IBF Final Report (GVGL)

IBF PROJECT
MUHAMMAD UMER-26089
MUSTAFA ALI NAQVI-26103
MUHAMMAD SABIH KAMAL-26618
MUHAMMAD AAZIM KHAN-26655
Table of Contents
ABOUT US ...................................................................................... 1
LIQUIDITY RATIOS .......................................................................... 2
Current ratio: .......................................................................................................................... 2
Quick Ratio ............................................................................................................................. 4
ASSET MANAGEMENT RATIOS ........................................................ 6

Inventory turnover (times) ..................................................................................................... 6
Receivable turnover (times) ................................................................................................... 8
Payable Turnover Ratio (times) ............................................................................................ 10
Day Sales Outstanding (days) ............................................................................................... 12
Day Sales Inventory (Days) ................................................................................................... 14
Day Payable Outstanding (Days) .......................................................................................... 16
Operating Cycle (Days) ......................................................................................................... 18
Cash Conversion Cycle (Days) .............................................................................................. 20
Total Asset Turnover (times) ................................................................................................ 22
Fixed Asset Turnover (times) ............................................................................................... 24
DEBT MANAGEMENT RATIOS ....................................................... 26

Debt to Asset Ratio............................................................................................................... 26
Debt to Equity Ratio ............................................................................................................. 29
PROFITABILITY RATIOS ................................................................. 31

Gross Profit Margin .............................................................................................................. 31
Net Profit Margin ................................................................................................................. 33
Operating Profit Margin ....................................................................................................... 35
Return on Total Assets ......................................................................................................... 37
Return on Common Equity ................................................................................................... 39
Market Value Ratios..................................................................... 41

Price to earnings ratio (times) .............................................................................................. 41
Market to Book Ratio (times) ............................................................................................... 43
Dividend Yield Ratio ............................................................................................................. 45
Dividend Payout Ratio .......................................................................................................... 47
Dividend Cover (times) ......................................................................................................... 49
SOLVENCY RATIO ......................................................................... 51

CONCLUSION ............................................................................... 53
REFERENCES ................................................................................. 55
Contribution Report ..................................................................... 56
WELCOME TO GHANI VALUE GLASS
GHANI VALUE GLASS LIMITED IS A LEADING GLASS

MANUFACTURING COMPANY BASED IN PAKISTAN AND
HAS GROWN TO BECOME ONE OF THE MOST
RESPECTED GLASS MANUFACTURERS IN THE COUNTRY.
ABOUT US
The company was incorporated as Chaudhary Textile Mill Ltd
on March 17, 1967, as a Public Limited Company. The
principal activity of the company is the manufacturing and
sale of mirrors and tempered glass.
Ghani Value Glass ultimately got listed on Pakistan Stock

Exchange on April 2, 1969.
It has a production capacity of over 67,000 tons per annum

and it utilizes imported raw materials to achieve world-class
quality.
The glass industry is involved in the production of a wide

range of glass products, including producing a range of
mirrors (silver & aluminum coated), tempered glass,
laminated safety glass, double-glazed glass, color-painted
glass, and bent & automotive glass.
FUTURE OUTLOOK:
Pursuing a long-term expansion strategy, the company is
going to issue a 55% right share for the installation of the
spectrum line.
1
LIQUIDITY RATIOS
Current ratio:
Current Ratio
3.00
2.44
2.50 2.29 2.22
2.00 1.66 1.64

1.41
1.50 1.24 1.27 1.25
1.00 1.16
0.50
0.00
2018 2019 2020 2021 2022
Ghani Value (main) ratios Industry Avg ratios
Current ratio refers to the ability of the firm to pay its short term debt
obligations. It shows if firm has sufficient resources to pay the debt of the
next 12 months.
The industry average is changing overtime, it increased through the years
from 2018-2021, then it took a sharp dip in 2022. It increased by 32.25% in
2021 compared to 2018, and it fell by 29.27% in 2022 compared to 2021.
Comparing Ghani Value Glass Limited’s (GGVL) current ratio with the
industry average we can see that there is a big gap between the two, GGVL
being the dominant.
GVGL has a current ratio higher than the industry average. The ratio
increased in 2019 by 37.95%, as the Current Assets of the company
increased and the Current liabilities decreased, more specifically
company’s stock in trade has increased by 61.3%. GVGL has added to more
stock as its sales has also increased by 23.46%. One of the major reasons of
this increase was the increase in demand for laminated glass which GVGL
produces. This is because laminated glass provides security as its not easily
breakable so its commonly used in banks and other high security facilities,
2
moreover, it has excellent noise reduction properties so it’s widely used in
hospitals, airports etc. On the other hand the current liabilities have
decreased, as the unpaid dividends have been paid, resulting in a higher
Current Asset ratio.
In 2021 current asset ratio has decreased by 9% compared to 2020.
Current assets and liabilities both have increased. Income tax refunds and
cash and bank balances have increased, where cash and bank balances
brought the major increase, increasing by 241%, one of the reasons of this
increase is the increase in sales by 56%. The increase in sales can be
explained by the fact that the economy of Pakistan performed well in 2021
and there was an economic growth of 3.57% and business activity
gradually resumed in the second year of the pandemic. Moreover, GVGL
issues 85,000,000 shares this year after their merger with GAIL which
increased their cash and cash equivalents.
However, Current liabilities increased by 72.96% simultaneously. This
increase can be explained by an increase in trade payables by 56.7% and
increase in contract liabilities by almost 4 times. An increase in trade
payables is indicative of the fact that the company has increased its
purchase of raw materials, as it can be seen by an increase in cost of sales.
On the other hand contract liabilities have increased by 4 times, however,
they can be dealt with as company has taken cash in advance of providing
services so this will help in a smoother functioning of the cash flow of
GVGL.
In 2022, there was a significant drop in the current ratio by 43.7%, which
was a more than proportionate decrease than the industry which dropped
by 29.3%. Although net current assets did not significantly increase but the
inventory was doubled in 2022 compared to 2021 which can be reflected
by a 94.5% increase in trade and other payables which means that GVGL
made purchases on credit. Moreover, cash and bank balances have
decreased by 87% which can be reflective in the increase in Non-Current
Assets. Although the GVGL will still be able to meet its short term debt
obligations, however, a major part of its current asset consists of inventory
which is the least liquid asset.
Although, throughout the years GVGL’s current ratio is much ahead of the
industry, however, it can be reflective of an underutilization of resources
and building up of inventories which is only adding to costs. Such costs
relating to inventory can be reduced and margins can be increased further.
3
Quick Ratio
Quick ratio (times)

1.70
1.80 1.58
1.54
1.60
1.40 1.23
1.20
1.00 0.86
0.73
0.80 0.61 0.64 0.62
0.60
0.42
0.40
0.20
0.00
2018 2019 2020 2021 2022
Quick ratio or asset test ratio is a liquidity ratio that measures the ability of
the near to cash or cash assets to meet the short-term debt obligations of a
business.
The industry average of this ratio has been improving gradually overtime.
The ratio increased by around 41% over the four years’ time from 2018 to
2021. However, the ratio took a major fall in 2022 dropping by 51%. The
Quick ratio of GVGL has been following a similar trend to the industry;
however, the gap between the two is very clear indicating that GVGL has
been dominating the industry.
The ratio increased in 2019 by 25%. The increase in assets were as a result
of the increase in the inventory which does not affect the quick ratio, while
other assets remained almost the same, the increase in this ratio was
brought about by a decrease in liabilities. More specifically unpaid
dividends of Rs/- 75,209,644 were paid off. Although cash and cash
equivalents did decrease by almost 55% but there was an increase in tax
refunds by the government by 54.4% resulting in this increase in the quick
ratio.
4
The ratio increased gradually over the two years from 2019 to 2021
increasing by 10.38% in 2021 compared to 2019. It was in 2022 when the
ratio took a big hit and dropped by 64.5%.
The increase in net current assets was not a notable increase. Inventory in
this year almost doubled, and being the most illiquid asset it did not
contribute to the quick ratio, on the other hand cash and cash equivalents
dropped by 87%. This is because cash was invested in financing activities
such as purchase of new Property, Plant and Equipment. Moreover, sales
were made on credit and as a result trade and other receivables increased
by 147% in 2022.
On the other hand, trade and other payables increased by 94.5% as
purchases were made on credit as GVGL’s cash and cash equivalents have
gone down significantly.
The quick ratio closed at 1.23 in 2022 which is still better than the ideal
ratio. However, GVGL need to be concerned as the dip in the ratio was
massive compared to 2021, and in the upcoming years of 2023 it can go
further down and the company can face cash flow crisis.
5
ASSET MANAGEMENT
RATIOS
Inventory turnover (times)
Inventory turnover (times)

