Portfolio

Name : Nabeel Iqbal
Roll No. : EB-20202062
Course Name : Portfolio Theory
Course No. : FM-604
Submitted To : Miss Amna

1. Economic Scenario for The Searle Company Limited in
Pakistan (2020)
 Introduction:
The year 2020 displayed The Searle Company Constrained in Pakistan with an cluster of challenges
stemming from the worldwide COVID-19 widespread. As a conspicuous player within the country's
pharmaceutical segment, Searle experienced a special set of circumstances that reshaped its
operational landscape.
 Impact of COVID-19 on Operations:

At the beginning of the widespread, the pharmaceutical industry confronted a surge
in request for fundamental healthcare items. Searle
experienced expanded necessities for solutions, restorative supplies, and hygiene-related items. Be
that as it may, disturbances within the supply chain, calculated complexities, and
operational confinements postured critical hurdles.
 Operational Challenges and Adaptation:

Stricter lockdowns and development confinements forced by the Pakistani
government altogether affected Searle's fabricating operations and supply chains. The
company quickly balanced its generation forms to comply
with wellbeing directions whereas guaranteeing a nonstop supply of basic drugs to the market.
 Economic Vulnerabilities and Advertise Dynamics:

The financial aftermath, counting cash changes, inflationary weights,
and decreased shopper investing, influenced the pharmaceutical industry's elements. This driven to
shifts in shopper inclinations and acquiring designs, affecting particular fragments of
Searle's item portfolio.
 Strategic Measures Implemented:

Searle reacted to these challenges by actualizing cost-cutting measures,
optimizing dissemination systems, and prioritizing the security and well-being of its
workforce. Furthermore, the company coordinated assets towards inquire
about and improvement activities, centering on fundamental solutions to combat COVID-19 and
address other healthcare needs in Pakistan.
 Collaboration and Contribution:

Government mediations, counting jolt bundles and back for the
healthcare division, advertised openings for Searle to contribute to national wellbeing activities.
Collaborations with healthcare specialists and
NGOs guaranteed the openness and reasonableness of vital medications over the country.
 Resilience and Recovery:

Despite misfortunes, Searle showcased strength by leveraging
its mastery, adjusting to advancing showcase requests, and satisfying the nation's healthcare
requirements during a challenging period. As limitations facilitated within the last
mentioned portion of 2020, Searle continuously recaptured force, situating itself for
future development and advancement inside Pakistan's pharmaceutical market.
 Conclusion:
The year 2020 demonstrated to be a test of flexibility and diligence for The Searle
Company Constrained in Pakistan. Through key measures, imaginative approaches, and a
commitment to national wellbeing activities, Searle explored the uncommon challenges, laying
a establishment for future strength and development.
Economic Scenario for The Searle Company Limited in 2021

 Introduction:
The year 2021 displayed a energetic financial scene for The Searle Company Constrained, stamped by
the continuous repercussions of the COVID-19 widespread. The pharmaceutical industry seen a
transformative move as economies steadily recouped from the pandemic's prompt affect. In the
midst of advancing showcase flow, Searle explored a scene characterized by
changing shopper behaviors, mechanical progressions, and healthcare priorities.
 Industry Patterns and Showcase Resurgence:

In 2021, the pharmaceutical division experienced a resurgence
as requests broadened past quick COVID-19-related items. Searle capitalized on
this move, deliberately leveraging its broadened item portfolio to meet advancing showcase requests.
The continuous unwinding of confinements and expanded immunization rates permitted for a
broader center on healthcare needs, showing modern openings for the company.
 Strategic Adjustments and Operational Resilience:

Searle illustrated nimbleness by quickly adjusting itsoperational methodologies to adjust with advancing s
howcase patterns. Ventures in operational adaptability, supply chain versatility,
and innovative headways supported the company's capacity to reply viably to
changing customer inclinations and showcase dynamics.
 Innovation in Investigate and Development:

Amidst showcase variances, Searle remained committed to advancement through inquire
about and advancement activities.Thecompany escalates its endeavors to present unused drugs and t
reatments tending to a more extensive range of healthcare necessities, not exclusively restricted to
pandemic-related concerns.
 Collaborations and Partnerships:

Searle cultivated collaborations with investigate teach, healthcare suppliers, and government bodies.
These key associations encouraged information trade, improved capabilities, and contributed to the
company's comprehensive approach in catering to healthcare needs over Pakistan.
 Impact of Government Arrangements and Support:

Governmental approaches and bolster measures affected Searle's operations. Boost bundles and
healthcare arrangements pointed at fortifying the division given both openings and
challenges, forming Searle's procedures for development and compliance.
 Conclusion: Versatility and Prospects for Growth:

In conclusion, 2021 was a year of adjustment and key maneuvering for The Searle
Company Constrained. The company's capacity to turn in the midst
of showcase changes, maintained center on development, vital collaborations, and adeptness
in exploring legislative arrangements situated it for continued growth and advancement within
the advancing pharmaceutical scene of Pakistan.
Economic Scenario for The Searle Company Limited in 2022
 Financial Scene Overview:
The year 2022 unfurled inside a transitioning financial scene for The Searle
Company Restricted, proceeding the direction set in the midst of the post-pandemic recuperation.
The pharmaceutical industry seen a solidification of changes started within the earlier year,
characterized by advancing shopper behaviors, mechanical headways, and a reestablished center on
healthcare infrastructure.
 Industry Combination and Showcase Evolution:

2022 checked a stage of solidification inside the pharmaceutical segment. Searle adeptly explored this
period, leveraging its built up showcase position and differing item portfolio
to advance set its nearness. The company reacted deliberately to the
reshaped showcase elements, adjusting its techniques to meet rising healthcare priorities.
 Enhanced Operational Strategies:

Building upon lessons learned from the past year, Searle refined its operational techniques in
2022. Speculations in innovation integration and supply chain
optimization upgraded operational productivity, guaranteeing spry reactions to advertise vacillations
and keeping up a competitive edge.
 Continued Accentuation on Advancement and R&D:

Searle remained committed to development through maintained speculations in inquire about and
development. The company kept on present novel drugs and treatments, centering on tending
to a wide range of healthcare needs inside Pakistan. Collaborations with inquire about teach and
healthcare substances assist reinforced its capabilities in this realm.
 Strengthening Collaborative Partnerships:

Strategic collaborations remained necessarily to Searle's approach. Associations with
key partners counting investigate educate, healthcare suppliers,
and administrative bodies extended, encouraging information trade, improving capabilities,
and opening up the company's affect in tending to healthcare challenges.
 Adapting to Administrative Dynamics:

Governmental arrangements and administrative shifts kept on shape the operational scene for Searle
in 2022. The company
remained agile in reacting to advancing administrative systems, guaranteeing compliance whereas sei
zing openings adjusted with administrative wellbeing initiatives.
 Conclusion: Supported Development and Resilience:

