% 54%
72% 58% 56% 59%

- 7% 13% 8%
0% 0% 0% 0%
6% 4% - 1%
3% 2% 1% 1%
 9% 14% 15% 10%

19% 18% 19% 13%

- 0% 0% 0%
- 0% 0% 1%
- 10% 10% 17%
0% 0% 0% 0%
0% - - -
19% 29% 29% 31%
28% 42% 44% 41%

- - -

100% 100% 100% 100%

 IS- VERTICAL ANALYSIS

Revenue from contracts with customers

Cost of sales
Gross profit
Distribution costs
Administrative expenses
Other expenses
Other income
Profit from operations (EBIT)
Finance cost
Share of net income of associate accounted for using the equity method
Profit before income tax (EBT)
Income tax (expense) / credit
Profit for the year (PAT)
SIS
FY15 FY16 FY17 FY18 FY19

100% 100% 100% 100% 100%

66% 60% 60% 71% 77%
34% 40% 40% 29% 23%
8% 7% 6% 5% 7%
3% 3% 3% 3% 2%
2% 2% 2% 1% 1%
3% 2% 2% 0% 1%
25% 31% 30% 20% 15%
0% 0% 0% 2% 3%
- - - - 0%
25% 30% 30% 19% 12%
8% 97% 10% 8% 2%
17% 21% 21% 27% 10%
 BS - HORIZONTAL ANALYSIS

ASSETS

Non-current assets

Fixed assets - property, plant and equipments

Long-term investments
Long term loans and adances- considered goods
Long term deposits
Deferred Tax Assets

Current Assets

Inventories
Trade receivables - considered good
loans and advances - considered good
Short-term deposits and Prepayents
Other receivables
Taxation-payments less provision
Tax refunds due from Government - Sales tax
Cash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES

Share capital and reserves

Share capital - issued, subscribed and paid-up
unappropriated profit

LIABILITIES

Non-current liabilities

Long-term loans
Liability against asset subject to finance lease
Deferred tax liabilities
Employee benefit obligations
Current liability

Trade and other payables

Unclaimed dividend
Accrued mark-up
Short-term borrowings
Current maturity of liability against asset subject to finance lease
Taxation- Provision less payments

Total liabilities

Contingency and commitments

Total equity and liabilities

NTAL ANALYSIS
FY15-16 FY16-17 FY17-18 FY18-19

19% 133% 8% -2%

0% 17369% 83% 28%
-25% 17% -3% 1%
0% 0% 133% 0%
- - - -
18% 143% 12% 0%

10% 1% 89% -7%

70% -15% 293% 12%
34% -7% 3% 12%
3% 35% -4% 100%
69% -8% 90% 17%
-- 514% 79%
-- -42% -37%
-32% -79% 167% -7%

0% 0% 0% 20%
19% 16% 27% 7%
17% 14% 24% 8%

- - 129% -36%
-49% -74% 945% -27%
0% 1% - -
69% 15% -21% -31%
15% 127% 37% -27%
 51% 42% 31% -28%
- - 19% 13%
- - 93% 62%
- - 26% 79%
0% 0% 31% -26%
-87%
23% 117% 29% 9%
21% 120% 32% -3%

- - - -

18% 44% 28% 3%

IS - HORIZONTAL ANALYSIS
Revenue from contracts with customers
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Other expenses
Other income
Profit from operations (EBIT)
Finance cost

Share of net income of associate accounted for using the equity method
Profit before income tax (EBT)
Income tax (expense) / credit
Profit for the year (PAT)
FY15-16 FY16-17 FY1-18 FY18-19

6% 6% 12% 26%
-4% 6% 32% 37%
27% 5% -19% 0%
-3% -5% -13% 81%
16% 4% 27% -5%
31% 6% -51% -8%
-19% -31% -74% 383%
31% 5% -24% -10%
-18% 33% 785% 158%