7.00
5.86
6.00
5.14
4.89 4.73
5.00 4.47 4.52
3.79 3.90
4.00 3.51 4.51
3.00
2.00
1.00
0.00
2018 2019 2020 2021 2022
Inventory turnover ratio indicates the number of times inventory is used or

sold during a particular time period. It is calculated to ensure that the
business make effective plans for new purchases, manufacturing, and
marketing.
Industry average of this ratio is has not changed by significant margins.
However, there was a decrease of 15% in 2020, but then the ratio increased
in 2021 by 44%. Although, GVGL has a higher ratio than the industry but it
has been following a similar trend.
The ratio gradually fell between the years 2018 and 2020. Cost of sales
increased by 31.5% in 2020 compared to 2018 which means ratio certainly
fell because GVGL kept adding to its inventory. Inventory increased by 78%
over the two years. The major reason for this was the global pandemic in
form of Covid 19. Inventories were build up in the first half of the year
because of lockdowns and the slowdown in the business activity until the
6
second half of the year when business activity was resumed partially. GVGL
did not make any exports in 2018 but made exports of Rs 5,192,462 in
2020. The increase in cost of sales is because of the increase in sales, as
sales has been increasing over the years, GVGL has been producing more
which has added to expenses such as Repair and Maintenance, salaries and
wages, fuel and power etc.
In 2021, inventory turnover increased by 31%. This year the increase in the
ratio was brought about by increase in cost of sales by 50%, while on the
other hand there was only a 4.46% increase in the inventory. In 2021, the
sales increased by 56%. One of the reasons of this increase in sales was that
GVGL merged with Ghani Automobile Industries Limited (GAIL), as a result
sales of automobiles were made this year of Rs 49,386,801. Simultaneously,
sales of mirrored glass increased in the local markets by 54%. One of the
reasons of this increase in sale of mirrored glass in Pakistan is the growth
in the construction industry by 8.34% in 2021, mirrored glass is used in the
construction industry for both decorative and functional purposes which
resulted in a higher demand for mirrored glass. As a result of this increase
in sales, the cost of sales of GVGL increased as almost all of the major
expenses such as fuel and power, salaries and wages, and consumption of
raw materials increased.
In 2022, inventory turnover increased by 22%. This decrease was brought
about by the increase in inventory in 2022 which rose by almost 100%.
There was an increase in cost of sales as well of about 23.4%, which is less
of an increase as compared to the increase in inventory. Although,
inventory has been increasing but sales have increased at the same time as
well. GVGL has been adding to inventory because they have faced a rise in
demand for their products overtime in both local and international
markets.
Overall, the ratio of GVGL is better than the industry. Increased amounts of
closing inventory has been a major factor which has pulled down this ratio.
7
Receivable turnover (times)
Receivables turnover (times)

250.00 227.20
200.00
157.05
150.00 131.58
100.00
50.00 32.18 42.13

35.56
25.01
5.70 6.51 8.76
0.00
2018 2019 2020 2021 2022
Receivable turnover ratio is a measure to quantify a company’s

effectiveness in collecting its receivables or money owed by customers.
Receivable turnover ratio of the industry has been increasing over the
years, which means that the industry is collecting its receivables more
times in the year which is a good sign, as it means better credit collection.
There is a huge gap between GVGL and industry in this ratio. GVGL has
been collecting receivables at a rate very low than the industry. The huge
gap between the industry and GVGL is because of one of the firms which is
FRONTIER CERAMICS LIMITED. They have a very low amount of
receivables proportionate to the sales which means that they have very
efficient credit collection policy and they make cash sales.
GVGL’s ratio was on a rise from the years 2018 to 2021. First it rose by
53.6% in 2020 compared to 2018, and then it increased by 186% in 2021.
This rise of the ratio in 2021 was because of an increase in sales by 56.34%
and a decrease of 63% in the trade debts. There were several reasons as to
why the sales increased. Firstly, GVGL merged with GAIL due to which
automobile sales were also made in 2021. Secondly, Shalimar Glass which
is the major customer of GVGL, in 2021 Shalimar Glass it doubled its
purchase from GVGL. Moreover, in 2021 GVGL increased its revenue by
providing services such as rendering of tempering glass. The revenue GVGL
made by providing services was of Rs 165,297,812.
8
On the other hand, receivables decreased as they were collected in form of
cash and cash equivalent. This can be indicative of a better collection of
trade debts by GVGL from its customers. However, there was a credit loss
of Rs 55,960,692.
However, in 2022, due to an increase in sales by 33.36% there was an
increase in the ratio by 42%. Trade debts increased by 147% in 2022.
Although, receivables have increased by a bigger percentage but sales
increased by an amount which is much bigger than the receivables.
According to note 20.4.1, trade receivables are generally on terms of 30
days, and the increase in trade receivables pertains to increase in overall
revenue from customers during the year. The increase in sales can be
explained by the fact that estimated revenues in the glass sector industry in
Pakistan stood at PKR 67 billion locally, which was a 46% increase YoY.
In conclusion, GVGL has a policy of trading on terms of 30 days. They are

not facing any severe liquidity issues; in fact they have the best liquidity
ratios in the industry. It makes sense that their aim is to increase sales and
that’s why they have diversified into more international markets such as
Brazil, London, Jordan, and South Africa.
9
Payable Turnover Ratio (times)
Payables turnover (times)

70.00
61.07
60.00
50.00
38.86
40.00
30.00
20.20 21.17
20.00 14.47
9.68
8.32 6.86
10.00
8.07
0.00 3.90
2018 2019 2020 2021 2022
Payable turnover ratio refers to a measure that quantifies the rate at which
a company pays off its suppliers. It shows the effectiveness of the company
to pay off its suppliers.
The industry has been paying its suppliers less frequently than GVGL. The
ratio for the industry increased in 2020 by 118% over the course of two
years, however, it eventually dropped to 6.86 in 2022. Although, GVGL
followed a similar trend that its ratio increased in the first two years but
later dropped in the last two years, there is a big gap between the industry
and GVGL.
The ratio increased by 3 times over the course of two years for GVGL. The
increase in the ratio is very clear. GVGL’s credit purchases have increased
by 41%, while on the other hand, GVGL’s accounts payables have reduced
by 36.5%. The increased quantities of purchases of raw material is because
over the years demand for products have increased and due to increased
sales more purchases of raw materials are being made. In addition, to this
in 2020 due to Covid 19, the production of soda ash, which is one of the
main raw materials in production of glass, was hampered which increased
its price leading to higher cost of raw materials. GVGL has reduced it
accounts payables, especially in 2019 it paid off its creditors which can also
be seen by a reduction in cash and cash equivalents in 2019.
10
In 2021, the ratio took a huge dip as it fell by 86% and later in 2022 it fell to
3.9 times. One of the reasons for decrease in the ratio is the decrease in
credit purchases, which fell by 2%. On the other hand, accounts payable
were the major reason for the drop in the ratio. Trade payables rose by
49.6% (accurate value of creditors are not mentioned for the year 2021).
GVGL has availed credit from its suppliers in the year 2021 and has added
to its cash and cash equivalents which increased by 241%. Moreover, the
increase in trade payables was brought by an increase in cost of sales by
31%. To cater with increased sales in 2021, and merger with GAIL cost of
sales have increased due to which GVGL has made more purchases on
credit.
Overall, payable turnover of GVGL is satisfactory. Although, they were

paying off suppliers more quickly in the first two years but this could have
resulted in cash flow issues. In 2021 and 2022, they held the cash more and
are taking credit facilities from the suppliers, although this can help in cash
flow of GVGL but suppliers can stop supplying raw materials to GVGL in the
near future.
11
Day Sales Outstanding (days)
Days Sales Outstanding (days)

70.00 64.07
60.00 56.10
50.00
41.32 41.67
36.58
40.00
30.25
38.43
30.00 24.96
20.00 14.60
10.26
10.00
0.00
2018 2019 2020 2021 2022
Day sales outstanding is the average number of days that it takes for a
company to collect payment after a sale has been made.
Day sale outstanding (DSO) ratio has been falling over the years for the
industry, which means firms have been collecting receivables more quickly
over the years. It only increased in 2020 by a very small margin of 5%. This
slight increase can be explained by the fact that covid hit the world in 2020,
and customers of the firms in the industry might have taken more time to
pay due to cash flow problems. The ratio dropped by a massive 27% in
2021, and a further 21% in 2022. Frontier Ceramics had the lowest DSO
ratio pulling the industry average down. It has very low trade debts
compared to its sales which means they mostly make cash sales or collect
from their debtors very quickly.
GVGL’s ratio followed the industry pattern and continued falling over the 5-
year period. The major dips coming in 2020 and 2021. In 2020 the ratio fell
by 34.6%. This shows that money from the receivables were received
earlier this year and indicates a better credit collection to avoid any cash
flow issues. If we look deeply into the financial statements, trade debts
have fallen by 50.6% while on the other hand cash and bank balances have
risen by 140%. This was done so any cash flow problems during a time of
uncertainty can be avoided, this is evident as in 2020 GVGL did not make
any major purchase of Non-Current Assets.
12
In 2021, the trend continued, and the DSO ratio fell further by 185% as
GVGL continued to collect receivables from its debtors more quickly as its
receivable turnover ratio jumped from 8.76 to 25.01 this year. In 2021,
sales of GVGL increased by 56% as businesses reopened and due to a
growth in construction industry the demand for glass increased.
Receivables fell by 63% while cash and bank balances continued to grow.
This clearly depicts that sales were either being made on cash basis or
GVGL was very efficient in credit collection from its debtors. Merger with
GAIL also went through this year which brought in cash and cash
equivalents, efficient collection from receivables also meant that cash can
be used by GVGL to buy additional assets which they did in 2021.
The trend continued as DSO continued to fall, however, this year trade
receivables increased by PKR 81m. The increase in the ratio was brought
about by the increase in sales which increased by 33.3%. Efficient credit
collection was continued by GVGL as receivables are still very minimal
compared to sales which were PKR 34.11 billion.
GVGL adopted an efficient debt collection policy over the years as there
sales continued to increase so they made sure they received their debts so
that it does not affect the company in terms any liquidity crisis.
13
Day Sales Inventory (Days)
Days Sales Of Inventory (days)

