Final Reportt Tariq

International Islamic University Islamabad
Analysis of Financial Statement
Project
Submitted By:
Tariq Mehmood
Submitted To:
Dr. Syed Zulfiqar Ali Shah
Batch No: BBA 42(B)
Roll No: 6178FMS
Dept. of Business Administration
Faculty of Management Sciences
International Islamic University Islamabad
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Table of Contents
Executive Summary………………………………………………………………………………………………………………..
Introduction………………………………………………………………………………………………………………………….
The Introduction of Companies………………………………………………………………………………………………
Methodology……………………………………………………………………………………………………………………………
Results………………………………………………………………………………………………………………………………….
Companies Profile…………………………………………………………………………………………………………………
 Engro Corporation…………………………………………………………………………………..............
 Fatima Fertilizer Company…………………………………………………………………………………..
 Fauji Fertilizer Company………………………………………………………………………………………
Ratio Analysis…………………………………………………………………………………………………………………………
Current Ratio: ..................................................................................................................................................
Quick Ratio: .....................................................................................................................................................
Absolute Quick Ratio: ......................................................................................................................................
Net Profit Margin Ratio: ..................................................................................................................................
Gross Profit Margin Ratio: ..............................................................................................................................
Cog’s Ratio: .....................................................................................................................................................
Operationg Profit Ratio: ..................................................................................................................................
Operating Expense Ratio: ................................................................................................................................
Returm on Assets: ............................................................................................................................................
Return on Capital Employed: ..........................................................................................................................
Return on Equity: .............................................................................................................................................
Assets Turnover Ratio: ....................................................................................................................................
Inventory turnover ratio: .................................................................................................................................
Inventory turnover in days: ..............................................................................................................................
Debtor’s turnover ratio: ..................................................................................................................................
Debtor’s turnover in days: ...............................................................................................................................
Creditors turnover ratio: .................................................................................................................................
Creditor’s turnover in days: ............................................................................................................................
Operating Period: ............................................................................................................................................
Cash Cycle: ......................................................................................................................................................
Debt To equity ratio:........................................................................................................................................
Long term debt to total assets: .........................................................................................................................
Short term debt to total assets: ........................................................................................................................
Total Debt to Total Assets:/…………………………………………………………………………………………….
Intrest Coverage Ratio……………………………………………………………………………………………………
Tobin’s Q……………………………………………………………………………………………………………………
Market/Book Ratio………………………………………………………………………………………………………..
Price Earning Ratio……………………………………………………………………………………………………...
HORIZONTAL ANALYSIS: ......................................................................................................................................
Horizontal Analysis of Income Statement: .......................................................................................................
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Horizontal Analysis of Balance Sheet: .............................................................................................................
VERTICAL ANALYSIS: ...........................................................................................................................................
Vertical Analysis of Income Statement: ...........................................................................................................
Vertical Analysis of Balance Sheet: .................................................................................................................
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Executive Summary
In this project we take three companies first is Engro Corporation second is Fatima Fertilizer and
third is Fauji Fertilizer we collect 5 years data of these three companies include income
statement balance sheet from 2018 to 2022. Purpose of this project is to see that compare these
three companies that which company perform better than the industry and relate these three
companies. For this first we calculate Ratios Current Ratio, Performance Ratio, Activity Ratios,
Solvency and marketing ratios after this we also do trend analysis and vertical and horizontal
analysis also. We do interpretation of these ratios one by one and see which company performs
better and which company not performing well than the industry. In this we see that Engro
Company performs better than the industry and from other two companies.
Objectives of the study

 To analyze and evaluate the financial performance of Fertilizer Sector of Pakistan.
 To examine the short-term financial solvency of the Fertilizer Sector of Pakistan
 To study the growth of Fertilizer Sector in terms of ratio analysis for the past five years,
from 2018 to 2022.
Introduction
Fertilizers the unsung heroes of the plant world. These wondrous substances, whether natural or
man-made, play a crucial role in nourishing our crops and boosting agricultural yields. Imagine
them as tiny power pellets for plants giving them the essential nutrients they need to thrive.
There are two types of fertilizers.
1. Organic Fertilizer.
2. Inorganic Fertilizer.
Organic fertilizers are come from natural sources like manure, bone meal they slowly release
nutrients over time.
Inorganic fertilizers are containing high level of nitrogen, phosphorus and potassium. They act
fast.
Fertilizers play a crucial role in agriculture by providing essential nutrients to plants, enhancing
soil fertility, and improving crop yields. They contain various elements necessary for plant
growth, primarily categorized as macronutrients and micronutrients.
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Introduction of Companies
 Engro Company:
Engro Company is a public company headquartered in Karachi. Founded

as a fertilizer business in 1965, it is one of the largest companies in the country that employs
over 2,800 individuals across the Group. The principal activity of Engro is to manage
investments in subsidiary companies, associated companies and joint venture, engaged in
fertilizers, power generation, telecommunications infrastructure, petrochemicals, mining, food,
LNG and chemical storages. Engro operates through five verticals focusing on Food &
Agriculture, Energy & Related Infrastructure, Petrochemicals, Telecommunication
Infrastructure, and International Trading.
Significant Engro subsidiaries include Engro Fertilizers, Engro Exim Agri products, Engro Exim
FZE, Engro Energy, Engro Powered Qadirpur, Engro Powergen Thar, Engro Elengy Terminal,
Engro Vopak Terminal, Engro Polymer & Chemicals and Engro Enfrashare.
Engro "was the first Pakistani company to become a signatory of the UN Global Compact
(UNGC) and adopted the Global Reporting Initiative (GRI) framework for measuring and
reporting corporate performance on economic, social and environmental parameters.
 Fatima Fertilizer Company:
Fertilizers play a crucial role in the development of agriculture

sector. Fatima Fertilizer is proud to be the first and only green field project in Pakistan. fertilizer
complex is a fully integrated facility, capable of producing intermediate and final products.
The Fatima Fertilizer Company Limited was incorporated on December 24, 2003, as a joint
venture between two major business groups in Pakistan namely, Fatima Group and Arif Habib
Group. The foundation stone of the company was laid on April 26, 2006 by the then Prime
Minister of Pakistan. The construction of the Complex commenced in March 2007 and is housed
on 950 acres of land.
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Fatima Fertilizer produce two intermediate products Ammonia and Nitric Acid and four final
products Urea, Calcium Ammonium Nitrate (CAN), Nitro Phosphate (NP) and Nitrogen
Phosphorous Potassium (NPK) at Sadiqabad, Rahim Yar Khan.
Vision:
To be a world class manufacturer of fertilizer and ancillary products, with a focus on safety,
quality and positive contribution to national economic growth and development. We will care for
the environment and the communities we work in while continuing to create shareholders' value.
 Fauji Fertilizer Company:
Fauji Fertilizer Company is a Pakistani chemical company which