- - - -
32% 5% -30% -23%
1226% -90% -10% -74%
31% 5% 45% -53%
 RATIO ANALYSIS
FY15 FY16
LIQUIITY RATIO

Current Ratio 2.75488221 2.625948898

Quick Ratio 1.903127238 1.913155827
Cash Ratios 1.780808039 1.771342065
Defense Interval - -

SOLVENCY RATIO

Debt to assets - -
Debt to capital - -
Debt to equity - -
Financial leverage ratio - 1.375553465

COVERAGE RATIO
interest coerage 124.8759568 199.775447

ACTIVITY RATIO

inventory turnover - 4.54467925

days of inventory on hand
receivables turnover
days of sales outstanding
working capital turnover
Fixed asset turnover
total asset turnover
- 80.3136987060198
- 82.96430083
- 4.39948262503787
- 3.328908212
- 2.087892611
- 1.044099446

PROFITABILITY RATIOS

gross profit margin 34% 40%

operating profit margin 25% 31%
pretax margin 25% 30%
net profit margin 17% 21%

RETURN ON INESTMENT

operating ROA - 32%

ROA - 22%
Return on total capital - -
ROE - 30%
return on common equity - 22%

PER SHARE QUANTITY

Basic EPS 16.04973586 21.02966688

cashflow per share 13.9969147 24.47565235
dividend per share 15 12.5

VALUATION RATIO

P/E 11.90050738 11.3648971

P/CF 13.6458644 9.764806125
P/S 1.46456897 2.359822659
P/BV 2.93765779 3.144736842

DIVIDEND PER SHARE

Dividend payout ratio 92% 58%

retention rate 8% 42%
substainable growth ratio - 12%
FY17 FY18 FY19

0.5326875968 0.8741129065 0.9099640879

0.1389730014 0.3966563926 0.5029987854
0.02046640706 0.04221026332 0.03600684423
23 136 297

17% 23% 25%

23% 29% 30%
30% 41% 43%
1.568948783 1.756709906 1.734550399

157.6692869 13.4591077 4.668066942

4.597858448 4.193547844 4.536257337

79.38478405284 87.038472810613 80.4628073066
75.25585671 37.05195265 27.61626283
4.850120853803 9.851032776811 13.2168498774
1.837221918 3.107866545 -24.08397954
1.189877527 0.8865030189 1.056297034
0.83875572 0.7002231583 0.7736375963

40% 29% 23%

30% 20% 15%
30% 19% 12%
21% 27% 10%

25% 14% 11%

17% 19% 8%
29% 16% 13%
 27% 33% 13%
17% 19% 8%

22.07775094 32.01565934 15.08594444

18.67290032 14.46223422 10.21264535
13.5 8 4.080162701

13.72422403 4.216686546 4.64008072404

16.22672401 9.334657283 6.85424761176
2.825896964 1.124690441 0.4695287516
3.485215108 1.247425893 0.6060604891

60% 24% 27%

40% 76% 73%
11% 25% 10%
 15 16
LOANS AND ADANCES

current portion of long trem loans and advances

chief executive 5695 -
director 3004 3004
executive 24931 25956
employees 17202 56465
other adances-empolyess 888 1083
adances to supplier 9395 24390
61115 81935
Short term deposits and Prepayments

Deposits- considered good 5716 6228

Prepayments 11222 11290
16938 17518
Other Recieveables

Exports redate recieveables 39823 33627

Receivable from Saqr Al-Keetan 21102 63044
Due from related party 5823 2499
recoverable from contractor - -
others 1369 15694
68117 114864

Total 146170 214317

Except prepayments and advances 124665 177554

 17 18 19

- - -
3004 3004 -
- - -
56615 57559 72211
145 213 2608
16619 17723 13112
76383 78499 87931

16485 14119 36493

7170 8474 8719
23655 22593 45212

24557 21433 25680

75730 117507 186875
2314 1783 601
- 53455 -
3186 7192 22651
105787 201370 235807

205825 302462 368950

181891 276052 344511