140.00 128.81 126.90
120.00 106.00 108.74 107.96
100.00
81.64 80.79
70.99 74.65
80.00
62.33
60.00
40.00
20.00
0.00
2018 2019 2020 2021 2022
Day sales inventory (DSI) is a financial ratio that tells us about the average
time in days a company takes to turn its inventory into sales.
Most of the firms in the industry are operating with a rather normal day
sales of inventory which ranges between 30 days to 120 days. However, the
ratio is pulled up by Ghani Global whose ratio has hit as high as 310 days in
2018. Inventory turnover for Ghani Global has remained very low
compared to the other competitors in the market as inventory levels for
Ghani Global have remained very high compared to the sales they made.
The industry average fell by 21.5% in 2019 and did not change significantly
over the next 3 years. In 2022, it increased by 17.5%. GVGL on the other
hand had a comparatively lower ratio than the industry which means that
GVGL was able to convert its inventory into sales quicker than the other
players operating in the market.
Inventory turnover continued to increase over the first 2 years from 2018
to 2020. In 2020, the ratio was the highest, increasing by 9.5% compared to
the ratio in 2019. The most simplistic reason for the increase in DSO is the
fact that sales were hampered due to the pandemic in 2020 and inventory
levels increased as sales took a hit this year. There was an increase in the
inventory levels by 24.1% as sales were disrupted.
14
In 2021, however, the ratio decreased by 30.98% which means that in 2021
GVGL was more efficient in converting its inventory into sales this year.
There was an increase in overall inventory by only 4.5%. Looking more
closely at the inventory levels stores, spares and loose tools increased by
PKR 29m, however, stock in trade decreased by PKR 16m. The increase in
sales was 56% which means GVGL was successful in converting its
inventory into sales. After merging with GAIL, GVGL was also able to make
Automobile sales worth PKR 49m.
In 2022, the ratio increased by 29.6%. Although sales increased by 33.3%,

inventory levels more than doubled, increasing by 113%. GVGL entered
into the automobile industry in 2021, this did not seem to work out well for
the firm as it only managed to make sales of automobiles worth PKR 26m
while the increase in sales was brought about by other products such as
sale of mirrored, frosted and tempered and non-tempered glass. High
inventory levels resulted due to the unsold automobile inventory. In 2022,
the government increased the regulatory duty on automobiles to 100%
from 90% on imported motor vehicles into the country. This increased
prices of not only imported motor vehicles but local motor vehicles as well
due to which there was a decrease in demand for motor vehicles, which is a
reason why sale of automobiles for GVGL reduced, and its inventory levels
were pushed up by automobiles.
15
Day Payable Outstanding (Days)
Days Payable Outstanding (days)

100.00 93.59
90.00
80.00 68.04
70.00
60.00 49.76 51.46
50.00 41.85 40.09
40.00 43.85
30.00 18.07
20.00 9.39
5.98
10.00
0.00
2018 2019 2020 2021 2022
Day Payable Outstanding (DPO) indicates the average number of days

taken by a business to pay off its creditors. A high DPO indicates that the
business is taking a long time to pay off its creditors. This may be because
that the business is on good terms with its suppliers, and this also improves
the liquidity of the business. However, in the long run it may affect the
relationship between the business and its supplier.
The industry average for DPO has been higher than GVGL in the initial
years, there is a significant gap between the two from 2018 to 2020. The
industry average fell by 8 days in 2019, and then remained relatively same
for the next year. However, in 2021, the ratio rose by 28.36%, and then a
further increase of 32.22% in the year 2022. This means that the industry
was taking more time to pay off its creditors in the years 2021 and 2022.
GVGL, on the other hand, was paying off its creditors early in the first three
years, however, it increased by a great margin of 39 days in 2021, and
doubled in 2022.
In 2019, the ratio fell by 92%, the main reason for this was the decrease in
accounts payable by 53% while credit purchases of GVGL have increased.
The similar trend was followed in the year 2020 as the ratio fell by 36%.
Although Accounts payables slightly increased this year, but the increase in
credit purchases of 17%, increased the Payable turnover ratio which in
turn reduced DPO. Over the course of 3 years, purchases have been rising
16
as the company is buying more raw material from its suppliers, this is
mainly because a consistent rise in the sales of GVGL has been noticed and
to keep up with the increased demand they have made more purchases.
In 2021, the ratio rose by a massive 633%. From 5.98 days, DPO took a
jump to 43.85 days. Company’s account payables increased massively in
the year 2021, increasing by PKR 241m. The company’s liquidity position
has improved, cash and bank balances went up by 240% as company has
delayed payments to its suppliers. One of the reasons for taking this step
could be the merger scheme between GAIL and GVGL going through, so
GVGL delayed payments to its suppliers so that liquid assets could be used
fund the merger scheme.
In 2022, the DPO increased by 50 days, as account payables increased by
159% this year. Credit purchases have also increased by 55% this year. On
the contrary, it is also seen that cash and bank balances have gone down
from PKR 550m to PKR 71m. However, the cash has not been used up to
pay the creditors timely, rather it is used to fund the Non-Current Assets
brought in by GVGL in 2022 which amount to PKR 228m.
Although, delaying payments to suppliers has helped GVGL in funding for
other important decisions which the business has made, and has improved
GVGL’s liquidity position, however, in the long run this decision might not
be too beneficial for GVGL as it can affect the relationship between GVGL
and its suppliers.
17
Operating Cycle (Days)
Operating Cycle (days)

180.00 170.13
147.16 151.86
160.00 142.58
135.06 138.21
140.00
123.30
120.00 130.75
91.05
100.00
76.93
80.00
60.00
40.00
20.00
0.00
2018 2019 2020 2021 2022
Operating cycle is the average period required for a business to make an

initial outlay of cash to produce goods, sell the goods, and receive cash
payment from customers in exchange for the goods.
The major fall in the ratio for the industry was in 2019, when the ratio fell
by 19.7%. Later over the two years it changed but the changes were not too
major. However, in 2022, the ratio increased by 9% again. The number
over the 5 year revolves around 150-170, this shows that the firms
operating in the industry, which means that short term liabilities are more
and it is necessary for the firms to borrow to pay off its creditors as they
are receiving payments from their creditors late. The ratio for GVGL has
been on a decline from the years 2018 to 2021, which is a good sign as this
shows that the company is getting in a better position in term of liquidity
and might not need to borrow. The ratio rose in 2022 by 18%.
From the years 2018 to 2020, the ratio fell by almost 9%. DSO for GVGL has
fallen by 23 days over the two years. This means that payments were being
received by GVGL earlier over the course of two years. However, DSI rose
both these years by almost 11 days. This is because the level of inventories
increased by 77% over the two years as an increase in sales was
anticipated due to which GVGL had higher levels of inventories.
18
The ratio fell in 2021 by 38%. This was a major decrease in the ratio. The
decrease was brought by a major fall in both DSI and DSO, as DSO fell by
65% while DSI fell by 23%. The fall in DSO is explained by the fact that the
trade receivables of the firm have gone down by almost PKR 100m. An
explanation for this could be the encouragement of cash sales to avoid any
liquidity issues. While DSO fell as there was no major change in the levels of
inventory in 2021, but because of an increase in cost of sales by 42.9%
inventory turnover increased which caused DSI to fall.
In 2022, the ratio increased by 15 days. This means that the time elapse
between purchase of raw material and collection from sales have increased.
Although DSO has fallen further, as Sales have increased and the increase in
trade receivables over the year is less proportionate to the increase in sales
this means that more sales are being made on cash basis causing DSO to
decrease further. On the other hand, DSI has increased as the inventory
levels have doubled in the year 2022, causing inventory turnover to
increase and eventually causing the operating cycle to increase as well.
Comparing with the industry, GVGL has an acceptable operating cycle ratio
as the companies have also been operating on credit terms. GVGL still has a
better ratio than other firms operating in the industry. However, they are
still receiving late from their creditors and there is a greater time elapse
between purchasing raw materials and receiving from the debtors.
19
Cash Conversion Cycle (Days)
Cash Conversion cycle (days)