In conclusion, 2022 stamped a year of proceeded development and versatility for The Searle
Company Restricted. The
company's versatile techniques, maintained center on development, key collaborations, and
adeptness in exploring administrative flow situated it as a versatile and powerful player in Pakistan's
pharmaceutical division, setting
the organize for encourage progressions and advertise administration within the coming a long time.
2. Political Scenario and Impact on The Searle Company Limited
in Pakistan (2020-2022)
 2020: Political Uncertainty and COVID-19 Response:
The political landscape in Pakistan during 2020 was marked by a mix of domestic challenges and the
global impact of the COVID-19 pandemic. The government's focus primarily shifted towards managing
the health crisis and mitigating its socio-economic fallout. Political discourse often revolved around
healthcare policies, stimulus packages, and strategies to contain the spread of the virus.
 Impact on Searle:
The government's healthcare policies and stimulus measures significantly influenced Searle's
operations. Collaborative efforts between the government and pharmaceutical companies aimed to
ensure an adequate supply of essential medications, providing Searle with opportunities for
contributions and partnerships.
 2021: Political Stability and Economic Recovery Initiatives:
In 2021, Pakistan experienced relative political stability compared to the previous year. The
government directed efforts towards economic recovery, emphasizing infrastructure development
and healthcare improvements. Policies aimed at reviving the economy and bolstering the healthcare
sector were prominent on the political agenda.
Political stability provided a conducive environment for Searle's operations. Government initiatives
supporting the healthcare sector and economic recovery measures indirectly benefited the company,
allowing Searle to focus on innovation and sustainable growth strategies.
 2022: Continued Political Focus on Healthcare and Development
Political agendas in 2022 remained centered on healthcare reforms, infrastructural development, and
initiatives to strengthen the country's overall health system. The government emphasized policies
encouraging research and development in the pharmaceutical sector, aligning with broader health-
focused initiatives.
Continued government emphasis on healthcare reforms and development initiatives aligned with
Searle's core objectives. Policies encouraging R&D created an enabling environment for the company
to further innovate and introduce novel healthcare solutions.
 Overall Impact:
Opportunities through Collaborations: Political initiatives aimed at healthcare reforms provided
opportunities for Searle to collaborate with the government and other stakeholders, fostering
advancements in healthcare accessibility and innovation.
Policy Influence on Operations: Government policies and stability directly influenced Searle's
operational strategies, especially in terms of compliance, R&D investment, and market positioning.
Economic Recovery Alignment: Political stability and emphasis on economic recovery indirectly
supported Searle's endeavors by creating a conducive business environment for sustained growth and
innovation.
 Conclusion:
The political landscape in Pakistan from 2020 to 2022 significantly influenced The Searle Company
Limited, with governmental policies and stability impacting its operations, strategic decisions, and
collaborations. Aligning with healthcare-focused initiatives and economic recovery measures, Searle
capitalized on opportunities and navigated challenges, contributing to its sustained growth and
resilience within the pharmaceutical sector.
3. Searle Company Pakistan: A Comprehensive Overview
 Historical Foundation and Affiliation:
Searle Pakistan Limited, established in 1965, traces its roots as a subsidiary of the esteemed Searle
Company headquartered in the United States. This strategic affiliation has been instrumental in
shaping Searle Pakistan's trajectory within the pharmaceutical sector.
 Operational Landscape and Industry Contribution:
Searle Pakistan operates as a multifaceted pharmaceutical entity, engaging in the entire spectrum of
activities from manufacturing to marketing and distribution. The company plays a vital role in
Pakistan's pharmaceutical industry by offering a diverse array of products. This includes an extensive
range of prescription medications, over-the-counter drugs, and consumer healthcare products.
 Therapeutic Focus and Product Portfolio:
The company's product portfolio extends across various therapeutic areas, reflecting a commitment
to addressing diverse healthcare needs. Searle Pakistan has a notable presence in cardiovascular
health, neurology, gastroenterology, women's health, and other critical medical domains. This
comprehensive approach underscores its dedication to providing holistic healthcare solutions.
 Innovation and Research Excellence:
Searle Pakistan distinguishes itself through a strong emphasis on innovation and research. The
company actively invests in the development of high-quality healthcare solutions tailored specifically
to the nuances of the Pakistani market. This commitment to research excellence has resulted in the
introduction of pioneering medications and the continuous improvement of existing treatments.
 Impact on Healthcare Accessibility:
Through its unwavering commitment to quality and a patient-centric approach, Searle Pakistan has
played a pivotal role in enhancing healthcare accessibility and outcomes in the country. The
company's products are designed to meet the evolving healthcare needs of the Pakistani population,
contributing significantly to the overall health and well-being of the community.
 Trust and Recognition:
Searle Pakistan has earned a solid reputation as a trusted pharmaceutical provider in Pakistan. Its
adherence to rigorous quality standards, coupled with a focus on ethical business practices, has
established the company as a reliable and respected entity in the pharmaceutical sector.
 Future Endeavors and Continued Impact:
As Searle Pakistan continues to evolve, its commitment to advancing healthcare standards and
accessibility remains unwavering. The company's future endeavors are likely to further shape the
pharmaceutical landscape in Pakistan, ensuring a continued positive impact on public health.
4. Comparative Analysis:
i. Financial Ratios:
ChartLong Term Debt To Assets Ratio
25
20
15
10
0
The Searl Company Citi Pharma GLAXO - ABOT - Abbott
Ltd. Glaxosmithkline (Pak) Laboratories (Pak)
Ltd. Ltd.
2022 2021 2020
Long Term Debt To Assets Ratio 2022 2021 2020

The Searl Company Ltd. 17.45 20.21 2.37
Citi Pharma 1.58 4.98 1.35
GLAXO - Glaxosmithkline (Pak) Ltd. 4.45 3.74 4.57
ABOT - Abbott Laboratories (Pak) Ltd. 6.51 6.54 10
The Searl Company Ltd. with Citi Pharma, GLAXO - Glaxosmithkline (Pak) Ltd., and ABOT - Abbott
Laboratories (Pak) Ltd. based on their Long Term Debt to Assets Ratios in 2022, Searl stands out with
the highest ratio (17.45), signifying a substantial reliance on long-term debt compared to its assets.
Although Searl showed improvement from its 2021 ratio (20.21), it still maintains a notably higher
ratio than its counterparts. In contrast, Citi Pharma exhibits the lowest ratio (1.58), indicating
minimal dependence on long-term debt in relation to its assets and a significant reduction from its
2021 ratio (4.98), demonstrating effective debt management. GLAXO maintains a stable moderate
ratio (4.45), suggesting a balanced level of reliance on long-term debt. ABOT follows Searl with a
relatively lower ratio (6.51), showcasing a gradual decrease over the years, indicating a reduced
reliance on long-term debt compared to assets. Despite Searl's improvement, its higher ratio in 2022
compared to its peers suggests continued financial risk associated with its debt management
strategies.
Long Term Debt To Equity
40
35
30
25
20
15
10
5
0
Ltd. Ltd.
2022 2021 2020
Long Term Debt To Equity 2022 2021 2020

Citi Pharma 2.94 8.6 2.8
ABOT - Abbott Laboratories (Pak) Ltd. 12.9 10.77 15.98
Searl Company Ltd.'s Long Term Debt to Equity Ratios with Citi Pharma, GLAXO - Glaxosmithkline
(Pak) Ltd., and ABOT - Abbott Laboratories (Pak) Ltd. across 2020, 2021, and 2022 highlights distinct
differences in their leverage and financial risk. Searl stands out with the highest Long Term Debt to
Equity Ratio in 2022 (31.69), indicating a significant reliance on long-term debt compared to
shareholders' equity. While it showed improvement from 2021 (38.07), the ratio remains notably
higher than its peers. Conversely, Citi Pharma exhibits the lowest ratio among the listed companies
in 2022 (2.94), reflecting minimal dependency on long-term debt in relation to equity. This suggests
effective management of debt levels or a focus on utilizing equity for financing. GLAXO maintains a
relatively moderate ratio (7.51 in 2022), demonstrating a stable but moderate reliance on long-term
debt concerning equity. ABOT follows Searl with a higher ratio (12.9 in 2022), showing a decreasing
trend from 2021, indicating efforts to reduce its reliance on long-term debt compared to equity.
Searl's persistent high ratio indicates a continued elevated financial risk associated with its debt
leveraging strategies compared to its more conservatively leveraged counterparts, such as Citi
Pharma, and suggests potential vulnerability in its capital structure despite the improvement seen
from the previous year.
Total Debt To Assets Ratio
50
45
40
35
30
25
20
15
10
5
0
Ltd. Ltd.
2022 2021 2020
Total Debt To Assets Ratio 2022 2021 2020

Citi Pharma 15.51 11.7 10
The Searl Company Ltd.'s Total Debt to Assets Ratios alongside Citi Pharma, GLAXO -
Glaxosmithkline (Pak) Ltd., and ABOT - Abbott Laboratories (Pak) Ltd. across 2020, 2021, and 2022
reveals significant variations in their debt management and financial risk profiles. In 2022, Searl
exhibits a relatively high Total Debt to Assets Ratio (34.29), though notably lower than its 2021 ratio
(46.92), indicating a reduction in debt dependency concerning total assets. However, it remains
among the highest ratios within the listed companies. Conversely, Citi Pharma shows a moderate
ratio (15.51 in 2022), displaying a consistent increase from 2020 to 2022, suggesting a growing
reliance on debt concerning its assets. GLAXO showcases a remarkable decrease in its ratio from
2021 (31.09) to an exceptionally low 0.17 in 2022, indicating a significant reduction in debt reliance,
likely through debt repayment or increased asset base. ABOT follows a similar decreasing trend,
displaying a substantial drop from 2021 (39.25) to 2022 (0.73), indicating a strategic effort to lower
debt dependency against its asset base. Searl's improvement signals a positive shift in managing
debt levels, yet its ratio remains relatively high compared to GLAXO and ABOT, suggesting a
continued, albeit reduced, financial risk associated with its debt management strategies.
Total Debt To Equity
100
90
80
70
60
50
40
30
20
10
0
Ltd. Ltd.
2022 2021 2020
Total Debt To Equity 2022 2021 2020