produces chemical fertilizer. It was established by the Fauji Foundation which holds a
controlling interest. FFC produces or markets various fertilizers which include urea, DAP, SOP
(Sulphate of Potash), MOP (Muriate of Potash), Boron (Di-Sodium Tetra Borate Decahydrate)
and Zinc (Zinc Sulfate Mono-hydrate).
FFC markets its products as "Sona". Sona is an Urdu language word, meaning gold.
Fauji Fertilizer Company Limited (FFC) is the largest urea manufacturer in Pakistan. It was
incorporated in 1978 as a joint venture between Fauji Foundation (a leading charitable trust in
Pakistan) and Haldor Topsoe of Denmark. The first urea complex was commissioned in 1982 in
Sadiqabad, Punjab. To keep up with the Urea demand in the country, a second plant was built at
the same location in 1993.
Methodology:
We are going to analyze the following companies:
1. Engro Fertilizer Company.
2. Fatima Fertilizer Company.
3. Fauji fertilizer Company.
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Interpretation of Ratios:
Current Ratio
2022
Now let’s see the company current ratio is 3.59 and the industrial average is 1.81 which means
the company ratio is good because the business requirement is only 1.81 times while the
company has two times more liquid funds available but even in this situation we have another
comment that .2 times current assets are being kept unutilized which would be diluted with the
passage of time.
Now see in Fatima fertilizers Company there is a current ratio of 1.28 and industrial average is
1.81.In this situation we see that company is not performing well the industrial ratio is greater
than the company ratio. In this situation company has shortage of liquid funds in which
company may be will have to arrange a credit line on the loan which would of course contain on
additional cost which would the increase cost and decrease the profits.
Now see in Fauji fertilizers Company there is a current ratio of 0.96 and industrial average is
1.81.In this situation we see that company is not performing well the industrial ratio is greater
than the company ratio. In this situation company has shortage of liquid funds in which
company may be will have to arrange a credit line on the loan which would of course contain on
2021
Now Let’s see Engro fertilizer company the current ratio of company is 4.77 and the Industrial
average is 2.34 That’s means the company performance is good company only require 2.34
average company have 2.3 more liquid funds then the industrial ratio but in this situation we
have another comment that company has 2.4 current assets are unutilized which would be
diluted with the passage the time.
Now let’s see Fatima Fertilizer Company the company current ratio is 1.32 and the industrial
average is 2.34. In this situation we see that company is not performing well the industrial ratio
is greater than the company ratio. In this situation company has shortage of liquid funds in
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which company may be will have to arrange a credit line on the loan which would of course
contain on additional cost which would the increase cost and decrease the profits.
Now in Fauji Fertilizer company the company ratio is 1.12 and industrial average is 2.34. In this
situation we see that company is not performing well the industrial ratio is greater than the
company ratio. In this situation company has shortage of liquid funds in which company may be
will have to arrange a credit line on the loan which would of course contain on additional cost
which would the increase cost and decrease the profits.
2020
The engro company current ratio is 7.20 and industrial average is 3.00 The company
performance is good then industrial .Company has 4.20 more current assets the industrial but
in another comment is that company kept these unutilized which would be diluted with the
passage of the time
In Fatima fertilizer company the company current ratio is 1.03 and the industrial is 3.00. . In this
In fauji fertilizer company the company current ratio is 1.37 and industrial is 3.00. In this
2019
Now see in engro Fertilizer company the company current ratio is 7.96 and industrial is 3.27 it
means the company performance is good then the industry Company has 4.69 more current
assets then the industry but in another comment that company kept these assets unutilized
and these assets are diluted with the passage of the time.
Now in Fatima Fertilizer Company the company has current ratio is 0.88 and industrial is 3.27
that means we see that company is not performing well the industrial ratio is greater than the
company ratio. In this situation the company has shortage of liquid funds in which company
may be will have to arrange a credit line on the loan which would of course contain on
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The fauji Fertilizer Company the current ratio is 0.91 and industrial avg is 3.27. In this situation
we see that company is not performing well the industrial ratio is greater than the company
ratio. In this situation company has shortage of liquid funds in which company may be will have
to arrange a credit line on the loan which would of course contain on additional cost which
would the increase cost and decrease the profits.
2018
Now in Engro Fertilizer company the current ratio is 9.06 and the industrial avg is 3.78 that
means the company is performing good more than the industrial average The company has
6.72 more current assets then the industry but in another comment is that the company kept
these assets unutilized and these assets are diluted with the passage of the time
In Fatima fertilizer company the current ratio is 1.08 and industrial avg is 3.78 in this situation
means we see that company is not performing well the industrial ratio is greater than the
company ratio. In this situation the company has shortage of liquid funds in which company
may be will have to arrange a credit line on the loan which would of course contain on
In Fauji fertilizer company the company current ratio is 0.95 and industrial average is 3.78 In
this situation we see that company is not performing well the industrial ratio is greater than the
Quick Ratio
2022
Quick Ratio of the Engro Fertilizer Company is 3.508, the company appears to have a relatively
weak ability to cover its short term liabilities with liquid assets. The industrial quick ratio is
15.82 indicates a comparable industry average. This suggests that the company is not in well
positioned in terms of short term liquidity potentially having a slight edge over the industry
norm.
Quick Ratio of the Fatima Fertilizer company is 0.8759; the company appears to have a
relatively weak ability to cover its short term liabilities with liquid assets. The industrial quick
ratio is 15.82 indicates a comparable industry average. This suggests that the company is not in
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well positioned in terms of short term liquidity potentially having a slight edge over the industry
norm.
Quick Ratio of the Fauji Fertilizer Company is 0.8428; the company appears to have a relatively
norm.
2021
Quick Ratio of the Engro Fertilizer Company is 4.7068; the company appears to have a relatively
strong ability to cover its short term liabilities with liquid assets. The industrial quick ratio is
2.2515 indicates a comparable industry average. This suggests that the company is in well
norm.
ratio is 2.2515 indicates a comparable industry average. This suggests that the company is not
in well positioned in terms of short term liquidity potentially having a slight edge over the
industry norm.
norm.
2020
norm.
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industry norm.
norm.
2019
norm.
industry norm.
norm.
2018
norm.
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industry norm.
norm.
Interpretation
Performance Ratios
Net Profit Margin:
2022
This ratio is calculated to analyze the bottom line of any business with respect to sale. It
provides a comparison amongst you benchmark that where you are standing The Engro
Fertilizer company Net profit Margin is 46.90% and the industrial average is
217.65%.Apparently that Company is not performing good then the market but being an
analyst, we are supposed to identify that why company performing less than the market.
Where Cogs become expensive and company has not controlled OP expenses or more financial
changes due to which it sharing abnormal loss.
provides a comparison amongst you benchmark that where you are standing The Fatima
Fertilizer company Net profit Margin is 9.27% and the industrial average is 217.65%.Apparently
that Company is not performing good then the market but being an analyst, we are supposed
to identify that why company performing less than the market. Where Cogs become expensive
and company has not controlled OP expenses or more financial changes due to which it sharing
abnormal loss.
provides a comparison amongst you benchmark that where you are standing The Fauji Fertilizer
company Net profit Margin is 18.33% and the industrial average is 217.65%.Apparently that
Company is not performing good then the market but being an analyst, we are supposed to
identify that why company performing less than the market. Where Cogs become expensive
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abnormal loss.
2021
that Company is performing good then the market but being an analyst, we are supposed to
that whether this out performance is real or manipulated. Even if this out performance is real
we have to identify the factors ratio accumulated towards this high level of NPM. The company
have advantage of economics of sale being the longest manufacturer where cogs become
cheaper or the company has controlled op expenses or less financial changes due to which it
sharing abnormal profits.
abnormal loss.
abnormal loss.
2020
48.76%.Apparently that Company is performing good then the market but being an analyst, we
are supposed to that whether this out performance is real or manipulated. Even if this out
performance is real we have to identify the factors ratio accumulated towards this high level of
NPM. The company have advantage of economics of sale being the longest manufacturer
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where cogs become cheaper or the company has controlled op expenses or less financial
changes due to which it sharing abnormal profits.
abnormal loss.
abnormal loss.
2019
NPM. The company has advantage of economics of sale being the longest manufacturer where
cogs become cheaper or the company has controlled op expenses or less financial changes due
to which it sharing abnormal profits.
abnormal loss.
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abnormal loss.
2018
NPM. The company has advantage of economics of sale being the longest manufacturer where
cogs become cheaper or the company has controlled op expenses or less financial changes due
to which it sharing abnormal profits.
abnormal loss.
abnormal loss.
Gross Profit Ratio:
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2022
This ratio tells us about the %age of profit where only has been deducted. The Engro Fertilizer
Company GPR is 105.99% and industrial average is 538.07% In this situation our Gross profit is
less than the industry while the COGS is greater than the industry. So one thing is dear that we
are not performing good as far as the GRP is concerned and other thing also has been cleared
from here that company is not taking the advance.
This ratio tells us about the %age of profit where only has been deducted. The Fatima Fertilizer
company GPR is 34.12% and industrial average is 538.07% in this situation our Gross profit is
are not performing good as far as the GRP is concerned and other thing also has been cleared
This ratio tells us about the %age of profit where only has been deducted. The Fauji Fertilizer
are not performing well as far as the GRP is concerned and other thing also has been cleared
2021
company GPR is 106.62% and industrial average is 59.24% In this situation our Gross profit is
more than the industry while the COGS is less than the industry. So one thing is dear that we
are performing good as far as the GRP is concerned and other thing also has been cleared from
here that company is taking the advance of economies of scale
. This ratio tells us about the %age of profit where only has been deducted. The Fatima Fertilizer
company GPR is 38.30% and industrial average is 59.24% In this situation our Gross profit is less
than the industry while the COGS is greater than the industry. So one thing is dear that we are
not performing good as far as the GRP is concerned and other thing also has been cleared from
here that company is not taking the advance.
Company GPR is 35.78% and industrial average is 59.24% In this situation our Gross profit is less
not performing well as far as the GRP is concerned and other thing also has been cleared from
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2020
company GPR is 107.84% and industrial average is 56.05% In this situation our Gross profit is
here that company is taking the advance of economies of scale.
. This ratio tells us about the %age of profit where only has been deducted. The Fatima Fertilizer
not performing good as far as the GRP is concerned and other thing also has been cleared from
Company GPR is 32.34% and industrial average is 56.05% In this situation our Gross profit is less
2019
here that company is taking the advance of economist of scale.
company GPR is 37.21% and industrial average is 57.79% in this situation our Gross profit is less
Company GPR is 29.05% and industrial average is 57.79% in this situation our Gross profit is less
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2018
here that company is taking the advance of economist of scale.
Company GPR is 26.40% and industrial average is 60.66% in this situation our Gross profit is less
Cog’s Ratio:
2022
Cog’s ratio concretely tells about the percentage of COG’s with respect to sales. In this situation
COG’s ratio of the Engro Fertilizer Company is 29.35% and the industrial ratio is 356.16%.So in
terms of cog’s ratio we are performing well because our cost is less than the industry cost.
COG’s ratio of the Fatima Fertilizer company is 65.87% and the industrial ratio is 356.16%.So in
COG’s ratio of the Fauji Fertilizer Company is 63.38% and the industrial ratio is 356.16%.So in
2021
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terms of cog’s ratio we are not performing well because our cost is greater than the industry
cost. Once again we can check here the inventory, Maybe there would be some valuation or
stockholding issues with the inventory.
2020
2019
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COG’s ratio of the Fatima Fertilizer Company is 62.78% and the industrial ratio is 37.32%.So in
2018
Operating Profit Ratio:
2022
OPR tells us the ratio of operating profit with respect to net sale. This profit also indicates that
all of the costs and expenses have been deducted till now. Only finance cost and other incomes
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if any are still to the adjusted .Here operating Profit of Engro Fertilizer Company is 35.44% and
industrial average is 272.24%.According to the numbers we see that Company is not performing
good than the industry The Company not controlled operating expenses. In the short term
company is in loss but in the long the company getting benefit in long run.
if any are still to the adjusted .Here operating Profit of Fatima Fertilizer Company is 22.39% and
if any are still to the adjusted .Here operating Profit of Fauji Fertilizer Company is 30.80% and
2021
industrial average is 28.65%.According to the numbers we see that Company is performing
good than the industry The Company controlled operating expenses. In the short term company
is in profit but in the long run it would be a destruction plan for the company.
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2020
2019
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2018
Operating Expense Ratio:
2022
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OP expense ratio purely tells about the expanding of OP expanse with respect to sale. In this
Engro Fertilizer Company 13.49% and industrial average is 63.23%.This indicates that the
operating expenses of company are less than the industry .Apparently this is a good
performance indicator as this would increase the profits but it also confirms the consumption
we did for operating profit.
Fatima Fertilizer company 4.16% and industrial average is 63.23%.This indicates that the
Fauji Fertilizer Company 2.77% and industrial average is 63.23%.This indicates that the
2021
operating expenses of company are greater than the industry .Apparently this is a not good
performance indicator as this would decrease the profits but it also confirms the consumption
Fauji Fertilizer Company 2.71% and industrial average is 6.16%.This indicates that the operating
expenses of company are less than the industry .Apparently this is a good performance
indicator as this would increase the profits but it also confirms the consumption we did for
operating profit.
2020
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operating profit.
2019
operating profit.
2018
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expenses of company are greater than the industry .Apparently this is a not good performance
indicator as this would decrease the profits but it also confirms the consumption we did for
operating profit.
Return On Assets:
2022
Now see that Engro Fertilizer Company return on assets is 17% and industries return on assets
is 28.48%.It means that the company is not compatible with the industry as well as the return
being paid to the finance providers is concerned. It can become an alarming situation for the
company from the finance provider that the return is inappropriate. Reasons could be many
and the managers can be asked to describe the reasons of low return and take the measures to
improve it.
Now see that Fatima Fertilizer Company return on assets is 6.35% and industries return on
assets is 28.48%.It means that the company is not compatible with the industry as well as the
return being paid to the finance providers is concerned. It can become an alarming situation for
the company from the finance provider that the return is inappropriate. Reasons could be many
improve it.
Now see that Fauji Fertilizer Company return on assets is 06% and industries return on assets is
28.48%.It means that the company is not compatible with the industry as well as the return
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improve it.
2021
is 22%.It means that the company is not compatible with the industry as well as the return
improve it.
Now see that Fatima Fertilizer Company return on assets is 61% and industries return on assets
is 22%.It means that the company is compatible with the industry as well as the return being
paid to the finance providers is concerned.
22%.It means that the company is not compatible with the industry as well as the return being
paid to the finance providers is concerned. It can become an alarming situation for the
improve it.
2020
improve it.
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improve it.
2019
improve it.
improve it.
2018
improve it.
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improve it.
Return On Capital Employed:
2022
In this Engro Fertilizer Company 22% and industrial Roce is 192%.That we say the company roce
is not better than the industry and company is not in safe situation. The Roa is favorable but
roce is unfavorable which is not giving a hint that may be company has financed.
In this Fatima Fertilizer Company 12% and industrial roce is 192%.That we say the company
roce is not better than the industry and company is not in safe situation. The Roa is favorable
but roce is unfavorable which is not giving a hint that may be company has financed.
In this Fauji Fertilizer Company 57% and industrial roce is 192%.That we say the company roce
2021
In this Engro Fertilizer Company 20% and industrial roce is 33%.That we say the company roce is
not better than the industry and company is not in safe situation. The Roa is favorable but roce
is unfavorable which is not giving a hint that may be company has financed.
In this Fatima Fertilizer Company 13% and industrial roce is 33%.That we say the company roce
In this Fauji Fertilizer Company 51% and industrial roce is 33%.That we say the company roce is
better than the industry and company is in safe situation. The Roa is unfavorable but roce is
favorable which is giving a hint that may be company has financed.
2020
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2019
roce is unfavorable which is not giving a hint that may be company has financed
2018
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Return on Equity:
2022
This ratio is purely belongs to the shareholders it gives a glimpse to the shareholders that there
money retain or provided by them is able to generate this much return shareholders are very
much concerned. Now the engro Fertilizer Company ROE is 24% and industrial is 570% then
there would be a huge pressure from the shareholders of the company to improve their
operations so that in appropriate return can be generated.
much concerned. Now the Fatima Fertilizer Company ROE is 13% and industrial is 570% then
much concerned. Now the Fauji Fertilizer Company ROE is 29% and industrial is 570% then
2021
there would be no pressure from the shareholders of the company to improve their operations
so that in appropriate return can be generated.
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much concerned. Now the Fauji Fertilizer Company ROE is 29% and industrial is 27% then there
would be no pressure from the shareholders of the company to improve their operations so
that in appropriate return can be generated.
2020
operations so that in appropriate return can be generated
2019
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2018
would be a huge pressure from the shareholders of the company to improve their operations so
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Interpretation
Activity Ratios
Assets Turnover Ratio:

2022
The Engro Fertilizer Company assets turnover ratio is 22% and industrial average is 36%. It
means the market has more capacity to convert assets into sales bur company far behind. The
company should take measures to improve their sales or this situation can be vice versa.
The Fatima Fertilizer Company assets turnover ratio is 45% and industrial average is 36%. It
means the market has no more capacity to convert assets into sales your company is not far
behind.
The Fauji Fertilizer Company assets turnover ratio is 45% and industrial average is 36%. It
behind.
2021
behind.
behind.
2020
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behind.
2019
2018
behind.
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Inventory Turnover Ratio:
2022
The Engro Fertilizer Company inventory turnover ratio is 8% and industrial ratio is 22%. It
means the company is not able to convert the inventory into sale as per the requirement of the
business. If the reason is inventory blockage it would enhance its holding cost, which returns
would enhance its holding cost which returns would increase the cost and decrease the profit
vice versa.
The Fatima Fertilizer Company inventory turnover ratio is 30% and industrial ratio is 22%. It
means the company is able to convert the inventory into sale as per the requirement of the
business. Which returns would enhance its holding cost which returns would decrease the cost
and increase the profit vice versa.
The Fauji Fertilizer Company inventory turnover ratio is 35% and industrial ratio is 22%. It
2021
vice versa.
vice versa.
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2020
vice versa.
vice versa.
vice versa.
2019
vice versa.
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2018
business. Which returns would enhance its holding cost which returns would increase the cost
and decrease the profit vice versa.
Inventory Turnover in Days:
2022
Inventory turnover of Engro Fertilizer Company is 184 days and industrial turnover in days is
128 it means that company selling period is more than the industry and inventory remains in
the company for the 56 days which would be ultimate having its own sequences.
Inventory turnover of Fatima Fertilizer Company is 118 days and industrial turnover in days is
128 it means that company selling period is less than the industry and inventory not remains in
the company for the 10 days which would be ultimate having its own sequences.
Inventory turnover of Fauji Fertilizer Company is 102 days and industrial turnover in days is 128
it means that company selling period is less than the industry and inventory not remains in the
company for the 26 days which would be ultimate having its own sequences.
2021
Inventory turnover of Engro Fertilizer Company is 22 days and industrial turnover in days is 30 it
means that company selling period is less than the industry and inventory not remains in the
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Inventory turnover of Fatima Fertilizer Company is 96 days and industrial turnover in days is 30
it means that company selling period is more than the industry and inventory remains in the
Inventory turnover of Fauji Fertilizer Company is 54 days and industrial turnover in days is 30 it
means that company selling period is more than the industry and inventory remains in the
2020
Inventory turnover of Fatima Fertilizer Company is 116 days and industrial turnover in days is36
means that company selling period is less than the industry and inventory not remains in the
2019
company for the 69 days which would be ultimate having its own sequences
2018
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Debtors Turnover Ratio:
2022
Engro Fertilizer Company Debtor ratio is 35% and industry debtor ratio is 156% it means that
debtor of company is less frequently converted into sales.
Fatima Fertilizer Company Debtor ratio is 13% and industry debtor ratio is 156% it means that
Fauji Fertilizer Company Debtor ratio is 588% and industry debtor ratio is 156% it means that
debtor of company is more frequently converted into sales.
2021
2020
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2019
2018
Debtors Turnover In Days:
2022
Engro Fertilizer Company debtor turnover in days are 10 days and industrial debtors turnover
days are 150 that means company is efficient and company have 140 days to make payments.
Fatima Fertilizer Company debtor turnover in days are 27 days and industrial debtors turnover
Fauji Fertilizer Company debtor turnover in days are 62 days and industrial debtors turnover
2021
days are 61 that means company is inefficient and company would have out of cash issues.
41 | P a g e
2020
Engro Fertilizer Company debtor turnover in days are 50 days and industrial debtor’s turnover
days are 19 that means company is efficient and company have 8 days to make payments
Fauji Fertilizer Company debtor turnover in days are 43 days and industrial debtor’s turnover
2019
Engro Fertilizer Company debtor turnover in days are 84 days and industrial debtor’s turnover
Fatima Fertilizer Company debtor turnover in days are 18 days and industrial debtor’s turnover
2018
42 | P a g e
Creditors Turnover Ratio:
2022
The Engro Fertilizer company creditor turnover ratio is 4% and industrial average is 11% In this
company has lower ratio it shows company inefficiency.
The Fatima Fertilizer company creditor turnover ratio is 21% and industrial average is 11% In
this company has greater ratio it shows company efficiency.
The Fauji Fertilizer company creditor turnover ratio is 9% and industrial average is 11% In this
2021
company has greater ratio it shows company efficiency.
2020
company has lower ratio it shows company inefficiency
The Fatima Fertilizer company creditor turnover ratio is 17% and industrial average is 9% In this
2019
The Fatima Fertilizer company creditor turnover ratio is 23% and industrial average is 9% In this
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2018
Creditors Turnover In days:
2022
The Engro Fertilizer Company has creditors turnover in days are 8 and industrial creditors
turnover days are 17 it is lower than the industry it means the company is not in save zone but
the vice versa.
The Fatima Fertilizer Company has creditors turnover in days are 18 and industrial creditors
turnover days are 17 it is greater than the industry it means the company is in comfortable
zone but the vice versa.
The Fauji Fertilizer Company has creditors turnover in days are 40 and industrial creditors
2021
the vice versa.
the vice versa.
44 | P a g e
2020
the vice versa.
the vice versa.
2019
2018
45 | P a g e
Operating Profit:
2022
The Engro Fertilizer Company inventory is 184 days and debtor is 10 days so operating would be
194 days to get its selling price in cash. This period is very important because it shows your
overall operating performance.
The Fatima Fertilizer Company inventory is 118 days and debtor is 27 days so operating would
be 145 days to get its selling price in cash. This period is very important because it shows your
The Fauji Fertilizer Company inventory is 102 days and debtor is 62 days so operating would be
2021
The Fatima Fertilizer Company inventory is 96 days and debtor is 16 days so operating would be
2020
46 | P a g e
The Fatima Fertilizer Company inventory is 116 days and debtor is 11 days so operating would
be 127 days to get its selling price in cash. This period is very important because it shows your
2019
2018
47 | P a g e
Cash Cycle:
2022
The Engro Fertilizer Company operating cycle is 194 and creditor’s turnover days are 08 it
means company pay 186 days earlier than your receipt of payment which would be arrange
through line or bank loan.
The Fatima Fertilizer Company operating cycle is 145 and creditors turnover days are 18 it
through line or bank loan
The Fauji Fertilizer Company operating cycle is 164 and creditor’s turnover days are 40 it means
company pay 24 days earlier than your receipt of payment which would be arrange through line
or bank loan.
2021
The Engro Fertilizer Company operating cycle is 91 and creditor’s turnover days are 08 it means
company pay 82 days earlier than your receipt of payment which would be arrange through line
or bank loan.
The Fatima Fertilizer Company operating cycle is 112 and creditor’s turnover days are 161 it
means company pay 49 days later than your receipt of payment which company want to invest
in short term investment. Ultimately the benchmark industry that which period would be a
good period.
The Fauji Fertilizer Company operating cycle is 28 and creditors turnover days are 285 it means
company pay 257 days later than your receipt of payment which company want to invest in
short term investment. Ultimately the benchmark industry that which period would be a good
period.
2020
The Engro Fertilizer Company operating cycle is 88 and creditors turnover days are 104 it means
company pay 16 days later than your receipt of payment which company want to invest in short
term investment. Ultimately the benchmark industry that which period would be a good period.
48 | P a g e
means company pay 85 days later than your receipt of payment which company want to invest
in short term investment. Ultimately the benchmark industry that which period would be a
good period.
period.
2019
The Engro Fertilizer Company operating cycle is 123 and creditors turnover days are 536 it
means company pay 413 days later than your receipt of payment which company want to
invest in short term investment. Ultimately the benchmark industry that which period would be
a good period.
The Fatima Fertilizer Company operating cycle is 107 and creditors turnover days are 455 it
a good period.
period.
2018
The Engro Fertilizer Company operating cycle is 178 and creditor’s turnover days are 40 it
through line or bank loan.
a good period.
The Fauji Fertilizer Company operating cycle is 123 and creditors turnover days are 352 it
49 | P a g e
a good period.
Interpretation
Solvency Ratios
Debt To Equity Ratio:
2022
The debt to equity ratio is a financial ratio that compares a company total debt to its
shareholders equity. In this debt to equity ratio of engro Fertilizer Company is 47% and
industrial ratio is 148%.It suggests that company has a lower level of debt relative to its equity
compared with the industrial average. This could indicate that company relies less on debt to
finance its operations.
shareholders equity. In this debt to equity ratio of Fatima Fertilizer Company is 105% and
shareholders equity. In this debt to equity ratio of Fauji Fertilizer Company is 428% and
industrial ratio is 148%.It suggests that company has a higher level of debt relative to its equity
compared with the industrial average. This could indicate that company relies more on debt to
2021
shareholders equity. In this debt to equity ratio of Engro Fertilizer Company is 65% and
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2020
2019
51 | P a g e
industrial ratio is 142%.Its suggests that company has a higher level of debt relative to its equity
2018
Long Term Debt To Total Assets:

2022
The Long term to total assets ratio is a financial ratio that measures the proportion of company
long term debt in relation to total assets. In this long term debt to total assets of Engro
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Fertilizer Company is 40% and industrial average is 272%. It suggests that the company’s long
term is not in line with the industrial average when compared to its total assets. This indicates
that the company has not a balanced level of long term debt relative to its overall assets.
long term debt in relation to total assets. In this long term debt to total assets of Fatima
long term debt in relation to total assets. In this long term debt to total assets of Fauji Fertilizer
Company is 678% and industrial average is 272%. It suggests that the company’s long term is in
line with the industrial average when compared to its total assets. This indicates that the
company has a balanced level of long term debt relative to its overall assets.
2021
53 | P a g e
2020
Company is 614% and industrial average is 333%. Its suggests that the company’s long term is
in line with the industrial average when compared to its total assets. This indicates that the
2019
Company is 421% and industrial average is 487%. It suggests that the company’s long term is
not in line with the industrial average when compared to its total assets. This indicates that the
company has not a balanced level of long term debt relative to its overall assets.
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2018
term is in line with the industrial average when compared to its total assets. This indicates that
the company has a balanced level of long term debt relative to its overall assets.
Short Term Debt to Total Assets:

2022
The short term debt to total assets ratio is a financial ratio that measures the proportion of
company’s short term debt in relation to total assets. In this the short term debt to total assets
of Engro Fertilizers Company is 506% and industrial average is 886%. It suggests that company’s
short term debt compared to the industrial average when considering its total assets. It
indicates that the company relies less on short term debt financing and may have more
conservative to managing its short term obligations.
of Fatima Fertilizers Company is 382% and industrial average is 886%. It suggests that
company’s short term debt compared to the industrial average when considering its total
assets. It indicates that the company relies less on short term debt financing and may have
more conservative to managing its short term obligations.
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of Fauji Fertilizers Company is 241% and industrial average is 886%. It suggests that company’s
2021
indicates that the company relies more on short term debt financing and may have less
assets. It indicates that the company relies more on short term debt financing and may have
less conservative to managing its short term obligations.
2020
56 | P a g e
2019
assets. It indicates that the company relies more on short term debt financing and may have
less conservative to managing its short term obligations.
2018
57 | P a g e
Total Debt to Total Assets:

2022
The total debt to total assets is a financial ratio that measures the company’s proportion of
total debt in a relation of total assets. In this the total debt to total assets of Engro Fertilizer
Company ratio is 144% and industrial average is 518%. It suggest that company has lower level
of total debt is compared to the industrial ratio when considering its total assets. This indicates
that the company has a relatively a lower amount of debt compared to its overall assets.
total debt in a relation of total assets. In this the total debt to total assets of Fatima Fertilizer
Company ratio is 668% and industrial average is 518%. It suggest that company has higher level
that the company has a relatively a higher amount of debt compared to its overall assets.
58 | P a g e
total debt in a relation of total assets. In this the total debt to total assets of Fauji Fertilizer
2021
2020
59 | P a g e
2019
2018
60 | P a g e
Interest Coverage Ratio EBIT:

2022
The interest coverage ratio is a financial ratio that measures the company’s ability to cover its
financial cost with its operating profit. In this interest coverage ratio of Engro Fertilizer
Company is 270 and industrial average is 832. It suggests that operating income is not able to
its interest expense but at a lower level compared to the industrial average.
financial cost with its operating profit. In this interest coverage ratio of Fatima Fertilizer
financial cost with its operating profit. In this interest coverage ratio of Fauji Fertilizer Company
is and 691 industrial average is 832. It suggests that operating income is not able to its interest
expense but at a lower level compared to the industrial average.
2021
Company is 399 and industrial average is 138. It suggests that operating income is able to
interest expense but at a higher level compared to the industrial average.
61 | P a g e
is 132 and industrial average is 138. It suggests that operating income is not able to its interest
2020
2019
its interest expense but at a lower level compared to the industrial average
is 958 and industrial average is 334. It suggests that operating income is able to interest
expense but at a higher level compared to the industrial average.
62 | P a g e
2018
Interpretation
Marketing Ratios
Tobin’s Q:
2022
This formula indicates that how many times the market value is greater or less than the value of
total assets if the ratio is equal to 1 it means the market value book value are same. The value
of Engro fertilizer Company is 111 and industrial average is 559. Company value is less it shows
that the share price in market is lesser than the book value. We cannot make any hard and fast
rule that whether the greater value is good or less.
of Fatima fertilizer Company is 229 and industrial average is 559. Company value is less it shows
63 | P a g e
of Fauji fertilizer Company is 592 and industrial average is 559. Company value is more it shows
that the share price in market is higher than the book value. We cannot make any hard and fast
2021
of Engro fertilizer Company is 923 and industrial average is 684. Company value is more it
shows that the share price in market is higher than the book value. We cannot make any hard
and fast rule that whether the greater value is good or less.
of Fauji fertilizer Company is 678 and industrial average is 684. Company value is less it shows
2020
64 | P a g e
2019
of Fatima fertilizer Company is 1252 and industrial average is 912. Company value is more it
of Fauji fertilizer Company is 725 and industrial average is 912. Company value is less it shows
2018
65 | P a g e
Market/Book Ratio:
2022
This is a more precise ratio which is calculated by dividing market value of equity with the book
value of debt. The results would be same in both cases but this ratio would give exact increase.
The Market ratio of Engro Fertilizer is 1303 and industrial average is 1188 it indicates that
Company value is more than the book value.
The Market ratio of Fatima Fertilizer is 3468 and industrial average is 1188 it indicates that
The Market ratio of Fauji Fertilizer is 2795 and industrial average is 1188 it indicates that
2021
Company value is less than the book value.
66 | P a g e
2020
2019
2018
67 | P a g e
Price Earning Ratio:

2022
If Engro fertilizer company market price of share is 89.1 and EPS is 36.79 it means the price
earnings ratio would be 2.42 years which means that any share holder who would buy the
share today for RS 89.1 and the company earns is 36.79 per share each year he would recover
the amount within 2.42 years.
If Fatima fertilizer company market price of share is 36.75 and EPS is 6.73 it means the price
If Fauji fertilizer company market price of share is 111.71 and EPS is 15.76 it means the price
share today for RS 111.71 and the company earns is 15.76 per share each year he would
recover the amount within 7.08 years.
2021
68 | P a g e
2020
2019
69 | P a g e
2018
share today for RS and 77.86 the company earns is 24.28 per share each year he would recover
Trend Analysis:
Current Ratio:
Current Ratio=Current Assets
Current Liabilities
20
18
16
14
12 Engro
10 Fatima
8 Fauji
6 Industry
4
2
0
2018 2019 2020 2021 2022
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According to the trend analysis we see that current ratio of Engro Company in 2018 is higher
than the industrial average and in 2019 it is also high and 2020 and in 2021 it maintain its
current ratio but in 2022 the industrial ratio is high and engro has low current ratio than the
industry. Second Company is Fatima Fertilizer Company which has low current ratio in 2018 to
2022 and third company is Fauji Fertilizer company in 2018 industrial average is high than the
company and in 2019 and 2020 its current ratio is also low but in 2021 its performance is at
least well and move towards the industrial ratio and in 2022 it is also not perform well.
Quick Ratio:
Quick Ratio= Current Assets-Inventory
Current Liabilities
18
16
14
12
Engro
10
Fatima
8
Fauji
6
Industry
4
2
0
2018 2019 2020 2021 2022
In the quick ratio we see that Engro Company is performing better than the industry from 2018
to 2021 but in 2022 industrial quick ratio is huge bump so engro performance is less than the
industry and second company Fatima fertilizer its performance is less than the industrial ratio all
over the period and third company is fauji fertilizer company which quick ratio is less than the
industry from 2018 to 2022.
Net Profit Margin:

Net Profit Margin=Net Profit
Net Sales
71 | P a g e
4
3.5
3
2.5 Engro
2 Fatima
1.5 Fauji
1 Industry
0.5
0
2018 2019 2020 2021 2022
According to trend analysis we see that net profit margin of Engro Company is better than the
industry from 2018 to 2021 and then again in 2022 industrial average is huge bump so Net
profit margin of Engro Company is less than the industrial average. And second company is
Fatima Fertilizer which net profit is less than the industry in 2018 to 2021 but in 2022 Fatima
company has more decreased net profit margin from the other companies and the industry,
Gross Profit Margin:

Gross Profit Ratio= Gross Profit Margin
Net Sales
600
500
400 Engro
300 Fatima
Fauji
200
Industry
100
0
2018 2019 2020 2021 2022
According to trend analysis we see that Engro company has high gross profit margin than the
industry but in 2021 there is a huge bump in industrial average and in 2022 engro company has
72 | P a g e
low gross profit than the industry. And second company Fatima Fertilizer company it is at least
in 2018 maintain its gross profit with the industry but in 2019 to 2022 it has low gross profit.
And fauji fertilizer company its maintain its gross profit with the Fatima company but less than
the industry.
Cog’s Ratio:
Cog’s Ratio= Cog’s
Net sales
100
80
60
40 Engro
20 Fatima
0 Fauji
2018 2019 2020 2021 2022 Industrial
-20
-40
-60
-80
According to trend analysis we see that Cog’s ratio of engro company is less in 2018 and in 2019
but it’s a huge bump in 2020 and again low in 2021 but in 2022 its perform better than the
industry. And second company Fatima fertilizer company its cog’s ratio is less than the industry
in 2018 and in 2019 but in 2020 its performance is better than the industry and in 2021 also but
again in 2022 it perform less than the industry then we see third compay Fauji fertilizer its cog’s
ratio is higher than the industry but in 2020 it’s a downfall but maintain its cog’s ratio with the
industry.
Operating Profit Ratio:

Operating Profit= Operating Profit
Net sales
73 | P a g e
180
160
140
120 Engro
100
Fatima
80
Fauji
60
Industrial
40
20
0
2018 2019 2020 2021 2022
According to the trend analysis we see that engro fertilizer company has high operating profit
than the industry but it is going to down in 2019 but its maintain its operating profit and then
again in 2020 to 2022 its perform better than the industry. Second company is Fatima Fertilizer
which has high operating profit in 2018 but low in 2019 to 2022 its performance in operating
profit is not well and then we see in fauji fertilizer company its performance is less than the
industry but in 2020 its maintain its operating profit with the industry.
Operating Expense Ratio:

Operating Expense = Operating Expense
Net sales
0
2018 2019 2020 2021 2022
Engro
-5
Fatima
Fauji
-10
Industry
-15
-20
According to the trend analysis we see that Engro fertilizer company is less expense than the
industry from 2018 to 2022 and on other side Fatima fertilizer has low expense in 2018 but
74 | P a g e
then high in 2019 to 2022. Fauji Fertilizer Company has high operating expense from 2018 to
2022 then the industry.
Return On Assets:
Return on Assets= Net Profit + Interest
Total Assets
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2018 2019 2020 2021 2022
According to trend analysis we see that Engro Fertilizer Company has low return on assets in
2018 but high in 2018 to 2021 then industrial return on assets has a huge bump in 2021 so
return on assets of Engro Company has less in 2022. And see Fatima company it has low return
on assets from 2018 to 2022 and In Fauji company 2018 and 2019 it has high return on assets
then the industry and in 2020 and 2021 its maintain its return on assets then afterwards 2021 it
has low return on assets than the industry.
Return on Capital Employed:

Return on capital employed: Net Profit + Interest
Shareholders Equity + L.T Debt
75 | P a g e
2
1.8
1.6
1.4
Fatima
1.2
1 Fauji
0.8 Industry
0.6 Engro
0.4
0.2
0
2018 2019 2020 2021 2022
In this we see that fatima fertilizer company has low return on capital employed than the
industry from 2018 to 2022 And Fauji fertilizer company has high return on capital employed
from 2018 to 2021 and has low in 2022 and then see engro fertilizer company it has low return
on employed from 2018 to 2021 but in 2022 engro company perform well.
Return on Equity:
Return on equity= Net Profit
Shareholder equity
3.5
2.5
1.5
0.5
0
2018 2019 2020 2021 2022
In this we see that Engro company has low return on equity from 2018 to 2022 and fatima has
also low return on equity from 2018 to 2021 but high in 2021 And in fauji fertilizer company we
see that it has high return on equity from 2018 to 2021 and then low In 2021 and 2022.
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Assets Turnover Ratio:
Assets Turnover Ratio= Net sales
Total Assets
4
3.5
3
2.5 Engro
2 Fatima
1.5 Fauji
1 Industry
0.5
0
2018 2019 2020 2021 2022
In this we see that assets turnover ratio of engro company from 2018 to 2022 it has low then
the industry and then see fatima fertilizer company it has low in 2018 but high in 2019 and then
again low in 2020 and only bump in 2021 and then again low in this we see that it is no stable
its assets turnover ratio. And then see fauji fertilizer it has high assets turnover ratio from 2018
to 2021 and then low in 2022.
Inventory Turnover Ratio:

Inventory turnover ratio= COG’s
Closing Inventory
20
10
0
-10 2018 2019 2020 2021 2022
Engro
-20
Fatima
-30
Fauji
-40
-50 Industrial
-60
-70
-80
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In this we see That Engro company has low inventory turnover from 2018 to 2020 and then
high from 2020 to 2022 and other company fatima fertilizer has low in 2018 and 2019 but high
from 2020 to 2020 and third company is fauji fertilizer in this we see that fauji has high
inventory turnover from 2018 to 2020 but in 2020 it down to industry and then again in 2022 its
high inventory turnover from the industry.
Debtors Turnover ratio:

Debtors Turnover ratio = Total Sales
Total Debtors
300
250
200 Engro
150 Fatima
Fauji
100
Industry
50
0
2018 2019 2020 2021 2022
According to trend analysis we see that Engro company has high debtors turnover in 2018 and
2019 and then low in 2020 to 2022 and other company is fatima fertilizer in which low debtors
turnover in 2018 but maintain with industry in 2019 and low from 2020 to 2022. Third company
is Fauji in this it has high debtors ratio in 2018 and then low in 2019 again high from 2019 to
2021 and then again low in 2022.
Creditors Turnover Ratio:

Creditors Turnover Ratio: Cog’s
Closing Creditor
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1.5
1
0.5
0 Engro
-0.5 2018 2019 2020 2021 Fatima
-1 Fauji
-1.5 Industry
-2
-2.5
-3
In this Engro fertilizer has low creditor’s ratio in 2018 and 2019 but then high in 2020 and 2021.
Fatima has low ratio then the industry all over the period and fauji has only low in 2020 and
2021 and then again high in 2022.
Operating Cycle:
Operating cycle= I.T.O in days + D.T.O in days
100
0
2018 2019 2020 2021 2022 Engro
-100
Fatima
Fauji
-200
Industry
-300
-400
In this we see that Engro Company has more operating days to get selling prize in 2018 and
2019 and in 2020 engro has 400 days to get its selling prize and in 2022 it has less operating
period to get selling prize. Fatima Company is low operating period in 2018 and 2019 and then
high again in 2020 and then again low in 2021 and 2022. And Fauji has high operating period
from 2018 to 2021 and then low in industrial average.
Cash Cycle:
Cash Cycle= Operating Cycle
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C.T.O in days
500
400
300
200 Engro
100 Fatima
0 Fauji
-100 2018 2019 2020 2021 2022
Industry
-200
-300
-400
According to trend analysis we see that engro company has low cash cucle and fauji has above
cash cycle than the industry but a huge bump in 2019 and then we see Fatima Company its
high cash cycle than the industry in 2018 and 2019 and then maintain with industry in 2020 and
in 2021.
Debt to Equity Ratio:

Debt to equity ratio= Long term debt
Shareholder Equity
160
140
120
100 Engro
80 Fatima
60 Fauji
40 Industrial
20
0
2018 2019 2020 2021 2022
According to trend analysis we see that Engro Fertillizer company has less debt to equity ratio
than the industry and than see in Faujji fertilizer company it is high than the industry butt in 2021
and 2022 its debt to equity ratio is low than the industry and third company is Fatima Fertilizer it
s debt to equity ratio is less than the industry.
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Long Term Debt to Total Assets:
Long term debt to total assets= Long term debt
Total Assets
14
12
10
Engro
8
Fatima
6
Fauji
4 Industry
2
0
2018 2019 2020 2021 2022
In this we see Engro Company has low long term debt then the industry and Fatima has high in
2018 to 2020 and then low. And Fauji Company has high long term debt then the industry all
over the period
Total Debt to Total Assets:

Total Debt to total Assets = Total Debt
Total Assets
350
300
250
Engro
200
Fatima
150
Fauji
100 industry
50
0
2018 2019 2020 2021 2022
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According to trend analysis we see that Engro company has low total debt to total assets from
2018 to 2022 and fatima company has high total debt to total assets than the industry from 2018
to 2022 and then see the Fauji fertilizer company in which we see that it is high in 2018 and then
low in 2019 and then again high in 2020.
Interest Coverage Ratio:

Interest coverage ratio= EBIT or operating profit
Interest Expense
200
0
2018 2019 2020 2021 2022
-200 Engro
Fatima
-400
Fauji
-600 Industry
-800
-1000
In this interest coverage ratio of Engro Company has low then the industry and other two have
high.
Tobin’s Q:
Tobin’s Q= Market Value Equity + Book Value of Debt
Total Assets
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1400
1200
1000
Engro
800
Fatima
600
Fauji
400 Industry
200
0
2018 2019 2020 2021 2022
In this engro has high Tobin’s q Ratio and Fatima company has low tobin’s q ratio in 2018 and a
huge bump in 2019 and then again low in 2020 to 2022.
Market/Book Ratio:
Market/Book Ratio= Market Value of Equity
Shareholder Equity
14000
12000
10000
Engro
8000
Fatima
6000 Fauji
4000 Industry
2000
0
2018 2019 2020 2021 2022
In this only fauji company has high ratio then the industry and other two companies have low.
Price Earnings Ratio:

Price earnings ratio = MPS
EPS
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60
50
40
Engro
30 Fatima
Fauji
20
Industry
10
0
2018 2019 2020 2021 2022
In this Fauji company has high earning per ratio than the industry and Engro has low earning per
ratio and Fatima has up and down but 2021 afterwards it has high earning per share.
Vertical Analysis:
Fatima Fertilizer Company:

Description 2018 2019 2020 2021 2022
Sales 100% 100% 100% 100% 100%
COG's -50% -63% -60% -62% -66%
G.P 50% 37% 40% 38% 34%
O.P Exp -3% -2% -2% -4% -4%
O.P Profit 34% 21% 23% 24% 19%
Income Statement: In this we use base as sales

 COG’s of Fatima Fertilizer in 2018 is -50% but in 2019 it is -63% it is more decreased it is
at least 13% decrease we see because due to the increase in sales and in 2020 it is -60%
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we see that the company performs less well than 2019 and then in 2021 the COG’s of
company is -62% we see that it is again less perform and in 2022 it is -66%.
 Gross profit of Fatima Fertilizer in 2018 is 50% and in 2019 it is come to 37% it decreases
13% as we see that also effect of sales on gross profit. And in 2020 it is 40% it is increase
3% from 2019 we see company perform well than 2019 and in 2021 it 38% and in 2022
it becomes 32% it also effect of sales on gross profit.
 Operating Expense of Fatima Fertilizer company in 2018 it is -3% it is negative because
sales are less and then expense of company is also in negative and in 2019 it is -2 it is
increase by 1% and 2020 it is -2% that is same as 2019 and in 2021 and 2022 it is -4%
more expense of company is less than the previous years
 Operating profit of Fatima Fertilizer company in 2018 is 34% and in 2019 it is 21% we
see that it is 13% less than the previous year due to increase in sales it also effect on
expense then also on profit. And in 2020 it is 23% 2% increase than the previous year
and in 2021 it is 24% and in 2022 it becomes 19% it is less than the previous year
company sales are greater but profit is less.
Balance Sheet:
Description 2018 2019 2020 2021 2022
Total Assets 100% 100% 100% 100% 100%
Property, plant and equipment 42% 65% 67% 57% 50%
Intangible assets 0% 4% 4% 2% 2%
Long term investments 1% 0% 0% 0% 1%
Long term loan to associated company 1% 2% 2% 1% 1%
Long term deposits 0% 0% 0% 0% 1%
Stores and spares 3% 5% 5% 6% 7%
Stock in trade 3% 7% 9% 10% 15%
Trade debts 1% 5% 3% 5% 10%
Short term loans 3% 2% 2% 4% 4%
Advances, deposits, prepayments and other 4% 9% 6% 8% 8%
Short term investments 0% 0% 2% 1% 2%
Cash and bank balances 0% 0% 0% 4% 1%
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 In this we use total assets as a base in 2018 company property plant is 42% and in
2019 it is 65% it is increases 23% then the previous year because company sales are
increase as well as company expense on plant, property is also increase in that year
and in 2020 it is 67% it is 2% increase by the previous year and in 2021 it is 57% and
in 2022 it becomes 50%.
 Company intangible assets in 2018 is 0% and in 2019 it is 4% we see that it increase
by 4% due to increase in total assets and in 2020 it is also same and in 2021 it is 2%
and it is also same in 2022.
 Long term investments company dong in 2018 is 1% and then after 2018 to 2021 it is
0% and In 2022 only company doing long term investment is 1%.
 Long term Loan Company is 1% in 2018 and 2% in 2019 it only increase 1 percent and
in 2020 it is same and 2021 and 2022 it is 1%.
 Company loan term deposits from 2018 to 2021 are 0% and in 2022 company only
deposits 1%.
 Company stores and spares in 2018 is 3% it sees that company stores its product only
3% and in 2019 and 2020 it is increase by 3 to 5% and in 2021 it is 6% and in 2022 it is
7%.
 Trade debt of company in 2018 it is 3% and in 2019 it is increased by 3 to 7% and
then 9% in 2020 and in 2021 it is 10% and in 2022 it is increased to 15% increase by
5% we see that it is increased by the previous years so increase in sales also so it
effects on trade debts.
 Short term loan in 2018 it is 3% and in 2019 it is 2% we see that it is decreased by 1%
and also same in 2020 and in 2021 it is 4% increase by 2 percent and same in 2023.
 Advances, and deposits of company in 2018 it is 4% which is increased in 2019 to 9%
and in 2020 6% and in 2021 and 2022 it is same as 8%.
 Cash and bank balances of company 2018 to 2020 it is 0 and in 2021 it is increased to
4% and in 2022 it is again 1%.
Fauji Fertilizer Company:
Description 2018 2019 2020 2021 2022

Sales 100% 100% 100% 100% 100%
COG's 74% 71% -68% -64% -63%
G.P 26% 29% 32% 36% 37%
O.P Exp 2% 3% -3% -3% -3%
O.P Profit 6% 7% 7% 7% 13%
Income Statement:
86 | P a g e
 COG’s of Fauji Fertilizer in 2018 is 74% but in 2019 it is 71% it is more decreased it is at
least 3% decrease we see because due to the decrease in sales and in 2020 it is -68% we
see that the company performs less well than 2019 and then in 2021 the COG’s of
company is -64% we see that it is again less perform and in 2022 it is -63%.
 Gross profit of Fauji Fertilizer in 2018 is 26% and in 2019 it is come to 29% it increases
3% as we see that also effect of sales on gross profit. And in 2020 it is 32% it is increase
3% from 2019 we see company perform well than 2019 and in 2021 it 36% and in 2022
it becomes 37% it also effect of sales on gross profit.
 Operating Expense of Fauji Fertilizer company in 2018 it is 2% it is because sales are less
and then expense of company is also in negative and in 2019 it is 3% it is increase by 1%
and 2020 it is -3% that as 2019 and in 2021 and 2022 it is -3% more expense of company
is less than the previous years
 Operating profit of Fauji Fertilizer company in 2018 is 6% and in 2019 it is 7% we see
that it is 1% increase than the previous year due to increase in sales it also effect on
expense then also on profit. And in 2020 it is 7% it is same as the previous year and in
2021 it is 7% and in 2022 it becomes 13% it is more than the previous year company
sales are greater.
Balance Sheet:
Description 2018 2019 2020 2021 2022