140.00
120.37 121.36 117.33
120.00
116.99 100.73
100.00 107.08 86.75 83.82
80.00
60.00
33.08
40.00
20.00
-2.54
0.00
2018 2019 2020 2021 2022
-20.00
The cash conversion cycle (CCC) is a financial metric used to measure the
time it takes for a company to convert its investments in inventory and
other resources into cash flows from sales. It provides insights into the
company's efficiency in managing its working capital and cash flow.
The industry's Cash Conversion Cycle (CCC) showed a fluctuating trend
from 2018 to 2022. In 2018, the CCC stood at 120.37 days, indicating a
relatively long time for the industry to convert its investments into cash.
However, there was an improvement in 2019 with the CCC reducing to
100.73 days. The trend continued upward in 2020, reaching 107.08 days.
Subsequently, the industry experienced a notable improvement in
efficiency, reflected by the CCC dropping to 86.75 days in 2021. Finally, in
2022, the CCC reached its lowest point at 83.82 days, suggesting a
commendable performance in converting investments to cash.
GVGL's Cash Conversion Cycle (CCC) for the years 2018 to 2022 underwent
significant changes. In 2019, the CCC increased slightly to 121.36 days
which was a 5-day increase in the ratio. There is a fall in the Days payable
Outstanding by almost 9 days from 18 days because of an increase in Cost
of sales by 8.9%. However, Days of Sales Outstanding fell by 8 days, and
Days sales of Inventory rose by 5 days leading to an increase in the overall
ratio from the previous year. However, in 2020, the CCC improved
20
significantly to 117.33 days which was a fall of 4 days. This reduction
signifies that GVGL was able to streamline its operations and enhance its
working capital efficiency. There is a decrease in the Days payable
Outstanding by almost 4 days from 10 days. However, Days of Sales
Outstanding fell by 15 days as net sales rose by almost 11%. It means an
improvement in the debt collection period, and Days sales of Inventory
rose by almost 7 days leading to a fall in the overall ratio from the previous
year.
In 2021, GVGL experienced a remarkable drop in its CCC to 33.08 days
which was an 84 Days fall. This significant improvement indicates a
substantial enhancement in the company's cash conversion efficiency. Days
Sales Outstanding fell by 27 Days because of a significant fall in trade
receivables by 63%. Whereas, Days Payable Outstanding increased by
almost 37 days because of an increase in trade payable by 57% from last
year’s trade payables. These changes led to a decrease in the ratio to 33.08
days. Surprisingly, in 2022, the CCC further decreased to -2.54 days. There
is a further increase in the Days Payables Outstanding by almost 50 days
because of an increase in trade payable by 94.6% which implements that
payments are being delayed to suppliers. Moreover, Days Sales Outstanding
also decreased by 4 days which is further reducing the ratio, and at the
same time, there is no significant change in Days Inventory Outstanding.
However, negative working capital should be assessed cautiously, as it may
not be sustainable in the long run.
Overall, the analysis of GVGL's CCC reveals a mixed performance. While the
company showed improvements in managing its working capital and cash
flow during certain years, there were periods of elongated cycles and
negative working capital.
21
Total Asset Turnover (times)
Total Asset Turnover (times)

1.30 1.32 1.32
1.40
1.17 1.20
1.20
0.91 0.93 0.96 0.95
1.00
0.80
0.80
0.60
0.40
0.20
0.00
2018 2019 2020 2021 2022
Total Asset turnover ratio is used to measure operating performance of the

company. It compares net sales with fixed and current assets of the
business and shows the efficiency of all assets to generate sales revenue.
GVGL has a higher fixed asset turnover ratio compared to the industry. This
means that GVGL has been able to utilize its assets in generating sales
better than its competitors. Looking at the competitors closely, we can
conclude that GVGL might not be the most efficient as the industry average
was pulled down by Ghani Global, and the most efficient firm operating in
the industry is Tariq Glass Limited. Tariq Glass Limited is a major provider
of frosted glass in the glass industry. Looking at the industry average, it has
been rather steady, only in 2020 it fell to by 11%. On the other hand,
GVGL’s ratio increased in the first year, then it followed a stable trend, and
later decreased again in 2022.
The ratio increased by 11% in 2019. This is because sales increased more
than proportionately compared to the increase in total assets. The increase
in sales was of 23.5% compared to the increase in total assets which was
8.4%. The increase in sales was brought by the local market where the sale
of mirrored glass increased by a fine margin, and the sale of frosted glass
doubled. On the other hand, the increase in the assets of the business was
due to an increase in the inventory by 61.3%, moreover, GVGL also added
to property, plant and equipment which increased by around Rs 36m. The
22
increase in the assets was in correspondence with the increase in sales, as
sales of GVGL have been rising consistently.
The ratio remained steady over the next two years, however, net assets
increased by 94.4% in 2021 as merger with GAIL brought an increase in
Property, Plant and Equipment of Rs 338,927,212 and additions of Rs
228,418,553 were made. In addition to this assets were also revalued by Rs
111,115,000. Moreover, cash and cash equivalents increased by 241% as
GVGL received payments from its debtors. However, this was offset by an
increase in sales of 56%, as automobile sales of PKR 49m was made, and
the sale of mirrored and laminated glass increased as construction industry
grew this year, so the demand for mirrored and laminated glass increased
due to it.
In 2022, the ratio fell by 9.1%. Although, sales have seemed to increase by
33.36% but this increase could be due to the rising commodity prices due
to inflation. In 2022, inflation surged at fourteen years high level of 12.2%.
However, the increase in sales was not only recorded in local markets but
also in the international markets, as GVGL exported goods worth PKR 72m
compared to PKR 2.4m in 2021. As Pakistani currency devalued in the year
2022, economies would have found cheaper to import from firms in
Pakistan. On the other hand, total assets increased by 22.1%, major
increase was brought by increase in inventory of 112%, a lot of finished
goods went unsold which shows the effect of inflation on the firm.
Inventory turnover of GVGL has fluctuated a little over the course of 5

years. However, it is safe to say that GVGL has been successful in utilizing
its assets and using them to generate sales revenue.
23
Fixed Asset Turnover (times)
Fixed Asset turnover (times)

4.00
3.42
3.50 3.21
2.90
3.00 2.77
2.50 2.20
2.00 1.57 1.54

1.52 1.44 1.41
1.50
1.00
0.50
0.00
2018 2019 2020 2021 2022
Fixed Asset turnover ratio is used to measure the operating performance of

a company. It compares the net sales with fixed assets and shows efficiency
of the fixed assets to generate sales for the business.
GVGL has been performing consistently better than the industry in regard
to fixed asset turnover. The closest competitor again has been Tariq Glass
Limited, while Ghani Global has been the outlier which has pulled this ratio
down for the industry. The ratio for the industry has not fluctuated a lot,
comparing 2022 by 2018 the ratio fell by only 7%. On the other hand, the
ratio for GVGL has increased in the first two years in 2020 by 23.47%, and
decreased in the later two years by 55%.
In 2020, even during a global pandemic GVGL was able to increase their net
revenue from PKR 1.18b in 2018 to PKR 1.6b in 2020. Due to pandemic,
sales of the company were hampered due to lockdowns and inventories
were build up until the second half of the year when things slowly started
to go back to normal. The firm proposed a merger with GAIL, GVGL wanted
to diversify their portfolio by addition of the auto sector. While on the other
hand the Total Fixed Assets only increased by 9.5%.
24
The dip in the ratio came over the next two years when the ratio fell by
35.7%. In 2021, the ratio dropped by 15.2%, and later went down by
further 24.1%.
In 2021, the ratio dropped because Net Fixed Assets increased by a great
margin, going up by 158%. Again, this happened because of the merger
with GAIL. PKR 547m worth of total assets were acquired by GVGL, PKR
338m of which were Property, Plant and Equipment as a result of the
merger scheme. In addition to this PKR 228m worth of assets were added
to increase capacity, as increased sales and the merger had to be catered.
While, on the other hand sales increased by 56% which was less than
proportionate to the increase in fixed assets.
In 2022, net fixed assets of GVGL increased by 44.4% while, sales increased
by 33.3%. The major increase in sales came from mirrored glass which
increased by 26.3%, while sales of frosted glass increased by
approximately PKR 236m. Taking a closer look, not only did sales in the
local markets increased but sales in the international markets such as
Brazil, London, Jordan and South Africa were also made. The construction
industry in Pakistan grew by 7% in real terms, this is an explanation of the
increase in sales of mirrored and frosted glass as both are used for
construction purposes. On the other hand, Net Fixed Assets increased more
than proportionately. New vehicles worth $72m were purchased this year,
moreover, new buildings and machinery were also purchased by GVGL.
This was done to increase the production capacity so more production of
glass and automobiles can be done.
The ratio has fell in the last two years for GVGL, this was because of an
increase in the total fixed assets which did not generate sales
proportionately. However, 2022 has been a tough year due to political and
economic instability in the country and what GVGL achieved throughout
the years was better than all the firms operating in the glass and ceramics
industry.
25
DEBT MANAGEMENT
RATIOS
Debt to Asset Ratio
Debt to Asset Ratio