Citi Pharma 28.81 20.18 18.8
The Searl Company Ltd.'s Total Debt to Equity Ratios with Citi Pharma, GLAXO - Glaxosmithkline
(Pak) Ltd., and ABOT - Abbott Laboratories (Pak) Ltd. across 2020, 2021, and 2022 reveals diverse
approaches in leveraging debt against shareholders' equity. Searl maintains a relatively high Total
Debt to Equity Ratio in 2022 (62.27), although it exhibits an improvement from the previous year
(88.4 in 2021), signifying a reduction in debt reliance against equity. Despite the improvement,
Searl's ratio remains considerably higher than its peers. In contrast, Citi Pharma displays a moderate
ratio (28.81 in 2022), which has shown a consistent increase over the years, suggesting a rising
reliance on debt concerning equity. GLAXO presents a drastic reduction in its ratio from 2021 (45.12)
to an exceptionally low 0.29 in 2022, indicating a substantial decrease in debt dependency relative
to equity, possibly through debt repayment or equity enhancement. ABOT follows a similar
decreasing trend, showcasing a considerable drop from 2021 (64.61) to 2022 (1.45), reflecting
efforts to reduce debt dependency against its equity. Searl's improvement signifies a positive shift in
managing debt levels, yet its ratio remains notably higher than its counterparts, indicating a
continued, though reduced, financial risk associated with its debt leveraging strategies compared to
GLAXO and ABOT.
Earning Per Share EPS
70
60
50
40
30
20
10
0
Ltd. Ltd.
2022 2021 2020
Earnings Per Share (EPS) of The Searl Company Ltd. with Citi Pharma, GLAXO - Glaxosmithkline (Pak)
Ltd., and ABOT - Abbott Laboratories (Pak) Ltd. across 2020, 2021, and 2022 provides insights into
their profitability per outstanding share. In 2022, Searl displays an EPS of 6.03, a notable decrease
from the prior two years (11.79 in 2021 and 11.77 in 2020), indicating a considerable drop in
profitability per share. Citi Pharma presents a modest EPS of 2.88 in 2022, showcasing consistent,
albeit marginal, growth in earnings per share over the years. GLAXO demonstrates a decrease in EPS
from 2021 (16.81) to 2022 (7.73), yet it maintains a relatively higher EPS compared to Searl and Citi
Pharma. ABOT exhibits a similar decreasing trend from 2021 (60.95) to 2022 (30.69) but continues to
maintain the highest EPS among the listed companies, signifying robust profitability per share
despite the reduction. Searl's notable decrease in EPS might signal a potential decline in its
profitability per outstanding share compared to the other companies, which could prompt further
examination into its operational performance and factors affecting earnings.
Price To Earning Ratio P / E Average

30
25
20
15
10
0
Ltd. Ltd.
2022 2021 2020

Price To Earning Ratio P / E Average 2022 2021 2020
Citi Pharma 9.41 13.38 10.5
In 2022, Searl demonstrates an increased P/E ratio of 26.84 compared to its ratios in 2021 (21.23)
and 2020 (14.53), signifying a higher price investors are willing to pay per unit of earnings compared
to previous years. Citi Pharma displays a declining P/E ratio trend from 2021 (13.38) to 2022 (9.41),
indicating a decrease in the price investors are willing to pay relative to its earnings.
GLAXO showcases a fluctuating pattern, with an increase in the P/E ratio from 2021 (9.43) to 2022
(15.65) after a prior decrease in 2021 from 2020 (16.7). ABOT demonstrates an increasing trend in
P/E ratios over the three years, with a significant rise in 2022 (20.64) compared to 2021 (12.37) and
2020 (12.52).
Searl's rising P/E ratio indicates an increased valuation relative to its earnings in 2022, suggesting
potentially higher market expectations for future growth or profitability. Conversely, Citi Pharma's
declining P/E ratio may suggest a decrease in market valuation or a more conservative approach to
pricing relative to earnings. GLAXO's fluctuations and ABOT's consistent rise in P/E ratios across the
years signal varying investor sentiments or perceptions regarding their future growth prospects and
earnings potential.
Price To Sales Ratio Average

3.5
3
2.5
2
1.5
1
0.5
0
Ltd. Ltd.
2022 2021 2020
Price To Sales Ratio Average 2022 2021 2020

In 2022, Searl's P/S ratio decreased to 2.11 from its 2021 ratio of 2.98, suggesting a potential
decrease in the market's valuation of its sales revenue compared to its market price. Citi Pharma's
P/S ratio follows a decreasing trend from 2021 (0.87) to 2022 (0.5), indicating a declining valuation
of sales relative to its market price.
GLAXO demonstrates a decreasing P/S ratio trend from 2020 (1.61) to 2022 (0.92), indicating a
potential decrease in market valuation concerning its sales revenue. ABOT also displays a declining
trend in P/S ratios from 2021 (1.73) to 2022 (1.26), suggesting a similar decreasing valuation trend
relative to sales.
These trends imply varying market perceptions regarding the valuation of sales revenue for these
companies. The declining P/S ratios generally indicate a potential decrease in market valuation
concerning sales revenue compared to market price across the years for most of the listed
companies. However, it's essential to consider additional financial metrics and industry-specific
factors to comprehensively evaluate the market's assessment of these companies.
Sales Growth
80
70
60
50
40
30
20
10
0
-10 The Searl Company Citi Pharma GLAXO - ABOT - Abbott
Ltd. Ltd.
2022 2021 2020
Sales Growth 2022 2021 2020

14.07 28.06 13.36
The Searl Company Ltd.
Citi Pharma 26.76 68.75 20
GLAXO - Glaxosmithkline (Pak) Ltd. 14.13 4.48 -4.08
ABOT - Abbott Laboratories (Pak) Ltd. 15.71 20.65 17
The Searl Company Ltd. with Citi Pharma, GLAXO - Glaxosmithkline (Pak) Ltd., and ABOT -
Abbott Laboratories (Pak) Ltd. across 2020, 2021, and 2022, a pattern emerges. Searl maintained
positive sales growth throughout the years, albeit with some fluctuations. In 2022, its sales growth
rate (14.07%) dropped from the prior year (28.06%), signaling a slowdown in revenue expansion
compared to the robust growth in 2021. Citi Pharma consistently showcased strong sales growth
rates, although 2022 saw a decline from the substantial growth recorded in 2021. GLAXO
demonstrated a notable improvement in sales growth in 2022 compared to the preceding years,
showing a resurgence after a slower growth rate in 2021. ABOT maintained a relatively steady
growth trajectory, with consistent positive sales growth over the analyzed period, albeit
experiencing a slight dip in 2022 from the growth recorded in 2021. Searl's fluctuations suggest a
potential need for analysis into factors impacting its revenue growth, while Citi Pharma's declining
growth rate, despite remaining robust, might warrant attention to sustain momentum. GLAXO's
rebound and ABOT's consistent growth underscore their potential resilience in revenue generation
despite market fluctuations.
Sales Per Share
600
500
400
300
200
100
0
Ltd. Ltd.
2022 2021 2020
Sales Per Share 2022 2021 2020

76.68 84.02 96.39
Citi Pharma 54.26 42.81 40
In 2022, Searl recorded Sales Per Share of 76.68, displaying a decrease from 2021 (84.02) and 2020
(96.39). This decline signifies a reduction in sales revenue generated per share, possibly indicating a
decrease in revenue or an increase in the number of outstanding shares.
Citi Pharma shows an increasing trend in Sales Per Share, reaching 54.26 in 2022 from 42.81 in 2021
and 40 in 2020. This indicates consistent growth in sales revenue per share, potentially reflecting
efficient revenue generation or a controlled increase in outstanding shares.
GLAXO demonstrates a consistent rise in Sales Per Share from 2020 (110.18) to 2022 (131.38),
indicating a continuous increase in sales revenue generated per share, reflecting positive revenue
growth or effective management of outstanding shares.
ABOT stands out with the highest Sales Per Share across all listed years, showcasing a steady
increase from 2020 (360.4) to 2022 (503.14), indicating significant growth in sales revenue per share
over the analyzed period.
These metrics portray each company's ability to generate sales revenue concerning the number of
outstanding shares. Searl's declining Sales Per Share suggests a potential need for analysis into its
revenue streams or outstanding share changes.
Gross Profit Margin
50
45
40
35
30
25
20
15
10
5
0
Ltd. Ltd.
2022 2021 2020
Gross Profit Margin 2022 2021 2020

43.86 46.5 47.4
Citi Pharma 12.16 13.83 12.39
Searl maintained a relatively consistent Gross Profit Margin over the years, recording 43.86% in
2022, slightly lower than in 2021 (46.5%) and 2020 (47.4%). This stability indicates a consistent
ability to retain a significant portion of sales revenue as gross profit.
Citi Pharma displays a consistent but comparatively lower Gross Profit Margin, with a decrease from
2021 (13.83%) to 2022 (12.16%), suggesting a slight decline in profitability concerning the cost of
goods sold.
GLAXO exhibited fluctuations in its Gross Profit Margin, notably dropping in 2022 (17.4%) from 2021
(26.56%) after an increase from 2020 (21.47%). This fluctuation might indicate changing cost
structures or pricing strategies affecting profitability.
ABOT showcased a declining trend in Gross Profit Margin, decreasing from 2021 (37.76%) to 2022
(29.49%) while maintaining profitability above the other listed companies. This decrease might signal
increased costs or pricing pressures impacting profitability.
Overall, while Searl maintained a relatively stable Gross Profit Margin, Citi Pharma showed a
consistent but lower margin.
Net Profit Margin
16
14
12
10
8
6
4
2
0
Ltd. Ltd.
2022 2021 2020
Net Profit Margin 2022 2021 2020