Total Assets 100% 100% 100% 100% 100%
Property, plant and15%
equipment14% 1% 12% 12%
Long term investments
18% 20% 20% 23% 21%
Long term loans and 1%advances -1%
secured 1% 2% 2%
Long term deposits and
0% prepayments
0% 0% 0% 0%
Stores, spares and loose
2% tools 2% 3% 2% 3%
Stock in trade 9% 4% 0% 1% 8%
Trade debts 3% 9% 1% 0% 0%
Loans and advances -1% secured 1% 0% 0% 0%
Deposits and prepayments
0% 0% 0% 0% 0%
Other receivables 11% 12% 12% 11% 11%
Short term investments
37% 31% 47% 47% 42%
Cash and bank balances
3% 4% 1% 1% 1%
 In this we use total assets as a base in 2018 company property plant is 15% and in 2019
it is 14% it is decreases 1% then the previous year because company sales are decrease
as well as company expense on plant, property is also increase in that year and in 2020
it is 1% it is 13% decrease by the previous year and in 2021 it is 12% and in 2022 it
becomes 12%.
87 | P a g e
 A company intangible asset in 2018 are 1% and in 2019 it is 1% we see that it increase
by 0% and in 2020 it is also same and in 2021 it is 1% and it is also same in 2022.
 Long term investments company doing in 2018 is 18% and then after in 2019 it is
increase 2% to 20% and then in 2020 it is 20% as same as the previous year than in
2021 it is 23% and In 2022 only company doing long term investment is 21%.
 Long term Loan Company is 1% in 2018 and 1% in 2019 it only increase 0 percent and in
2020 it is 1% and 2021 and 2022 it is 2%.
 Company loan term deposits from 2018 to 2022 are 0.
 Company stores and spares in 2018 is 2% it sees that company stores its product only
2% and in 2019 it is 2% also and 2020 it is increase by 1 to 3% and in 2021 it is 2% and in
2022 it is 3%.
 Trade debt of company in 2018 it is 3% and in 2019 it is increased by 3 to 9% and then
1% in 2020 and in 2021 it is 0% and in 2022 it is also 0%.
 Short term loan in 2018 it is 37% and in 2019 it is 31% we see that it is decreased by 6%
and also same in 2020 and in 2021 it is 47% increase by 16 percent and in 2023 it is
42%.
 Advances, and deposits of company in 2018 to 2022 it is 0%.
 Cash and bank balances of company 2018 it is 3% and in 2019 it is 4% increased by 1%
and 2020 to 2022 it is 0%.
Engro Fertilizer Company:
Description 2018 2019 2020 2021 2022

Sales 100% 100% 100% 100% 100%
COG's -1% -1% -1% -1% -1%
G.P 109% 109% 108% 107% 106%
O.P Exp -4% -18% -18% -12% -13%
O.P Profit 164% 130% 123% 105% 106%
Income Statement: COG’s of Engro Fertilizer in 2018 is -1% and it is also same as to 2022
because the cost of goods sold also same as the previous years.
 Gross profit of Engro Fertilizer in 2018 is 109% and in 2019 it is come to 109% it is same
as we see that also effect of sales on gross profit. And in 2020 it is 108% it is decrease
1% from 2019 we see company perform not well than 2019 and in 2021 it 107% and in
2022 it becomes 106% it also effect of sales on gross profit.
 Operating Expense of Engro Fertilizer company in 2018 it is -4% it is because sales are
less and then expense of company is also in negative and in 2019 it is -18% it is decrease
by 14% and 2020 it is -18% that same as 2019 and in 2021 it is -12% and 2022 it is -13%
more expense of company is less than the previous years
88 | P a g e
 Operating profit of Engro Fertilizer company in 2018 is 164% and in 2019 it is 130% we
see that it is 34% decrease than the previous year due to decrease in sales it also effect
on expense then also on profit. And in 2020 it is 123% and in 2021 it is 105% and in 2022
it becomes 106% it is less than the previous year company sales are lower.
Balance Sheet:
Description 2018 2019 2020 2021 2022

Total Assets 100% 100% 100% 100% 100%
Loans, advances, deposits
0% and prepayments
5% 17% 11% 3%
Receivables 1% 1% 4% 1% 1%
70% 61% 49% 40% 45%
2% 4% 1% 1% 0%
Property, plant and equipment
1% 0% 1% 1% 1%
Right-of-use assets 0% 1% 1% 0% 1%
27% 28% 27% 46% 44%
Long term loans and 0%
advances 0% 0% 0% 5%
Deferred taxation 0% 0% 0% 0% 0%
 We use total assets as a base so loans and advances and deposits of company in 2018 is
0% and in 2019 it is 5% it is increased 5% and in 2020 it is 17%, 2021 it is 11% and then
decrease to 3% in 2022 it only effects that company have how many total assets.
 Receivables of company in 2018 is 1% and is also same in 2019 it is 1% and only change
in 2020 it is 4% and then it is also 1% in 2021 and 2022.
 Short term investment of company in 2018 is 70% and in 2019 it is 61% its 9% percent
decrease by the previous year and in 2020 it is 49% and 2021 it is 40% and in 2022 it is
45% company short term investment is less by the coming years.
 Cash and the bank balance in the company in 2018 is only 2% and in 2019 it is increase
by two percent it becomes 4% and then it is 1% in 2020 and in 2021 and at the last year
2022 it is 0%.
 Equipment and plant company have in 2018 is only 1% and in 2019 it is 0% and then
2020 to 2022 it is 1%.
 Intangible Assets Company has 0% from 2018 to 2022.
 Long term investment of company in 2018 it is only 27% and in 2019 it is 28% only
increase by 1 percent and then in 2020 it is again only 27% and then company
investment increases in 2021 is 46% and in 2022 it is 44%.
 Deferred Taxation of company from 2018 to 2022 is 0%.
Horizontal Analysis:
89 | P a g e
Fatima Fertilizer Company:
Income Statement:
Description 2018 2019 2020 2021 2022
Sales 100% 146% 139% 219% 297%
COG's 100% 184% 166% 271% 391%
G.P 100% 109% 112% 168% 202%
O.P Exp 100% 87% 98% 274% 371%
O.P Profit 100% 91% 93% 156% 164%
 We use base year of 2018 in which sales are 100% and in 2019 it is 146% as we see that
sales are less in 2018 and increased 46% in 2019 and in 2020 it is 139% its 7% decreased
then the previous year and in 2021 sales are increased to 219% and inn 2022 it is 297%
in early years it is less because of pandemic situations.
 Cogs of company in 2018 are 100% because we use as a base year and in 2019 it is
increased to 184% and in 2020 it is again decrease to 166% and in 2021 cogs are 271%
we see that it much increase by the previous years and in 2022 it is 371%.
 Gross profit of company in 2018 is 100% because we use that year a base and in 2019 it
is 109% only 9 percent increase and in 2020 gross profit of company is 112% only 3
percent increase by the previous year and in 2021 it is 168% and in 2022 gross profit of
company is 202%.
 We assume 2018 is a base so that why in 2018 the operating expense of company is
100% and then 2019 it is 87% 13% less than the previous year and in 2020 it is 98% 2
percent decrease then the 2018 year and in 2021 it is 274% and in 2022 it is 371% due
to the increase in sales.
 Operating profit of company in 2018 is 100% we assume that is a base year and in 2019
it is 91% 9 percent decrease by the previous year and in 2020 it is 93% and in 2021 is
156% and in 2022 it is 164%. We see that it is only increase in the last two years.
Balance Sheet: We use 2018 as a base year
90 | P a g e
Description 2018 2019 2020 2021 2022
Total Assets 100% 82% 84% 98% 118%
Property, plant and
100%
equipment
129% 134% 135% 141%
100% 8% 9% 36% 66%
Long term loan to associated
100% 150%
company 150% 100% 150%
Long term deposits100% 32% 45% 204% 462%
Stores and spares 100% 152% 164% 229% 291%
Stock in trade 100% 229% 269% 365% 646%
Trade debts 100% 301% 186% 403% 952%
Short term loans 100% 53% 53% 115% 140%
Advances, deposits,
100%
prepayments
187% and other
117% 211% 237%
100% 85% 405% 360% 663%
100% 96% 103% 1366% 486%
 Total Assets of company in 2018 are 100% that we use a base year and in 2019 it is
decreased to 82% and in 2020 is 84% and in 2021 it is 98% and in 2022 it 122% we see
that its only increase in the last year.
 Property plant and equipment in 2018 is 100% we use base year and in 2019 it is 129%
and in 2020 is 134% and in 2021 It is 135% and in 2022 it is 141%.
 Intangible assets in 2018 are 100% and in 2019 are 759% and in 2020 it is 761% and in
2021 it is 458% and 2022 are 464% we see that company intangible assets are more
increase in the coming years.
 Loan term investments of company in 2018 are 100% and in it is much decreased to 8%
in 2019 and in 2020 it is 9% and in 2021 36% and in 2022 it is 66%.
 Loan term loan of company in 2018 are 100% and in 2019 it is increased 50% so it is
150% and in 2020 it is same as 2019 and in 2021 it is same as 2018 and in 2022 it is
again 150%.
 Loan term deposits of company in 2018 are 100% and in 2019 are 32% it is much
decrease and in 2020 it is 45% and in 2021 it is 204% and in 2022 it is 462% we see that
in the last years it is much increased as compare to the previous year.
 Stores and spares company has in 2018 are 100% and in 2019 it is 152% and in 2020 it is
164% and in 2021 it is 229% and in 2022 it is 291% it is increase in the last two years.
 Stock in trade company has in 2018 is 100% and in 2019 it is 229% 119 percent increase
as compare to the previous year and in 2020 it is 269% and in 2021 it is 365% and 2022
are 646%.
 Trade debts we use base year 2018 it is 100% and in 2019 it is increased to 301% and in
2020 it is 186% and in 2021 it is 403% and in 2022 it is 952% we see that much increase.
91 | P a g e
 Advances and deposits of company in 2018 are 100% and in 2019 it is 87 percent
increase 187% and in 2020 it is 17 percent increase only 117% and in 2020 is 211% two
times increase as compare to the base year and in 2022 it is 237%.
 Short term investment of company in 2018 is 100% and in 2019 it is decrease to 85% but
again increase in 2020 it is 405% and in 2021 is 360% and 2022 are 663%.
 A cash and bank balance of company in 2018 are 100% and in 2019 it are decrease 4%
and become 96% and in 2020 it is 103% and in 2021 it is 366% and in 2022 it is 486%.
Fauji Fertilizer Company:
Description 2018 2019 2020 2021 2022