0.60
0.47 0.48 0.49
0.50 0.46
0.40
0.38
0.40 0.33
0.29 0.28
0.30
0.23
0.20
0.10
0.00
2018 2019 2020 2021 2022
The debt to asset ratio is an indicator of a company’s financial leverage. The

ratio indicates proportion of company’s assets which are financed with
debt, instead of equity.
The industry average has been considerably static, however it dropped in
2021 by 16.6% and increased back again by 22.5% in 2022. On the other
hand, GVGL’s ratio has fluctuated a little over the years and has been going
down which is a positive effect. One of the reasons for a low debt to asset
ratio for GVGL is that it has not taken any long-term debt over the 5 years.
While on the other hand, firms such as Frontier Ceramics, Karam Ceramics,
and Ghani Global have used long term financing to finance their assets.
In 2019, the ratio went down by 23.7%. This is because Total Assets of
GVGL increased, and total debt reduced so there was a multiplied effect on
the ratio. Stock of finished goods increased by almost PKR 69m, which
26
means a lot of GVGL’s stock went unsold which they were expected to be
sold as they were expecting an increase in sale, however, sales did not
increase by a great margin. On the other hand, debt reduced by 18.5%.
Looking closely at GVGL’s financial statements this decrease was all
because of the decrease in Current Liabilities. More specifically, GVGL paid
off its unpaid dividends to its shareholders worth PKR 75m which was the
reason for this decrease.
In 2020, the ratio did not change by noticeable margins. However, it went
further down in 2021 by 17.8%. This was because GVGL merged with Ghani
Automobile Industries limited due to which assets, more specifically, Non-
current assets of the company increased by great margins. Total Assets of
GVGL increased by 94.4%. While, debts of GVGL also increased but less
than proportionately. There was no long term debt in 2021. However, trade
and other payables went up by 56.7%, while contract liabilities tripled.
Increase in trade payables was a result of increased credit purchases made
by GVGL for the raw materials that they consumed as production scale was
increased. Contract liabilities also tripled, however, GVGL only need to
provide the service in the future against which they have received payment
in advance.
In 2022, the ratio increased by 43.5%. This increase was corresponding to

the industry’s ratio which increased by 22.5%. The general cause of this is
the rising inflation which has impacted firms and has forced them to
borrow from external sources. Except Tariq Glass and GVGL all other three
firms have borrowed from long term external sources. GVGL has preferred
to source money from within as it has a strong cash flow position, instead
of borrowing money from outside, GVGL has delayed payments to its
suppliers increasing the trade and other payables by 94.5%. While, Non-
current assets have increased, Current assets have remained constant.
However, stock and trade increased and cash and cash equivalents have
decreased by PKR 479m which shows that they were utilized in purchasing
long term assets.
GVGL has maintained their policy of not taking long term loans from
external sources. However, they should consider doing it as it does not
27
have to be paid immediately and it can help in any cash flow problems
which can result. GVGL’s current ratio has also fallen drastically in 2022 so
it will be useful if they borrow from an external source. However, policy
rate is also increasing which GVGL should consider if they decide on taking
a long term loan.
28
Debt to Equity Ratio
Debt to Equity ratio

1.40
1.16
1.20 1.08 1.12
0.95
1.00
0.75
0.80
0.60
0.60 0.50
0.40 0.38
0.40 0.29
0.20
0.00
2018 2019 2020 2021 2022
It is used to calculate company’s financial leverage and is calculated by

dividing a company’s total liabilities by its shareholder equity. It shows
how
The industry average has fluctuated over the course of 5 years. It decreased
by 18% in 2019, then increased in 2020 by 13.6%. In 2021 it took a dip
again of 30% when finally in 2022 it rose back to 1.12 and settled at it. The
fluctuation over the years were caused by firms which have been more
reliant on debts for financing rather than income. The 3 companies other
than GVGL and Tariq Glass have been heavily reliant on long term financing
which has caused this ratio to grow more than 1 three times in 5 years.
GVGL on the other hand, had their ratio falling for the first 4 years.
Comparing 2021 by 2018, the ratio fell by 51.7% over 4 years, then it
increased in 2022 by 72%.
In 2019, the ratio fell by 33.3%. This shows that the debts of the GVGL
decreased. There was little to no change in the long-term liabilities, and the
major decrease was brought by Current Liabilities which fell by 18.7%.
Looking closely at current liabilities of GVGL, this decrease was brought
about by paying off the unpaid dividends of PKR 75m in 2019. While,
shareholder’s equity on the other hand has remained constant.
29
In 2021, the ratio fell by another 23.7%. Although debts of GVGL increased
this year, however, GVGL also issued shares this year which decreased the
ratio. There was a 60% increase in debts this year. The debts increased due
to a rise in trade payables which increased by 56.7%. According to note
14.1, Company increased authorized share capital by 85,000,000 shares
pursuant to the merger scheme. Due to this there was a decrease in the
ratio in 2021.
In 2022, the ratio increased by 72% as debts of GVGL almost doubled this
year while shareholder equity remained constant. This increase in debts
was yet again brought by current liabilities, more specifically, trade and
other payables which increased by 78%. Company’s credit purchases
increased by 55%, while its accrued liabilities increased by PKR 45m.
Overall, GVGL has been able to keep an impressive debt to equity ratio as
they continue to not finance using long term liabilities. The increase in
debts were because of their delayed payments to suppliers. However, if
they continue to delay their payments a serious situation might result and
suppliers might stop giving them credit and force for cash purchases,
realizing the situation GVGL should go for long term financing over the next
few years.
30
PROFITABILITY RATIOS
Gross Profit Margin
Gross Profit Margin

40.00% 37.41%
34.24%
35.00% 32.39%
28.87%
30.00% 25.45%
25.00%
18.80%
20.00%
14.12% 14.52% 13.56% 14.02%
15.00%
10.00%
5.00%
0.00%
2018 2019 2020 2021 2022
Gross profit margin is a metric used to assess a company’s financial health

and business model by revealing the amount of money left over from sales
after deducting the cost of goods sold.
Comparing GVGL’s GP margins with the industry it is safe to say that it is
operating well above the margins of the industry. The industry average has
been relatively stable, the only major increase coming in 2021 of 38.6%.
GVGL operates in the market with the best ratio. Although, GVGL has had
increasing cost of sales over the years but the reason why they were able to
have the best ratio is that they succeeded in increasing their sales more
than proportionately overtime. On the other hand, GVGL’s ratio has
relatively fluctuated more than the market.
In 2019, the ratio increased by 34.5%. GVGL was successful in increasing
their sales by 23.5%, while their cost of sales increased by 13.37% which
resulted in the increase in gross profit value by PKR 161m. The increase in
sales was brought about by the increase in sales of mirrored glass. The
demand for mirrored glass increased from the local markets which
31
increased the sale for GVGL. Mirror glass makes up the major portion of
GVGL’s revenue as it is used multi purposely such as for interior design,
aesthetic appeal, and also for security purposes at places like banks,
government buildings and prisons. On the other hand, cost of sales also
increased but less than proportionately. There was an increase in raw
materials consumed by 29.2%, this increase certainly resulted due to
increased demand which was fulfilled by increased sale by GVGL.
Moreover, there was an increase in salaries and wages, which also included
PKR 6m which GVGL owed the Directors in respect of retirement benefits.
In 2020, the ratio fell by 15.7%. Although, there was an increase in sales by
11.7%, cost sales of sales also increased by 20.7% which led to a decrease
in the gross profit margin by PKR 29m. The explanation for this decrease in
GP margin is the outbreak of the covid-19 due to which markets stopped
from March 2020. Pakistan’s value glass and allied markets were also
closed which caused loss of sales and buildup of inventory and receivables.
The margin this year was still acceptable considering other players in the
industry like Karam Ceramics which suffered a gross loss in 2020.
As things started going back to normal from 2021, the margin increased
again in 2021 and 2022. It increased by 29.5% in 2022 compared to 2020.
Sales increased by 33.6% in 2022, while cost of sales also increased by
23.4%. Sale for mirror, tempered, and frosted glass continued to grow in
the local markets. It also grew in the international markets such as London,
Jordan, and South Africa. The increase in cost of sales was brought about by
the expenses related to purchase of assets such as increase in raw materials
consumed by 30.5%. Moreover, depreciation also increased by PKR 21m as
there more assets were purchased and brought in after the GAIL merger
scheme. However, a more than proportionate increase in sales than cost of
sales caused the ratio to grow.
32
Net Profit Margin
Net Profit Margin