7.86 14.03 12.21
Searl maintained a relatively stable Net Profit Margin, recording 7.86% in 2022, showing a slight
decrease from 2021 (14.03%) but remained above the figures from 2020 (12.21%). This stability
suggests a consistent ability to convert sales into profits, although there was a decrease in
profitability compared to the previous year.
Citi Pharma shows a consistent but comparatively lower Net Profit Margin, fluctuating between
4.07% in 2020 to 6.5% in 2021 and declining to 5.31% in 2022. While the margins are lower, there is
some consistency in converting sales into profits.
GLAXO demonstrated fluctuations in Net Profit Margin, with a substantial decrease in 2022 (5.89%)
from 2021 (14.61%) after an increase from 2020 (9.62%). These fluctuations might indicate varying
levels of efficiency in managing costs and generating profits.
ABOT showcased a relatively stable Net Profit Margin, with minor variations from 2020 (12.85%) to
2022 (6.1%) after a higher margin in 2021 (14.02%). This stability suggests consistent but moderate
profitability relative to sales.
Overall, while Searl demonstrated stable profitability, Citi Pharma exhibited consistent but lower
margins.
Operating Profit Margin
25
20
15
10
0
Ltd. Ltd.
2022 2021 2020
Operating Profit Margin 2022 2021 2020

Citi Pharma 9.42 10.05 8
Searl maintained a consistently healthy Operating Profit Margin, reporting 18.88% in 2022, showing
stability compared to 2021 (20.82%) and 2020 (20.02%). This suggests efficient management of
operating expenses relative to revenues, maintaining profitability in their core operations.
Citi Pharma also displayed stable Operating Profit Margins, albeit at a lower rate than Searl, with
figures ranging from 8% in 2020 to 10.05% in 2021, slightly declining to 9.42% in 2022. Despite being
lower, this consistency signals steady profitability in their core operations.
GLAXO exhibited fluctuations in its Operating Profit Margin, reporting a decrease to 4.77% in 2022
from 15.49% in 2021 after a rise from 9.79% in 2020. These fluctuations may imply varying
operational efficiencies or cost management strategies impacting profitability.
ABOT maintained a relatively stable Operating Profit Margin, ranging from 17.77% in 2020 to 20.63%
in 2021, slightly decreasing to 13.4% in 2022. This stability suggests efficient management of
operating costs and profitability, although experiencing a slight dip in 2022.
In summary, Searl and Citi Pharma demonstrated stable but differing Operating Profit Margins, while
GLAXO showed notable fluctuations, and ABOT maintained moderate stability with a slight decrease
in 2022.
ii. Income Statement:
Issued, subscribed and paid-up capital
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2022 2021 2020
The Searl Company Ltd. Citi Pharma GSK ABOT



The Issued, Subscribed, and Paid-up Capital data illustrates varying trends among The Searl
Company Ltd., Citi Pharma, GSK, and ABOT. Searl experienced consistent growth in capital
across the three years, displaying a substantial increase from 2020 to 2021 and a notable
jump in 2022. This upward trend suggests aggressive financial strategies, potentially involving
expansions, new investments, or fundraising efforts to drive growth initiatives. In contrast,
Citi Pharma showcased rapid capital growth as well, particularly between 2020 and 2021,
followed by further expansion in 2022. This surge implies a similar pattern of robust financial
activities, potentially driven by endeavors to fortify the company's financial standing or
support ambitious expansion plans. On the other hand, both GSK and ABOT maintained static
capital levels throughout the three-year period, suggesting a deliberate conservative
approach to their capital structures, prioritizing stability and potentially indicating a focus on
maintaining existing operations rather than aggressive expansion or investment strategies
seen in Searl and Citi Pharma.

Share premium
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2022 2021 2020
 The Share Premium represents the additional amount received by a company on top of the
face value of shares. It is typically generated when shares are issued or sold at a price higher
than their nominal or face value.
 In the case of Searl, there has been a substantial increase in Share Premium from 2020 to
2021, and this figure remained constant in 2022. This consistent high value of Share Premium
across the two recent years indicates potential premium amounts received by the company
on the issuance of shares at prices exceeding their nominal value.
 For Citi Pharma, the Share Premium of 1,391,532 in 2022 suggests a similar scenario of
additional funds raised through share issuance at a premium. However, specific data for
previous years or for GSK and ABOT is not provided, making it challenging to discern trends
or changes in their Share Premium amounts over the mentioned ye
Revaluation surplus on property, plant and
equipment
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020
 For The Searl Company Ltd., there was a substantial Revaluation Surplus in 2020, which
decreased significantly in 2021 and showed a modest increase in 2022. These fluctuations
might suggest changes in the valuations of their property, plant, and equipment, potentially
due to market conditions or revaluations conducted by the company.
 Citi Pharma maintained a consistent Revaluation Surplus across 2021 and 2022, indicating a
stable valuation of its property, plant, and equipment over this period. However, without
data for GSK and ABOT, it's challenging to discern trends or changes in their Revaluation
Surplus.
General reserve
20,000,000
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 For The Searl Company Ltd., there has been consistency in the General Reserve figures
across all three years, indicating a maintenance of a set reserve amount without significant
changes or additional allocations.
 GSK and ABOT show increments in their General Reserves over the years, indicating
consistent accumulation or allocations from their profits toward these reserves. GSK
displayed a notable increase from 2020 to 2021 and a smaller increment from 2021 to 2022.
ABOT also showcased a steady rise in its General Reserve from 2020 to 2022.
 Citi Pharma's General Reserve figures are not specified, making it challenging to assess or
compare their reserve allocations over the mentioned years.
Unappropriated profit
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed substantial growth in unappropriated profits from 2020 to
2022, indicating increased retained earnings not earmarked for specific purposes. This
suggests robust profitability and potential reinvestment or accumulation of earnings.
 Citi Pharma: Also displayed growth in unappropriated profits over the mentioned years,
though the figures are comparatively lower than Searl. This indicates an increasing
accumulation of retained earnings, albeit at a different scale.
Total equity
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrates consistent growth in Total Equity across all years,
indicating increased shareholder ownership and a strengthening financial position.
 Citi Pharma: Also displays a significant increase in Total Equity, though starting from a much
lower base compared to Searl. The growth signifies an expansion of shareholder ownership
and improved financial standing.
 GSK: Shows incremental growth in Total Equity over the years, reflecting a stable but
moderate increase in shareholder ownership and company value.
 ABOT: Exhibits fluctuations in Total Equity, with a decrease from 2021 to 2022, indicating a
potential change in financial structure or shareholder ownership.
Long-term borrowings
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 Searl: Experienced a substantial increase in long-term borrowings from 2020 to 2021 but
decreased in 2022. This reduction might suggest a deliberate effort to manage or pay down
long-term debts.
 Citi Pharma: Also saw an increase in long-term borrowings across the years, though the
figures are significantly lower than Searl. The steady growth implies potential borrowing for
investment or operational needs.
Deferred tax liabilities
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a substantial increase in Deferred Tax Liabilities from
2021 to 2022, signaling potential changes in tax obligations or financial adjustments
impacting future tax payments.
 Citi Pharma: Also displayed a consistent growth in Deferred Tax Liabilities over the years,
though at a lower scale compared to Searl. This indicates increased future tax obligations.
 GSK: Showed consistent growth in Deferred Tax Liabilities, with substantial figures compared
to Searl and Citi Pharma, suggesting larger future tax commitments or changes in tax
provisions.
 ABOT: Exhibited steady growth in Deferred Tax Liabilities, with figures surpassing Searl and
Citi Pharma but lower than GSK. This signifies a moderate increase in future tax obligations.
Employee benefit obligations
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a consistent increase in Employee Benefit

Obligations over the years, with moderate growth observed from 2021 to 2022.
 GSK: Displayed fluctuations in Employee Benefit Obligations, with a considerable increase in
2022 after a decrease in 2021. This variation might indicate changes in benefit structures or
workforce-related provisions.
 ABOT: Exhibited slight fluctuations, with a gradual increase in Employee Benefit Obligations
across the years.
 Searl's Employee Benefit Obligations increased steadily over the three years but at a lower
magnitude compared to ABOT, which showed a similar trend but with higher figures overall.
GSK had fluctuations, notably rising in 2022 after a decline in 2021. These variations across
the companies might signify changes in workforce size, benefit plans, or adjustments in the
accounting for employee-related liabilities.
Deferred income - Government grant
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
2022 2021 2020


 The Searl Company Ltd.: Showed a declining trend in Deferred Income from Government
Grants, with figures of 42,856 in 2020, 9,246 in 2021, and zero in 2022. This suggests a
gradual reduction or utilization of government grant-related deferred income.
 Citi Pharma, GSK, and ABOT: Reported zeros across all three years, indicating either the
absence of government grant-related deferred income or the absence of disclosure for such
figures.
Lease liability
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2022 2021 2020


 The Searl Company Ltd.: Displayed a decreasing trend in Lease Liabilities from 2020 to 2022,
indicating a reduction in lease-related financial obligations over time.
 Citi Pharma: Also showed a declining trend in Lease Liabilities over the years, albeit at a
smaller scale compared to Searl.
 GSK: Experienced an increase in Lease Liabilities in 2022 after remaining relatively stable in
the previous years.
 ABOT: Demonstrated a decreasing trend in Lease Liabilities, following a downward trajectory
from 2020 to 2022.