Sales 100% 100% 92% 103% 103%
COG's 100% 96% -85% -89% -89%
G.P 100% 110% 113% 139% 143%
O.P Exp 100% 162% -77% -140% -144%
O.P Profit 100% 114% 102% 126% 230%
Income Statement: We use base year 2018

sales are less in 2018 and same in 2019 and in 2020 it is 92% its 8% decreased then the
previous year and in 2021 sales are increased to 103% and inn 2022 it is 103% in early
years it is less because of pandemic situations.
decreased to 96% and in 2020 it is again decrease to -85% and in 2021 cogs are -89% we
see that it much decrease by the previous years and in 2022 it is -89%.
percent increase by the previous year and in 2021 it is 139% and in 2022 gross profit of
company is 143%.
100% and then 2019 it is 162% 62% more than the previous year and in 2020 it is -77%
23 percent decrease then the 2018 year and in 2021 it is -140% and in 2022 it is -144%
due to the increase in sales.
it is 114% 14 percent increase by the previous year and in 2020 it is 102% and in 2021 is
Balance Sheet: We use base year 2018
92 | P a g e
Description 2018 2019 2020 2021 2022
Total Assets 100% 105% 118% 137% 164%
Property, plant and
100%
equipment 103% 7% 111% 128%
100% 116% 129% 171% 188%
Long term loans and
100%advances108%
- secured175% 273% 409%
Long term deposits100%
and prepayments
91% 104% 108% 91%
Stores, spares and100%
loose tools110% 128% 131% 181%
Stock in trade 100% 53% 2% 8% 151%
Trade debts 100% 366% 62% 23% 10%
Loans and advances100%
- secured169% 74% 72% 90%
Deposits and prepayments
100% 62% 62% 82% 369%
Other receivables100% 112% 133% 144% 169%
100% 88% 150% 174% 184%
100% 149% 30% 31% 40%
increased to 105% and in 2020 is 118% and in 2021 it is 137% and in 2022 it 164% we
see that its only increase in the last year.
 Intangible assets in 2018 are 100% and in 2019 to 2022 it is same as base year.
 Loan term investments of company in 2018 are 100% and in it is much increased to
116% in 2019 and in 2020 it is 129% and in 2021 171% and in 2022 it is 188%.
 Loan term loan of company in 2018 are 100% and in 2019 it is increased 8% so it is 108%
and in 2020 it is 175% and in 2021 it is 273% and in 2022 it is 409% much increase as
compare to the base year.
decrease and in 2020 it is 104% and in 2021 it is 108% and in 2022 it is 91%
 Stores and spares company has in 2018 are 100% and in 2019 it is 110% and in 2020 it is
128% and in 2021 it is 131% and in 2022 it is 181% it is increase in the last two years.
 Stock in trade company has in 2018 is 100% and in 2019 it is 53% 47 percent decrease as
compare to the previous year and in 2020 it is 2% and in 2021 it is 8% and 2022 are
151%.
 Trade debts we use base year 2018 it is 100% and in 2019 it is increased to 366% and in
2020 it is 62% and in 2021 it is 23% and in 2022 it is 10% we see that much decrease.
decrease 62% and in 2020 it is 38 percent decrease only 62% and in 2020 is 82% and in
2022 it is 369%.
93 | P a g e
again increase in 2020 it is 150% and in 2021 is 174% and 2022 are 184%.
 A cash and bank balance of company in 2018 are 100% and in 2019 it are increase 49%
and become 149% and in 2020 it is 30% and in 2021 it is 31% and in 2022 it is 40%.
Engro Fertilizer Company:
Income Statement: We use base year as 2018

Description 2018 2019 2020 2021 2022
Sales 100% 126% 136% 189% 216%
COG's 100% 107% 123% 151% 179%
G.P 100% 126% 134% 184% 209%
O.P Exp 100% 582% 618% 612% 759%
O.P Profit 100% 101% 102% 121% 140%
sales are less in 2018 and increased 26% in 2019 and in 2020 it is 136% its 36% increased
then the base year and in 2021 sales are increased to 189% and in 2022 it is 216% in
early years it is less because of pandemic situations.
increased to 107% and in 2020 it is again increase to 123% and in 2021 cogs are 151%
we see that it much increase by the previous years and in 2022 it is 179%.
percent increase by the base year and in 2021 it is 184% and in 2022 gross profit of
company is 209%.
100% and then 2019 it is 582% 482% more than the previous year and in 2020 it is 618%
518 percent increase then the 2018 year and in 2021 it is 612% and in 2022 it is 759%
due to the increase in sales.
it is 101% 1 percent increase by the previous year and in 2020 it is 102% and in 2021 is
Balance Sheet:
94 | P a g e
Description 2018 2019 2020 2021 2022
Total Assets 100% 102% 105% 110% 115%
Loans, advances, deposits
100% and1276%
prepayments
4730% 3241% 805%
Receivables 100% 131% 815% 157% 264%
100% 89% 74% 62% 74%
100% 217% 43% 53% 10%
Property, plant and
100%
equipment
78% 111% 150% 191%

100% 107% 106% 190% 190%
Long term loans and
100%
advances
828% 879% 771% 10789%
increased to 102% and in 2020 is 105% and in 2021 it is 110% and in 2022 it 115% we
see that its only increase in the last year.
increase 1276% and in 2020 it is 4630 percent increase only 4730% and in 2020 is 3241%
and in 2022 it is 805%.
again decrease in 2020 it is 74% and in 2021 is 62% and 2022 are 74%.
 Intangible assets in 2018 are 100% and in 2019 are 189% and in 2020 it is 166% and in
2021 it is 334% and 2022 are 213% we see that company intangible assets are more
increase in the coming years
 Loan term investments of company in 2018 are 100% and 107% in 2019 and in 2020 it is
106% and in 2021 190% and in 2022 it is 190%.
increase and in 2020 it is 879% and in 2021 it is 771% and in 2022 it is 1078% we see
that in the last years it is much increased as compare to the previous year.
Results:
After the interpretation of all ratios and trend analysis we see that Fauji Fertilizer Company
perform better than the industry and from other companies but in some ratios and from trend
analysis we see that in some ratios engro company is performing better. These Companies are the
competitive of each other. But they maintain their average with the industry.
95 | P a g e

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International Islamic University Islamabad

Analysis of Financial Statement

Dr. Syed Zulfiqar Ali Shah

Batch No: BBA 42(B)

Roll No: 6178FMS

Dept. of Business Administration

Faculty of Management Sciences

International Islamic University Islamabad

The Introduction of Companies………………………………………………………………………………………………

Objectives of the study

There are two types of fertilizers.

Engro Company is a public company headquartered in Karachi. Founded

 Fatima Fertilizer Company:

Fertilizers play a crucial role in the development of agriculture

 Fauji Fertilizer Company:

Fauji Fertilizer Company is a Pakistani chemical company which

Gross Profit Ratio:

Operating Profit Ratio:

Operating Expense Ratio:

Return On Capital Employed:

Assets Turnover Ratio:

Inventory Turnover in Days:

Debtors Turnover Ratio:

Debtors Turnover In Days:

Creditors Turnover In days:

Long Term Debt To Total Assets:

Short Term Debt to Total Assets:

Total Debt to Total Assets:

Interest Coverage Ratio EBIT:

Price Earning Ratio:

Net Profit Margin:

Gross Profit Margin:

Operating Profit Ratio:

Operating Expense Ratio:

Return on Capital Employed:

Shareholders Equity + L.T Debt

Inventory Turnover Ratio:

Debtors Turnover ratio:

Creditors Turnover Ratio:

Debt to Equity Ratio:

Total Debt to Total Assets:

Interest Coverage Ratio:

Price Earnings Ratio:

Fatima Fertilizer Company:

Income Statement: In this we use base as sales

Fauji Fertilizer Company:

Description 2018 2019 2020 2021 2022

Description 2018 2019 2020 2021 2022

Engro Fertilizer Company:

Description 2018 2019 2020 2021 2022

Description 2018 2019 2020 2021 2022

Balance Sheet: We use 2018 as a base year

Fauji Fertilizer Company:

Description 2018 2019 2020 2021 2022

Income Statement: We use base year 2018

Balance Sheet: We use base year 2018

Engro Fertilizer Company:

Income Statement: We use base year as 2018

Intangible assets 100% 189% 166% 334% 213%

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