30.00%
23.85% 23.05%
25.00% 22.16%
20.00%
14.28% 14.04%
15.00%
9.86%
10.00%
4.23% 3.53%
5.00%
0.86% 0.74%
0.00%
2018 2019 2020 2021 2022
Net profit margin is a financial ratio used to calculate the percentage of

profit a company produces from its total revenue. It measures amount of
net profit a company obtains as a percentage of revenue earned.
Industry average of net profit margin have been very low over the years,
only increasing in 2020 and 2021 and then falling again in 2022. The
average have been brought down by certain companies such as Ghani
Global, Karam Ceramics, and Frontier Ceramics. Tariq Glass has had a
stable ratio over the years ranging from 7% to 12% and only dropping to
4.8% in 2020. While, GVGL has done exceptionally well and has been
successful in converting its gross profit to a net profit.
The ratio increased in 2019 by 67%, the major increase coming from an
increase in sales of 23.5%. Although, selling and distribution costs
increased by 25.5%, however, the increase in sales was successfully
converted into profit by GVGL and the firm was able to cut costs effectively.
Moreover, other incomes also increased such as GVGL benefitting from gain
on sale of a machine of PKR 5m, and rental income of PKR 6m.
The fall in the ratio in 2020 was inevitable as it fell by 41%. Profit this year
fell by PKR 120m. The expenses relating to purchase and sale both
increased more than proportionately to sales resulting in a falling profit.
Due to the pandemic sales were on hold for several months which resulted
33
in less than anticipated sales, and increased costs such as salaries and
wages. Moreover, PKR 31m was donated by GVGL to Ghani foundation
trust, and PKR 9m was donated to Lahore Institute of health sciences.
These donations were made due to the outbreak of the pandemic, so that
under privileged people could be helped.
The ratio rose back again in 2021 by 64%. Pakistan’s economy performed
well this year amid covid-19 resulting in a 3.94% growth rate. The
company achieved 56% increase in sales despite 3rd and 4th waves of the
pandemic and occasional lockdowns. GVGL was able to earn net profit of
PKR 590m in 2021 compared to PKR 230m in 2020. Although operating
costs increased by 54% but it was still insignificant compared to the
amount with which there was an increase in net sales which caused the
profit margin to increase. The automobile sector incurred total costs of PKR
12m compared to its sale which was for PKR 49m. On the other hand, sale
of mirrored, tempered and frosted glass increased as the construction
industry expanded leading to a greater demand for glass. 2022 was no
different than 2021, GVGL almost maintained the margin in that year.
34
Operating Profit Margin
Operating Profit Margin

30.00%
24.38%
25.00%
20.76%
18.61%
20.00% 16.55%
15.00% 12.42%
11.78%
10.00% 8.06%
6.81% 6.68% 6.41%
5.00%
0.00%
2018 2019 2020 2021 2022
Operating profit margin also known as operating income or EBIT is the

ratio of operating income to sales.
The industry average for operating profit margin has remained stable over
the years ranging from 6%-8%, only going up to 11% in 2021. Margins
increased in 2021, as post covid 19 things started to go back as normal and
business started to reopen. GVGL’s ratio on the other hand has had a higher
ratio than the industry as they were able to minimize costs while increasing
sales leading to higher margins. GVGL’s operating profit margin has
increased over the years, only dropping in 2020 by 67%.
In 2019, the ratio increased by 25.4%. Sales increased by a margin bigger
than operating costs which led to an increase in the ratio. Although sales
increased by 23.5% and operating costs increased by 25%, however, the
ratio increased because the increase in sales was of PKR 279m compared to
operating costs which increased by only PKR 27m. The very next year in
2020, there was a decrease in the operating profit margin. Due to covid,
business activity stopped around the world and lockdown was imposed in
March 2020 due to which there was a buildup of inventory and sales of
GVGL took a hit. Operating costs increased by PKR 72m. Administration
costs make up the major proportion of operating costs which increased by
47.9%. Salaries and benefits increased by PKR 32.6m, while donations
35
worth PKR 41m were made to Ghani Foundation Trust which caused the
operating costs to grow, decreasing the profit margins.
After 2020, operating profit margin continued to increase. It increased by
49.8% in 2021 and a further 31% in 2022. In 2021 after the merger with
Ghani Automobile Industries Limited, GVGL made automobile sales of PKR
49m. Moreover, the sale of mirrored, laminated and frosted glass continued
to increase over the two years which resulted in increasing operating profit
margins.
36
Return on Total Assets
Return On Total Assets

35.00%
29.72%
30.00% 27.42%
24.22%
25.00%
18.57% 17.51%
20.00%
15.00% 10.91% 11.81%
10.00% 6.44% 6.71%

5.39%
5.00%
0.00%
2018 2019 2020 2021 2022
Return on total assets is calculated by dividing net income with the average
of total assets. The ratio gives an idea as to how efficient a company’s
management is at using its assets to generate earnings.
ROTA has fluctuated in the industry over the year. It grew in 2019 and
2021 due to comparatively better growth rates in the economy. GDP grew
by 3.29% in 2019 and 3.94% growth in 2021. In 2019 ROA for the industry
grew by 69%, then hit an all-time low in 2020 as it fell by 50.5% due to
covid and slowdown in the business activity. It grew again in 2021 rising by
119% as businesses reopened and things went back to normal. GVGL has
followed a similar trend over the years.
In 2019, the ratio for GVGL grew by 60%. There was an increase in the net
income by 74.2% which was more than proportionate than the increase in
total assets which increased by only 8.5%. GVGL was able to utilize their
assets more efficiently and use their excess capacity to increase their sales
which resulted in higher margins and net income overall. In the very next
year in 2020, the ratio dropped by 41%. This is the year when the industry
has been most affected due to the pandemic. Net income dropped by
34.2%, while assets increased by 11.2%. Additional, noncurrent assets
worth PKR 71m were purchased by GVGL, while sales were hampered due
to closure of markets. Increased costs were incurred during were incurred
37
during the year which brought down the net income leading to falling
ROTA.
In 2021, markets were reopened and GVGL’s net income increased by
almost 3 times causing the ratio to increase by 56.5%. Although, Net assets
also grew by greater margins as merger with GAIL went through this year
and more plant and equipment was purchased this year, however, GVGL
was able to utilize their assets to generate more sale which increased by
56%. The increased sales revenue resulted in higher margins from top to
bottom leading to increased ROTA. In 2022, there was a slight decrease in
ROTA which was insignificant as GVGL still operates in the market with the
highest Return on its total assets.
38
Return on Common Equity
Return On Common Equity

30.00%
25.72% 24.53%
25.00%
20.00%
15.00%
11.63% 13.87%
9.75%
10.00% 7.20% 11.50% 6.47%
4.03%
5.00% 6.71%
0.00%
2018 2019 2020 2021 2022
The return on common equity (ROCE) is defined as the amount or net

income a company earns per investment dollar. Returns on common equity
is a measure of how well a company uses its investment dollars to generate
profits.
The industry average for this ratio is very low, as many firms have not been
able to earn high income per investment dollar as firms like Ghani Global
and Karam Ceramics have had 2-3 years where the companies incurred
losses. The industry average fluctuated over the years rising in only two
years; 2019 and 2021. It hit its lowest in 2019 decreasing by almost 40%. It
increased over the next two years hitting its highest in 2021, increasing by
59.7% and fell again in 2022. It was the highest in 2021 because all the
companies were able to generate a positive net income. Glass exports in
2021 by Pakistan were $27m compared to $20m in 2020. There was a
major derived demand from the construction industry in 2021 for glass
products leading to higher sales and eventually positive net incomes
causing the ratio to grow.
GVGL has had a very positive ROCE ratio. It has risen over the years from
2018 to 2020. Surprisingly the ratio was highest in 2020, even though the
net income was only PKR 270m which is the lowest between 2019 and
2022. The major reason for this was that no dividends were paid in 2020.
There was a slowdown in the economic activity due to the pandemic and
39
receivables and inventory were buildup, to avoid any cash flow crisis
during a pandemic GVGL decided not to pay any dividends to its
shareholders. In 2021, the ratio fell by 85%. Even though net income went
up to PKR 590m, there was a decline in the ratio as authorized share capital
of the company increased by 85,000,000 shares pursuant to the merger
scheme with GAIL. GVGL’s equity increased by PKR 580m from this.
Moreover, there was also a revaluation surplus of land of PKR 111m and
merger surplus of PKR 87m which bumped up the total equity for 2021. In
2022, the ratio increased once again by 77%. This increase was brought by
an increase in net income by 28.2% while on the other hand equity only
increased slightly due to revenue reserves. The increase in income was due
to an increase in sales by 33.3% as sales increased both locally and
internationally for GVGL.
40
Market Value Ratios
Price to earnings ratio (times)
Price to earning ratio (times)