Trade and other payables
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020
 The Searl Company Ltd.: Displayed a moderate increase in Trade and Other Payables from
2020 to 2022, indicating potential growth in outstanding payments to suppliers or accrued
liabilities.
 Citi Pharma: Showed a consistent increase in these payables over the years, with a notable
rise from 2021 to 2022, indicating an escalation in outstanding payments or accrued
liabilities.
 GSK: Exhibited an increase in Trade and Other Payables, particularly between 2021 and 2022,
signifying potential growth in outstanding payments or accrued liabilities.
 ABOT: Demonstrated a steady increase in these payables across the years, indicating a
continuous rise in outstanding payments or accrued liabilities.
Short term borrowings
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a continuous increase in Short Term Borrowings over
the three years, indicating rising short-term debt requirements or increased utilization of
short-term borrowing facilities.
 Citi Pharma: Also displayed an upward trend in Short Term Borrowings, though at a smaller
scale compared to Searl, suggesting a growth in short-term debt obligations or borrowing
needs.
 GSK and ABOT: reported zeros consistently for Short Term Borrowings across the mentioned
years, indicating either the absence of short-term borrowing activities or the absence of
disclosure for such figures.
Unpaid dividend
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed a gradual increase in Unpaid Dividends over the years,
indicating an escalation in dividends that remained unpaid to shareholders.
 Citi Pharma: Reported minimal unpaid dividends in 2022, while no unpaid dividends were
reported in 2020 and 2021, suggesting a recent initiation of dividend payments.
 GSK and ABOT: Displayed no unpaid dividends in 2020 and 2021, but reported significant
unpaid dividends in 2022, indicating a distribution of dividends to shareholders but not yet
paid out or claimed.
Unclaimed dividend
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed a decreasing trend in Unclaimed Dividends from 2020 to
2022, indicating a reduction in dividends that remained unclaimed by shareholders over
time.
 Citi Pharma: Reported zero unclaimed dividends across all three years, signifying either a lack
of unclaimed dividends or no disclosure for such figures.
 GSK and ABOT: Displayed an increasing trend in Unclaimed Dividends over the years,
suggesting a rise in dividends that remained unclaimed by shareholders.
Current portion of lease liability
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed fluctuations in the Current Portion of Lease Liability over
the years, with a slight increase from 2021 to 2022 after a decrease from 2020 to 2021.
 Citi Pharma: Demonstrated a consistent increase in the Current Portion of Lease Liability
across the mentioned years, indicating a growth in short-term lease obligations.
 GSK: Displayed fluctuations, with a decrease in the Current Portion of Lease Liability in 2022
after an increase in 2021.
 ABOT: Exhibited fluctuations, with varying figures for the Current Portion of Lease Liability
over the years.
 These variations suggest differences in short-term lease obligations among the companies,
with fluctuations or steady increases in their respective short-term lease liabilities over the
years.
Property, plant and equipment
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated consistent growth in Property, Plant, and Equipment
(PPE) values across the years, indicating continued investments or acquisitions in tangible
assets.
 Citi Pharma: Also displayed steady growth in PPE values, with a consistent increase over the
years, albeit at a smaller scale compared to Searl.
 GSK and ABOT: Showed incremental growth in PPE values over the years, reflecting ongoing
investments in property, plant, and equipment.
 These trends indicate varying scales of investments in tangible assets among the companies,
with Searl, GSK, and ABOT displaying substantial growth in PPE values over the years, while
Citi Pharma showed a consistent, albeit smaller, increase in comparison.

Intangible assets
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a substantial increase in Intangible Assets from 2020
to 2021 and a moderate increase from 2021 to 2022, indicating significant acquisitions or
developments in intangible assets over the years.
 Citi Pharma: Reported a lower but increasing trend in Intangible Assets, showcasing a gradual
rise in these assets from 2021 to 2022.
 GSK: Maintained the same value of Intangible Assets from 2020 to 2021 and slightly
decreased in 2022, indicating stability with minor fluctuations.
 ABOT: Displayed a decreasing trend in Intangible Assets over the years, with a reduction in
these assets from 2020 to 2022.
 These variations suggest diverse strategies or investments in intangible assets among the
companies, with Searl and Citi Pharma showcasing notable changes in their intangible asset
values, while GSK maintained stability, and ABOT experienced a decrease over the mentioned
years.

Investment properties - at cost
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated consistent growth in Investment Properties - at Cost
over the years, indicating continuous investments or acquisitions in this asset category.
 Citi Pharma: Also displayed an increase in this category from 2021 to 2022, although at a
smaller scale compared to Searl.
 The absence of reported values for GSK and ABOT suggests either the absence of investment
properties in this category or a lack of disclosure for these specific figures.
Long-term deposits
300,000
250,000
200,000
150,000
100,000
50,000
0
2022 2021 2020


 The Searl Company Ltd.: Displayed a gradual increase in Long-term Deposits over the years,
indicating consistent deposits into long-term accounts.
 Citi Pharma: Maintained the same value for Long-term Deposits across the years, showing no
changes in this category.
 GSK: Reported a minor increase in Long-term Deposits in 2022 compared to the consistent
value from 2020 to 2021.
 ABOT: Maintained the same value for Long-term Deposits across all three years, indicating a
stable approach to long-term deposits without changes.
 These trends suggest varying approaches among the companies regarding long-term deposit
management, with Searl showing a consistent increase, Citi Pharma maintaining a stable
value, and GSK and ABOT maintaining constant or minimal changes in this financial category.
Long-term loans and advances
80000
70000
60000
50000
40000
30000
20000
10000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a decreasing trend in Long-term Loans and Advances
over the years.
 GSK and ABOT: Displayed fluctuations in Long-term Loans and Advances values over the
mentioned years.
 These trends indicate varying approaches or changes in long-term loans and advances among
the companies. Searl demonstrated a decreasing trend, while GSK and ABOT showed
fluctuations in this financial category over the mentioned years.
Inventories
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed a consistent increase in Inventories over the years,
indicating growth in stored goods or materials.
 Citi Pharma: Demonstrated fluctuations in Inventories, with an increase in 2022 compared to
2021.
 GSK and ABOT: Displayed consistent growth in Inventories over the mentioned years,
showing an increase in stored goods or materials.
 Overall, all companies showed various trends in their Inventories, with some indicating
consistent growth over the years while others showed fluctuations or consistent figures.

Trade receivables
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated consistent growth in Trade Receivables over the
years, indicating an increase in amounts owed by customers.
 Citi Pharma, GSK, and ABOT: All showed varying degrees of increase in Trade Receivables,
reflecting growth in amounts owed by customers across the mentioned years, although with
different scales of increase.
Loans and advances

3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2022 2021 2020


 The Searl Company Ltd.: Displayed a significant decrease in Loans and Advances from 2020
to 2021 and a marginal increase from 2021 to 2022.
 Citi Pharma and ABOT: Both showed a consistent increase in Loans and Advances over the
mentioned years, although at different scales.
 GSK (Glaxosmithkline): Demonstrated a substantial increase in Loans and Advances from
2021 to 2022 after maintaining a relatively stable value in the previous years.
 These trends suggest varied approaches among the companies in managing loans and
advances, with fluctuations and different scales of increase or decrease across the mentioned
years.

Trade deposits and short-term prepayments
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a gradual increase in Trade Deposits and Short-term
Prepayments over the mentioned years.
 GSK (Glaxosmithkline): Displayed fluctuations in this category, with an increase in 2022
compared to 2021.
 ABOT (Abbott Laboratories): Showed variations with a significant increase in 2022 compared
to previous years.
 Citi Pharma: Maintained a constant zero value across all three years, suggesting either the
absence of this category or lack of disclosure for these specific figures.
Accrued markup
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2022 2021 2020


 The Searl Company Ltd. and Citi Pharma: Showed varying degrees of increase in Accrued
Markup, with Citi Pharma displaying a significant rise in 2022 compared to previous years.
 GSK (Glaxosmithkline): Had a notable amount in 2020, followed by a decrease in subsequent
years, suggesting a reduction in accrued markup over time.
 ABOT (Abbott Laboratories): Maintained a consistent zero value across all three years,
suggesting either the absence of this category or lack of disclosure for these specific figures.