18.00
15.43
16.00 14.77
14.02
14.00 12.96
12.00
10.00 8.71
8.04
8.00 6.07
5.39 5.63
6.00
4.00 2.37
2.00
0.00
2018 2019 2020 2021 2022
The price-to-earnings ratio is the ratio for valuing a company that measures its
current share price relative to its earnings per share (EPS). It can provide insight
into how much investors are willing to pay for each dollar of earnings.
The industry average is changing over the period of 5 years. In 2018, the P/E
ratio of the industry average was 12.96. Then in 2019, the P/E ratio of the
industry average dropped significantly to $2.37. This suggests that the market
was not optimistic about the earnings potential of the industry. In 2020, the P/E
ratio of the industry average rebounded to $14.02. Then it rose to $15.43 which
shows the increase in confidence. In 2022 we saw a slight dip in the ratio but it
is still greater than in 2020.
GVGL’s Price to earnings ratio is lower than the industry average in most of the
years from FY18-FY22 except 2019 where the industry average fell below
GVGL’s ratio because of one of the major company’s net losses. In 2019, the
P/E ratio of GVGL dropped to 5.39 which is a 33% fall in the price-to-earnings
ratio. There is an increase in Profit for the Year by 106% compared with last
year’s Profit mainly because of a rise in net sales by 23.5% whereas the cost of
41
sales only increase by 8.9% from last year. Due to the increase in profit for the
year the Earning per share also rose by 40.62%. Furthermore, there is a decrease
of RS 2.25 in the Market Value of shares which is why Price to earnings ratio
dropped to 5.39 in the year 2019.
In 2020, the P/E ratio of GVGL increased to 8.71 which is a 61.6% rise in the
price-to-earnings ratio compared with last year. There is a decrease in Profit for
the year by 34%. This leading factor for this fall is because of the increase in
expenses of GVGL by 36.2%. Due to a fall in Profit for the year, the earning per
share also decreased by 37.7%. Moreover. There is an increase in the Number
of Shares of GVGL by 55% from last year which is the leading reason for the
increase in the P/E ratio by more than half.
Moving to 2021, the P/E ratio of GVGL dropped to 6.07 which is a 30.3% fall
in the price-to-earnings ratio if compared with 2020. There was a huge increase
in the net sales of the company by 56%. This shows that the company has
focused on its marketing strategies to increase their products sales growth. This
is evident from the fact that marketing expenses rose by 51.3% as well.
Furthermore, Profit for the year also increased by 156% which led to a fall in
the Ratio to 6.07. Finally, in 2022, the P/E ratio of GVGL was 5.63 which is a
further decrease by 7.2%. The leading factor for this increase is a 33.4% rise in
income which is so huge that it offset the increase in expenses of GVGL by
26.1% and the cost of goods sold rose by 23%. Due to a rise in Profit for the
year, the earning per share also increased to 11.73%.
Overall, the trend of GVGL's P/E ratio from 2018 to 2022 suggests that investor
sentiment towards the company's future earnings potential has fluctuated over
time, likely in response to changes in the company's financial performance,
market conditions, and broader economic trends.
42
Market to Book Ratio (times)
Market to Book Ratio (times)

2.50 2.34 2.32
2.16 2.26
2.04
2.00 1.75 1.81
1.64 1.68
1.50
1.18
1.00
0.50
0.00
2018 2019 2020 2021 2022
The market-to-book value (M/B) ratio is a measure of how much investors

are willing to pay for a company's equity relative to its book value. It gives
an insight into how the market values companies in the industry.
The industry average market-to-book value ratio was 1.75 in 2018,
indicating that the market valued the industry's assets slightly higher than
their book value. In 2019, the ratio dropped to 1.18, which could have been
due to increased competition or concerns about the industry's future
growth potential. However, in 2020, the ratio increased to 2.34, indicating
that the market was more optimistic about the industry's future earnings
potential. The trend continued in 2021, with the ratio remaining high at
2.32. Finally, in 2022, the ratio decreased to 1.68, suggesting that the
market had become less optimistic about the industry's future earnings
potential.
The market-to-book value ratio of GVGL from 2018 to 2022 can provide
insights into the market's perception of the company's future earnings
potential. In 2019, the market-to-book value ratio of GVGL decreased to
1.64 which was a 24% reduction in the ratio from the previous year. It was
caused by a 24.1% increase in the book value of shares due to a rise in the
total equity of the company. Furthermore, there was a decrease in the
market value of the share by RS 2.25 which led to a decrease in the market-
to-book value ratio. There was economic uncertainty and instability which
43
led to a loss of confidence among the stakeholders thus decrease in GVGL's
market-to-book value ratio.
Moving to 2020, the market-to-book value ratio of GVGL increased to 2.26
which is a 37.8% increase from the previous year, indicating that the
market was more optimistic about the company's future earnings potential.
There was a 26.8% increase in the book value of the company because
around 55% of new ordinary shares were issued by the company to gather
more capital for reinvesting purposes.
In 2021, the market-to-book value ratio of GVGL decreased to 1.81 which is
a 20% fall compared to FY20. There was an increase in the book value by
almost double the price due to the rise of total equity by almost 107%
whereas, the market price only rose by 49% which ultimately led to a fall in
the market-to-book value ratio. In 2022, the market-to-book value ratio of
GVGL increased to 2.04. The market value rose by RS 10 whereas there was
a slight change in Book Value which led to the ratio increasing to 2.04. This
happened due to improvements in the company's financial performance.
Overall, the trend of GVGL's market-to-book value ratio from 2018 to 2022
suggests that investor sentiment towards the company's future earnings
potential has fluctuated over time, likely in response to changes in the
company's financial performance, market conditions, and broader
economic trends.
44
Dividend Yield Ratio
Dividend Yield Ratio

19.05%
20.00%
18.00%
16.00%
14.00%
12.00% 10.81%
10.00% 7.69%
8.00% 5.81% 6.06%
6.00% 4.37%
2.91% 2.87%
4.00%
1.34%
2.00% 0.00%
0.00%
2018 2019 2020 2021 2022
The dividend yield ratio is a metric that shows the amount of dividends a
company pays out relative to its stock price. It provides insights into the
industry's dividend-paying practices and investors' expectations for future
dividend payments.
Looking at the trend of the dividend yield ratio of the industry average
from 2018 to 2022, we see that it fluctuated significantly. In 2018, the
dividend yield ratio was 2.91%, indicating that companies in the industry
were paying out relatively low dividends compared to their stock price. In
2019, the ratio increased to 5.81%, which is due to companies increasing
their dividends or a decline in stock prices. In 2020, the ratio decreased to
1.34%, possibly due to companies cutting their dividends in response to
the economic uncertainty caused by the pandemic. In 2021, the ratio
increased again to 4.37%, likely due to an increase in investor demand for
dividend-paying stocks. In 2022, the dividend yield ratio decreased slightly
to 2.87% due to companies reducing their dividends or a rise in stock
prices.
In 2019, the dividend yield ratio of GVGL increased significantly to 19.05%.
The market price fell by RS 2.25 from FY19 and the dividend paid was
133% higher than the year before. This led to a rise in the Dividend yield
ratio by 11.36%. This suggests that the company increased its dividend
payout, possibly due to a strong financial performance or a desire to attract
45
investors seeking high-yielding investments. In 2020, GVGL did not pay any
dividends, resulting in a dividend yield ratio of 0%. This was likely due to
the impact of the COVID-19 pandemic and the resulting economic
downturn. Many companies, including GVGL, suspended their dividend
payments to conserve cash and weather the crisis.
Moving to 2021, the dividend yield ratio of GVGL increased to 10.81%.
There was an increase in dividend payments by almost 47.5%. The current
market price of shares was RS 55.5 in FY21 which shows that GVGL is on
the rise in the eyes of investors. In 2022, the dividend yield ratio of GVGL
was 6.06%. There is a decline in the ratio by 4.75% as dividends paid have
been reduced this year by around 33% whereas the market price has also
increased by RS 10 which shows more trust building up by investors on the
GVGL. This suggests that the company's dividend payout moderated since
2021 as now the company’s main focus is on reinvesting profits in the
business so that it can give better returns in the future.
Overall, the trend of the dividend yield ratio of GVGL from 2018 to 2022
reflects the company's dividend-paying practices and its investors'
expectations for future dividend payments, which are influenced by a range
of factors including financial performance, market conditions, and investor
sentiment.
46
Dividend Payout Ratio
Dividend Payout Ratio