Other receivables
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed consistent growth in Other Receivables each year.
 GSK and ABOT: Both showed significant fluctuations but generally increasing trends in this
category.
 Citi Pharma: Maintained a consistent zero value across all three years, suggesting either the
absence of this category or lack of disclosure for these specific figures.
Short-term investment at amortised cost

9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed relatively stable figures over the years.
 Citi Pharma: Demonstrated a significant increase in Short-term Investments at Amortized
Cost in 2022 compared to the absence of such investments in the previous years.
 GSK (Glaxosmithkline): Displayed a decrease in Short-term Investments at Amortized Cost
from 2021 to 2022 after a notable increase in 2021.
 ABOT (Abbott Laboratories): Showed fluctuations in Short-term Investments at Amortized
Cost over the mentioned years.

Taxation - payments less provision
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a consistent increase in Taxation (Payments less
Provision) over the mentioned years.
 Citi Pharma: Showed a significant increase in 2022 compared to the previous years.
 GSK (Glaxosmithkline): Displayed a slight increase in 2022 compared to 2021.
 ABOT (Abbott Laboratories): Maintained a consistent value in 2021 and 2022, slightly lower
than the value in 2020.
Tax refunds due from Government - Sales tax Cash

and bank balances
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
-200,000 2022 2021 2020
-400,000


 The Searl Company Ltd.: Shows fluctuations over the years with a significant increase in 2022
compared to 2021.
 GSK (Glaxosmithkline): Demonstrated a substantial increase in 2022 compared to previous
years.
 ABOT (Abbott Laboratories): Displayed a decrease in 2022 compared to 2021 and a
considerable decrease from 2020 to 2022.
 Citi Pharma: Recorded zero values across all three years, suggesting either the absence of
this category or lack of disclosure for these specific figures.
iii. BALANCE SHEET:
Revenue from contracts with customers
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated steady growth in revenue over the mentioned years.
 Citi Pharma: Showed consistent growth in revenue, with a significant increase in 2022
compared to previous years.
 GSK (Glaxosmithkline) and ABOT (Abbott Laboratories): Both displayed consistent growth in
revenue over the mentioned years, with substantial increases in 2022 compared to 2021.
Cost of sales
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated a consistent increase in the cost of sales over the
mentioned years.
 Citi Pharma: Displayed continuous growth in the cost of sales, with a significant increase in
2022 compared to previous years.
 GSK (Glaxosmithkline) and ABOT (Abbott Laboratories): Both showed variations in the cost
of sales, with fluctuations in the values over the mentioned years.

Distribution costs
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed a consistent increase in distribution costs over the years.
 Citi Pharma: Displayed incremental growth in distribution costs over the years.
 GSK (Glaxosmithkline) and ABOT (Abbott Laboratories): Both demonstrated variations in
distribution costs, with fluctuations in the values across the mentioned years.
Administrative expenses
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed a gradual increase in administrative expenses over the
mentioned years.
 Citi Pharma: Demonstrated significant growth in administrative expenses in 2022 compared
to the previous years.
 GSK (Glaxosmithkline): Displayed variations in administrative expenses with fluctuations in
the values.
 ABOT (Abbott Laboratories): Showed a consistent increase in administrative expenses over
the years.

Other expenses
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2022 2021 2020


 The Searl Company Ltd.: Displayed fluctuations in other expenses over the mentioned years.
 Citi Pharma: Showed an increase in other expenses over the years, with a significant rise in
2022 compared to the previous years.
 GSK (Glaxosmithkline): Demonstrated fluctuations in other expenses, with variations in
values across the mentioned years.
 ABOT (Abbott Laboratories): Displayed a consistent increase in other expenses over the
years, with a substantial rise in 2022 compared to previous years.
Other income
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed fluctuations in other income over the mentioned years.
 Citi Pharma: Exhibited growth in other income over the years, with a notable increase in
2022 compared to previous years.
 GSK (Glaxosmithkline): Demonstrated a consistent rise in other income over the years, with
a significant increase in 2022.
 ABOT (Abbott Laboratories): Displayed variations in other income, with fluctuations in values
across the mentioned years.

Gross profit
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated an increase in gross profit over the mentioned years.
 Citi Pharma: Displayed consistent growth in gross profit over the years.
 GSK (Glaxosmithkline): Showed variations in gross profit, with fluctuations in values across
the mentioned years.
 ABOT (Abbott Laboratories): Exhibited fluctuations in gross profit, with varying values across
the mentioned years.
Profit from operations
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Displayed fluctuations in profit from operations over the mentioned
years.
 Citi Pharma: Showed consistent growth in profit from operations over the years.
 GSK (Glaxosmithkline): Exhibited variations in profit from operations, with fluctuations in
 ABOT (Abbott Laboratories): Demonstrated an increase in profit from operations over the
years.

Finance cost
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated an increase in finance costs over the mentioned
years.
 Citi Pharma: Showed slight fluctuations in finance costs over the years.
 GSK (Glaxosmithkline): Exhibited a significant increase in finance costs in 2022 compared to
previous years.
 ABOT (Abbott Laboratories): Displayed variations in finance costs, with fluctuations in values
across the mentioned years.
Profit before income tax
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Demonstrated fluctuations in profit before income tax over the
mentioned years.
 Citi Pharma: Displayed consistent growth in profit before income tax over the years.
 GSK (Glaxosmithkline): Showed variations in profit before income tax, with fluctuations in
 ABOT (Abbott Laboratories): Exhibited fluctuations in profit before income tax, with varying

Income tax expense
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2022 2021 2020


 The Searl Company Ltd.: Showed fluctuations in income tax expenses over the mentioned
years.
 Citi Pharma: Displayed an increasing trend in income tax expenses over the years.
 GSK (Glaxosmithkline): Exhibited an increase in income tax expenses from 2020 to 2022.
 ABOT (Abbott Laboratories): Demonstrated a continuous increase in income tax expenses
over the years.
Profit for the year
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2022 2021 2020


 The Searl Company Ltd.: Experienced some variability in its yearly profits, with a dip in 2022
compared to the preceding year, indicating potential challenges or changes impacting their
earnings.
 Citi Pharma: Demonstrated a consistent increase in profitability over the years, suggesting
effective management or growth strategies that resulted in improved earnings.
 GSK (Glaxosmithkline): Displayed fluctuating profits, with a notable decrease in 2022

compared to the previous year, potentially indicating factors affecting their revenue or
increased expenses impacting their net profit.
 ABOT (Abbott Laboratories): Showed fluctuations in profitability, with a decline in profits

from 2021 to 2022, indicating potential shifts in their market or operational challenges
affecting their earnings.
iv. Cash Flow Statement
 Cash Flow Analysis Of Searle:
2022 2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 2,906,261 5,106,041 1,300,923

Employee benefit obligations paid -19,444 -17,054 -7,269
Finance cost paid -1,951,214 -1,755,300 -550,561
Income taxes paid -1,384,175 -1208701 -988,835
Payments to workers' welfare fund and workers' profit
participation fund
-285,644 -237,947 -164,324
Interest income received -87 9,653 33,570

(Increase) / decrease in long-term deposits -3,549 2,834 2,800
Decrease in long-term loans and advances 84 33 -88
Net cash (used in) / generated from operating activities -737,768 1,899,559 -373,784
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment -484,967 -879,825 -163,694

Proceeds from disposal of property, plant and equipment 9,366 20,396 2,778
Purchase of investment properties -341,807 -561,384 -250,452
Purchase of intangible assets -762 -7,499 -11,171
Acquisition of subsidiary - net -600,000 -17,004,956 -
Proceeds from disposal of subsidiary - net - 187,933 -
Deferred payable to UVPL - related party -260,712 - -
Short-term investments - net 949 - -100,000
Net cash used in investing activities -1,677,933 -18,245,335 -447,039
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid -473,964 -535,270 -509,850

Advance against issue of share capital 1,465,396 - -210,000
Proceeds from issue of shares - -4,694,597 -
Issue cost relating to issuance of shares - -25,060 -
Borrowings obtained – net - 9,641,500 -
Transaction cost paid on musharaka facility obtained - -117,989 -
Demand finance facility (repayment) / obtained -113,333 113,333 -
Repayment of salary refinancing – net -342,920 -80,810 -535,500
Payments against lease liabilities -20,017 -22,878 (28,868
Net cash generated from financing activities 515,162 13,667,423 -213,218
Net decrease in cash and cash equivalents -1,900,539 -2,678,353 -1,034,041
Cash and cash equivalents at beginning of the year -7,162,617 -4,484,264 -3,450,223
Cash and cash equivalents at end of the year -9,063,156 -7,162,617 -4,484,264
 Searle:
Operating Activities:
Decreasing trend in cash generated from operations over three years.
Variability in payments for employee benefits, finance costs, income taxes, etc.
Investing Activities:
Consistently negative cash flow due to substantial investments, acquisitions, and disposals.
Financing Activities:
Showed a mix of positive and negative trends, indicating various financial activities.
Overall:
Declining cash generation from operations and substantial investments.
 Cash Flow Analysis Of Abbot:

2022 2021 2020
Cash generated from operations 6,648,892 9,929,391 9,930,625

Income taxes paid -2,594,968 -1,853,211 -1,541,273
Long-term loans and advances - net 5,137 -3,613 -10,537
Long-term prepayments - net 320 780 2,134
Staff retirement benefits paid -262,470 -250,287
Net cash inflow from operating activities 3,796,911 7,823,060 8,147,958
CASH FLOWS FROM INVESTING

ACTIVITIES
Additions to property, plant and equipment -3,584,678 -2,054,976 -1,380,060
Addition to intangible asset - -5,000 -9,879

Investments in term deposit receipts 2,000,000 -2,000,000 -
Sale proceeds from disposal of property, 182,078 87,724 88,921
plant and equipment
Interest income 918,547 536,508 344,239
Net cash outflow from investing activities -484,053 -3,435,744 -956,779
CASH FLOWS FROM FINANCING

ACTIVITIES
Finance costs paid -21,988 -33,886 -53,163

Lease rentals paid -102,306 -170,238 -205,363
- -655,084 -
-1,016,082 -4,397,642 -2,201,291

Net cash outflow from financing activities -1,140,376 -5,256,850 -2,459,817
Net increase / (decrease) in cash and 2,172,482 -869,534 4,731,362

cash equivalents
Cash and cash equivalents at the 6,619,347 7,488,881 2,757,519

beginning of the year
Cash and cash equivalents at the end of 8,791,829 6,619,347 7,488,881

the year
 Abbott:
Consistent and strong cash generated from operations.
Stable cash flows in this area compared to Searle.
Varying trends but mostly negative due to capital expenditures.
Consistent cash outflow in financing, including dividends paid.
Overall:
Stable cash flow from operations and consistent financing activities.
 Cash Flow Analysis of Citi Pharma:
2022 2021 2020

CASH FLOWS FROM OPEARTING
ACTIVITIES
Profit/ (Loss) Before Taxation 1,032,974 499,746 202,528

Depreciation 76,829 65,689 49,592
Gratuity Expense 11,526 8,256 4,362
Exchange Loss
6,847 636 0
Amortisation of Deferred Grant
-14,170 -2,226 0
Unrealized Loss 4,482 - 0
Accrued Interest -27,669 - 0
Financial Charges 71,037 40,776 43,924
Worker's Profit Participation Fund
55,423 26,751 11,101
Worker's Welfare Fund 20,062 8,520 4,027
204,367 148,402 115,699
Profit/ (Loss) before working capital

changes 1,237,341 648,149 318,227
EFFECT OF WORKING CAPITAL CHANGES

Advances, Deposits And Prepayments -76,355 -22,376 43,684
Trade Debts -957,019 -145,081 139,215
Stock In Trade -913,443 113,529 789,683
Trade And Other Payables 782,187 -188,599 849,604
-1,164,630 -242,526 -122,977
-58,734 -39,223 -41,305

Income Tax Paid -309,613 -126,462 -51,385
Gratuity Paid -587 -408 -
Worker's Profit Participation Fund
-26,751 -11,101 -6,137
Worker's Welfare Fund - -4,027 -2,332
-395,684 -181,220 -101,159
Net cash flow from operating activities -322,974 224,402 94,091

CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property And Equipment

-586,125 -276,702 -115,191
Capital Work in Progress -14,330 - -2,668
Long Term Security Deposits -8,905 - -82,717
Short Term Investments -312,123 - -
Net cash flow from investing activities -921,483 -276,702 -200,577
CASH FLOW FROM FINANCING

ACTIVITIES
Long-term loans obtained
300,000 146,946 -
Long-term loans repaid -143,527 -67,596 117,810
Liability Against Assets Subject To Finance
Lease -4,773 -7,395 7,861
Director's Loan - -5,000 -
Share Deposit Money - 2,326,144 -
Payable to General Public Against Excess
Proceeds -521,384 521,384 -
Dividend Paid -311,538 - -
Short Term Borrowings 509,371 122,797 -2,098
Net Cash flow From financing Activities -171,851 3,037,280 107,851
Net Increase/ (Decrease) In Cash And Cash

Equivalents -1,416,308 2,984,980 1,365
Cash and cash equivalents at beginning of

the year 3,074,425 89,444 88,079
Cash And Cash Equivalents At End Of The

Year 1,658,117 3,074,425 89,444
Cash and cash equivalents comprise of:
Cash in hand 373 214 311
Cash at bank 27,109 3,074,210 89,134
Short Term Investments 1,630,635 - -
1,658,117 3,074,425 89,444
 Citi Pharma:
Increasing cash from operations but with fluctuations.
Fluctuating, but overall negative cash flows due to capital expenditures.
Mixed trends, involving loans obtained, repayments, and dividends.
Overall:
An increase in operating cash, but varying investing and financing activities.
 Cash Flow Analysis of GSK :

2022 2021 2020
Cash (used in) / generated from operations -390,860 5,976,729 6,853,455
Contribution to retirement benefits fund -132,329 -126,353 -104,801
Income taxes paid -2,638,936 -871,587 -809,998
Decrease in long-term loans to employees and long-term
deposits 959 8,317 30,386
Net cash (used in) / generated from operating activities 3,161,166 4,987,106 5,960,185
CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditures -1,533,169 -1,303,769 -1,316,019
Proceeds from disposal of operating assets 244,467 100,718 52,992

Proceeds from disposal of non-current assets held for sale - 676,549 -
Return received on bank balances and investments 827,104 374,941 237,102
Net cash used in investing activities -461,598 -151,561 -1,025,925
CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid -375,031 -2,061,811 -1,891,561
Lease rentals paid -14,596 -11,462 -12,094
Net cash used in financing activities -389,627 -2,073,273 -1,903,655
Net (decrease) / increase in cash and cash equivalents -4,012,391 2,762,272 3,030,605
8,482,773 5,720,501 2,689,896
Cash and cash equivalents at the end of the year 4,470,382 8,482,773 5,720,501
 GSK:
Fluctuating trend in cash generated from operations.
Varying, but predominantly negative due to capital expenditures.
Consistent cash outflows, especially in dividend payments.
Overall:
Fluctuating operating cash, consistent financing outflows.
Comparative Analysis:
 Operating Activities:
Searle:
2022:
Cash generated from operations dropped significantly compared to previous years.
Fluctuations in various expenses like employee benefits, finance costs, and income taxes paid.
2021:
Strong cash generation from operations compared to 2022 but a downward trend from 2020.
2020:
A significant drop in cash generated from operations compared to subsequent years.
Abbott:
2022:
Continues to exhibit strong cash generation from operations.
Consistency in operational cash flows over the years.
2021:
Stable and high cash generation similar to 2022.
2020:
Consistent with the strong operational cash flow trend.
Citi Pharma:
2022:
A significant increase in cash generated from operations, but with fluctuations.
2021:
Improved cash flow compared to 2020 but not as strong as 2022.
2020:
Lowest among the three years with a steady but less impressive cash flow from operations.
GSK:
2022:
A decrease in cash generated from operations compared to the previous year.
Relatively inconsistent operational cash flows.
2021:
A notable increase in cash from operations compared to 2020.
2020:
Lowest among the three years, showing a fluctuating trend.
 Investing Activities:
Searle:
Consistently negative cash flow due to substantial investments, acquisitions, and disposals.
Abbott:
Varying trends but predominantly negative due to capital expenditures.
Citi Pharma:
Fluctuating, but overall negative cash flows due to capital expenditures.
GSK:
Varying, but predominantly negative due to capital expenditures.
 Financing Activities:
Searle:
Mixed trends showing a mix of positive and negative activities, indicating various financial
transactions.
Abbott:
Consistent cash outflow in financing activities, including dividends paid.
Citi Pharma:
Mixed trends involving loans obtained, repayments, and dividends.
GSK:
Consistent cash outflows, especially in dividend payments.
 Comparative Overview:
Searle vs. Abbott:
Searle's operations and investments exhibit more volatility compared to Abbott's stability.
Searle vs. Citi Pharma:
Searle has more consistent negative cash flows from investing activities compared to Citi Pharma's
fluctuating trend.
Searle vs. GSK:
Both show fluctuating operating cash, but Searle's investing activities are consistently negative
compared to GSK.
 Conclusion:
Searle demonstrates more fluctuation and a consistent negative trend in investing activities
compared to Abbott, Citi Pharma, and GSK. Abbott shows stability in both operations and financing
activities, while Citi Pharma and GSK display varying trends in operating cash and investing activities.

5. CEO Remarks:
Searle encountered significant challenges due to economic, political instability, and currency
devaluation, impacting its profitability. Despite this, the company managed a 7% growth in turnover
and recorded a profit of PKR 2.09 billion. The pharmaceutical industry in Pakistan, facing similar
challenges, has witnessed a 15% growth in the last year, with local companies dominating around
69% of the market share.
 Searle's Strategies for Improvement:
 Adaptation to Challenging Conditions
Searle's ability to weather the economic and political instability by delivering sustainable financial
performance demonstrates resilience.
 Mitigating Cost Pressures
Management's efforts to offset cost pressures by strategically allocating resources and increasing
field engagement helped in sustaining operations.
 Product Availability and Strategic Focus
Commitment to ensuring product availability, along with a strategic focus on therapeutic areas and
quality products, aided in maintaining market presence.
 Navigating Market Dynamics
In a highly competitive pharmaceutical market with heavy reliance on generics, Searle's strategies to
navigate price fluctuations and market dynamics contributed to its growth.
 People-Centric Approach
Leveraging the dedication of its workforce and a people-centric approach, Searle accelerated efforts
to impact human life positively.
 Potential for Future Growth
Despite challenges, the overall industry in Pakistan shows growth potential due to the country's large
population and expanding middle class, offering a significant market for pharmaceutical companies.
 Future Recommendations for Searle:
Diversification and Innovation: Invest in research and development to reduce reliance on imported
APIs and drive innovation in product offerings.
 Cost Management:
Explore avenues for cost optimization, potentially by localizing certain processes or establishing
strategic partnerships.
 Market Expansion:
Identify opportunities for expansion or collaborations within the local market, capitalizing on the
growing pharmaceutical sector.
 Risk Mitigation:
Develop robust risk management strategies to counter currency fluctuations and other geopolitical
risks impacting the industry.
Searle's future success may rely on its ability to adapt swiftly to market changes, innovate within the sector,
and effectively manage challenges while capitalizing on growth opportunities within the local pharmaceutical
landscape.
6. SWOT ANALYSIS :
 Strengths:
Steady Equity Growth:
The consistent growth in equity over the years signifies stability and increased shareholder value.
It shows the company's ability to retain and attract investors.
Diverse Asset Portfolio:
Investments across various asset classes (property, plant, equipment, intangibles) demonstrate a
balanced portfolio strategy.
Diversification can spread risk and offer stability in varying market conditions.
 Weaknesses:
Decline in Profit Margins:
Continuous decrease in operating and net profit margins could signal inefficiencies or increasing costs
affecting profitability.
Highlighting challenges in managing expenses relative to revenue.
Negative Cash Flow from Operations:
Persistent negative cash flow from operating activities suggests challenges in generating sufficient
cash from core business operations.
Indicates potential issues with managing working capital or inefficient operations impacting cash flow.
 Opportunities:
Expansion and Investment:
Opportunities for further development in existing asset classes indicate room for growth.
Exploring new markets or expanding product offerings can provide avenues for revenue increase.
Cost Optimization:
Streamlining operations and cost reduction strategies could enhance profitability.
Implementing efficient cost management methods might mitigate the impact of declining profit
margins.
 Threats:
Financial Leverage:
High long-term borrowings could pose risks during economic downturns or in the face of increased
interest rates.
Heavy reliance on borrowed funds might strain financial stability.
Market Competition:
Intensifying competition within the pharmaceutical industry could impact market share and pricing
power.
Requires strategic differentiation to maintain or increase market share.
 Conclusion:
Searle Pakistan Limited demonstrates strengths in equity growth and a diverse asset portfolio.
However, challenges such as declining profit margins and negative cash flow from operations need
immediate attention. Opportunities for expansion, cost optimization, and careful management of
financial leverage should be explored. Addressing weaknesses and leveraging opportunities while
mitigating threats will be crucial for sustained growth and competitive positioning within the
pharmaceutical sector.
7. Impact Of Interest Rates, Import-Export Dynamics, And
Budget Decisions:
The impact of various economic factors, such as interest rates, import-export dynamics, and budget decisions,
can significantly affect companies like Searle in Pakistan.
 Interest Rates:
Cost of Borrowing: Higher interest rates can increase the cost of borrowing for Searle if the company
relies on loans or credit for operations or expansions. This can impact profitability and investment
decisions.
Consumer Spending: Increased interest rates might reduce consumer spending on pharmaceutical
products if loans become more expensive, affecting Searle's sales.
 Import-Export Dynamics:
Raw Material Costs: Import-export fluctuations influence the cost of raw materials. For a
pharmaceutical company like Searle, this could affect the cost of producing medicines.
Currency Fluctuations: Changes in exchange rates impact the cost of imported materials. A weaker
local currency might increase costs for imported goods, affecting profit margins.
 Budget Decisions:
Tax Implications: Changes in the budget, especially tax policies, could impact Searle's financials. Tax
hikes or reductions in incentives might affect profitability.
Government Spending: Budget allocations to healthcare and pharmaceuticals could impact Searle's
sales if there are changes in government spending priorities.
 Overall Impact on Searle Pakistan:
Cost Structure: Changes in interest rates or import costs could impact the company's cost structure
and, subsequently, pricing strategies.
Market Demand: Economic changes can influence consumer behavior. If interest rates affect
disposable income, it might change the demand for pharmaceutical products.
Investment Decisions: Changes in borrowing costs might impact Searle's investment decisions,
potentially affecting expansions or R&D.
Searle's ability to adapt its strategies to changing economic conditions and government policies will
determine how these external factors affect its operations and financial performance in Pakistan.
8. Reason of Investing In Portfolio:
 Citi Pharma Ltd:

 Price Growth Potential:
The difference between the average buy and sell prices suggests a potential for profit within a shorter
time frame.
 Industry Outlook:
If the pharmaceutical sector in Pakistan is projected to grow, investing at a lower price point could
yield favorable returns upon selling.
 Philip Morris (Pakistan) Ltd:

 Dividend Yield:
Despite a slightly lower selling price, Philip Morris might offer a consistent dividend yield, providing
stable income for investors.
 Stable Industry:
Tobacco often maintains steady demand, ensuring a certain level of income despite market
fluctuations.
 The Searle Company Ltd:

Profit Margin Potential:
 The significant gap between the average buy and sell prices indicates a substantial potential for profit
upon selling the stock.
 Diversification:
Searle's diversified portfolio could provide stability against market volatility.
 Leiner Pak Gelatine Ltd:
 Potential Short-Term Profit:
The difference in buying and selling prices presents an opportunity for relatively quick returns.
 Market Demand:
 Understanding the gelatine market's demand can validate whether investing at a lower price aligns
with future growth expectations.
 Siemens Pakistan:
Profit Potential:
 The considerable difference in buy and sell prices suggests a significant potential for profit upon
selling the shares.
 Technological Advancements:
 Siemens' position as a tech company could indicate future growth prospects, aligning with the higher
selling price.

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Portfolio

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Name : Nabeel Iqbal

Roll No. : EB-20202062

Course Name : Portfolio Theory

Course No. : FM-604

Submitted To : Miss Amna

 Impact of COVID-19 on Operations:

 Operational Challenges and Adaptation:

 Economic Vulnerabilities and Advertise Dynamics:

 Strategic Measures Implemented:

 Collaboration and Contribution:

 Resilience and Recovery:

Economic Scenario for The Searle Company Limited in 2021

 Industry Patterns and Showcase Resurgence:

 Strategic Adjustments and Operational Resilience:

 Innovation in Investigate and Development:

 Collaborations and Partnerships:

 Impact of Government Arrangements and Support:

 Conclusion: Versatility and Prospects for Growth:

 Industry Combination and Showcase Evolution:

 Enhanced Operational Strategies:

 Continued Accentuation on Advancement and R&D:

 Strengthening Collaborative Partnerships:

 Adapting to Administrative Dynamics:

 Conclusion: Supported Development and Resilience:

2022 2021 2020

Long Term Debt To Assets Ratio 2022 2021 2020

2022 2021 2020

Long Term Debt To Equity 2022 2021 2020

2022 2021 2020

Total Debt To Assets Ratio 2022 2021 2020

2022 2021 2020

Total Debt To Equity 2022 2021 2020

2022 2021 2020

Price To Earning Ratio P / E Average

2022 2021 2020

Price To Sales Ratio Average

2022 2021 2020

Price To Sales Ratio Average 2022 2021 2020

2022 2021 2020

Sales Growth 2022 2021 2020

2022 2021 2020

Sales Per Share 2022 2021 2020

2022 2021 2020

Gross Profit Margin 2022 2021 2020

2022 2021 2020

Net Profit Margin 2022 2021 2020

2022 2021 2020

Operating Profit Margin 2022 2021 2020

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

 The Searl Company Ltd.: Demonstrated a consistent increase in Employee Benefit

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT

The Searl Company Ltd. Citi Pharma GSK ABOT