74.87%
80.00%
65.57%
70.00% 61.86%
60.00%
50.00%
35.15% 34.10%
40.00% 28.79%
30.00% 20.40%
20.00% 0.00%
10.00% 1.35%
0.00%
-10.00% 2018 2019 2020 2021 2022
-20.00%
-15.73%
-30.00%
The Dividend Payout Ratio (DPR) is the amount of dividends paid to

shareholders in relation to the total amount of net income the company
generates. This ratio shows the portion of profits the company decides to
keep funding operations and the portion of profits that is given to its
shareholders.
In 2018, the industry average dividend payout ratio was 20.4%. Moving to
2019, the industry average dividend payout ratio increased to 35.15%,
indicating that companies were paying out a larger portion of their
earnings as dividends. However, in 2020, the industry average dividend
payout ratio dropped to -15.73%, suggesting that some companies may
have reduced or eliminated their dividend payments due to economic
uncertainty. In 2021, the industry average dividend payout ratio increased
to 28.79%, possibly indicating a return to pre-pandemic dividend policies.
Finally, in 2022, the industry average dividend payout ratio was 1.35%,
suggesting that companies within the industry may be retaining a larger
portion of their earnings for reinvestment or other purposes. GGVL’s
dividend payout ratio is higher than the industry averages from FY18-FY22
which shows that the company gives more of its earnings to shareholders.
The trend of the dividend payout ratio of GVGL from 2018 to 2022 can
provide insights into the company's dividend policy and financial
performance. In 2019, the dividend payout ratio of GVGL increased to
47
74.87%. It was almost a 13% increase from last year. The total earning of
GVGL increased by 107% and the dividend paid during the year increased
by 133% which led to an increase in the dividend payout ratio by such
margins. In 2020, GVGL did not pay any dividends, resulting in a dividend
payout ratio of 0%. This decision could have been due to the economic
uncertainty caused by the COVID-19 pandemic or a strategic decision to
retain earnings for reinvestment or other purposes.
In 2021, the dividend payout ratio of GVGL increased to 65.57%. There was
an increase in dividends paid during the year by almost 47% compared
with the year 2019’s dividends paid. Moreover, total earnings also
increased by 68% which led to a decrease in the dividend payout ratio as
compared with FY19. In 2022, the dividend payout ratio of GVGL was
34.1%. It decreased by almost 31% which is a significant drop from the
previous year, and it indicates that the company is shifting its focus away
from dividend payments and towards reinvestment in the business or
other strategic priorities. DPS fall by RS 2 whereas EPS increased by RS
2.58 which led to the falling dividend payout ratio for GVGL.
Overall, the trend of GVGL's dividend payout ratio from 2018 to 2022
reflects the company's financial performance and strategic priorities. While
the company has historically prioritized dividend payments to
shareholders, its decision to reduce or eliminate dividends in 2020 and
decrease the payout ratio in 2022 suggests that the company may be
reevaluating its dividend policy in light of changing market conditions and
strategic objectives.
48
Dividend Cover (times)
Dividend Cover (times)

3.50
2.93
3.00
2.50
2.00 1.62
1.34 1.53
1.50
0.82
1.00 0.56
1.16
0.50 0.00
-0.15
0.00
-0.25
2018 2019 2020 2021 2022
-0.50
The Dividend Cover Ratio also known as the Dividend Coverage Ratio is the
ratio of the company’s net income divided by the dividend paid to
shareholders. This ratio is a financial metric that measures the number of
times that a company can pay dividends to its shareholders.
The trend of the dividend cover ratio of the industry average from 2018 to
2022 indicates a mixed picture. Starting in 2018, the ratio was 0.82, which
suggests that the industry may have struggled to generate sufficient
earnings to cover dividend payments. However, in 2019, the ratio
increased to 1.16, which indicates that the industry was able to generate
more earnings to cover dividend payments. In 2020, the ratio dropped to -
0.25, which suggests that the industry may have experienced significant
losses or struggled to generate earnings due to external factors such as the
COVID-19 pandemic. In 2021, the ratio increased to 0.56, which indicates
that the industry was able to recover somewhat from the previous year.
Finally, in 2022, the ratio dropped again to -0.15, suggesting that the
industry may still be struggling to generate sufficient earnings to cover
dividend payments.
The trend of the Dividend Cover ratio of GVGL from 2018 to 2022 indicates
ups and downs, with fluctuations over the years. Starting in 2019, GVGL's
Dividend Cover ratio dropped to 1.34 which is a 17.2% decrease in the
ratio. The reason for the fall is the increase in EPS by RS 4.5 whereas, DPS is
49
rising by only RS 4 which led to a fall in dividend cover. This indicates that
the company still generating sufficient earnings to cover dividend
payments but at a lower rate than the previous year. In 2020, GVGL's
Dividend Cover ratio dropped to 0, indicating that the company was not
generating sufficient earnings to cover dividend payments. This could be
attributed to the COVID-19 pandemic and the impact it had on the
company's financial performance, as well as the broader economic
environment.
In 2021, GVGL's Dividend Cover ratio increased to 1.53 which is greater
than the dividend cover of FY19. The DPS fell by RS 1 and EPS fell by RS 0.2
if compared with FY19. Finally, in 2022, GVGL's Dividend Cover ratio
significantly increased to 2.93 which is a 91.5% increase in the ratio from
the previous year’s dividend cover ratio. This happened because GVGL
made a profit increase of almost 28% and Reduced DPS by RS 2. It is
indicating that the company was generating significantly more earnings
than required to cover dividend payments. This could signal a positive
outlook for investors.
Overall, the trend of GVGL's Dividend Cover ratio from 2018 to 2022
indicates fluctuations over the years, which may be attributed to various
factors such as changes in the company's financial performance, external
factors such as changes in economic policies or geopolitical tensions, and
broader market conditions.
50
SOLVENCY RATIO
Solvency Ratio
120.00% 112.76% 110.04%
100.00%
80.62%
73.56%
80.00%
60.00% 49.79%
39.47%
40.00% 27.60% 29.79%
24.51% 24.35%
20.00%
0.00%
2018 2019 2020 2021 2022
The solvency ratio is a measure of a company's ability to meet its long-term

debt obligations. Solvency ratios are a key metric for assessing the financial
health of a company and can be used to determine the likelihood that a company
will default on its debt.
Looking at the industry average solvency ratio over the past five years, we can
see a fluctuation in the trend. In 2018, the solvency ratio was 24.51%, which
increased to 27.6% in 2019, indicating that the industry as a whole was in a
better position to meet its long-term debt obligations. However, in 2020, the
solvency ratio decreased significantly to 24.35%, which may have been due to
the economic impact of the COVID-19 pandemic. The solvency ratio then saw a
sharp increase in 2021, rising to 39.47%, likely due to a strong economic
recovery. Finally, in 2022, the solvency ratio decreased to 29.79%, indicating
that the industry's ability to meet its long-term debt obligations had weakened.
Overall, the trend suggests that the industry has experienced both ups and
downs in its solvency ratio over the past five years.
In 2019, the solvency ratio of GVGL increased significantly to 112.76% which
was an increase of 62.97% if compared with 2018. This is due to the increase in
Profit for the year by 107%. This suggests that the company's financial position
had improved even further, possibly due to strong revenue growth or a
reduction in debt. In 2020, the solvency ratio of GVGL decreased to 73.56%
which is a fall of 39.2% compared with the solvency ratio of FY19. This may
51
have been due to the economic impact of the COVID-19 pandemic, which could
have negatively affected the company's revenue and cash flow.
In 2021, the solvency ratio of GVGL increased to 110.04% which was the
second highest of the last 5 years. The reason for the increase could be because
of the rise in profit for the year by 156% whereas total liability only increased
by 59%. This indicates that the company's financial position had improved once
again. In 2022, the solvency ratio of GVGL decreased to 80.62% which is a
decrease of 29.42% compared with the previous year’s solvency ratio. The total
liability increased by 78% of last year’s total liability whereas Profit for the year
only rise by 28.1% which is why we saw a fall in the solvency ratio of FY22.
However, the solvency ratio remained above industry averages, indicating that
GVGL was still in a relatively strong financial position.
Overall, the trend of GVGL's solvency ratio from 2018 to 2022 suggests that the
company has experienced both ups and downs in its ability to meet its long-term
debt obligations. However, the company has remained in a relatively strong
financial position throughout this period, with solvency ratios well above
industry averages.
52
CONCLUSION
Ghani Value Glass Limited is a glass manufacturing company, which
specializes in producing different kinds of glass products and in providing
services. GVGL produces a variety of glass products such as mirror glass,
tempered and non-tempered glass, frosted glass, and laminated glass. In 2021,
however, GVGL merged with another Ghani Automobile Industry (GAIL), after
this merger GVGL also sold automobiles.
The two dominating firms in the industry were Tariq Glass Limited and Ghani
Value Glass Limited. These two industries have been the one who have
dominated the market share in the industry, having the most sales and the
highest profitability.
Although, Tariq Glass Industries had the highest sales in the industry
throughout the course of 5 years, but GVGL was the firm with highest
profitability. Over the course of 5 years, GVGL’s sale increased by 312%.
GVGL’s sale has been rising consistently over 5 years. While the profitability
also kept rising. An upward trend can be seen in the firm’s profitability in
different profitability ratios such as the Gross Profit Margin, Net Profit Margin,
and the Operating Profit Margin. Only in the year of 2020, when due to covid
19 businesses were affected, and the economic activity was halted, GVGL’s
profitability was impacted and took a hit. However, GVGL still managed to
keep its profitability ratios in a positive number.
GVGL was able to do a very impressive job in diversifying. GVGL moved into
automobile market In 2021 when it merged with GAIL. Moreover, GVGL also
started to export in different international markets such as in Sri Lanka,
Afghanistan, Brazil, and South Africa in 2021. In 2022, GVGL also exported its
products in London and Jordan as well.
During, difficult economic conditions such as Covid 19, and during high levels
of inflation in 2021 and 2022 GVGL was able to cope up with it, and its sales
and profitability was not impacted rather it maintained its upward trend.
53
NOTE: GVGL did not take any long-term liability. As there was no long-term
liability, GVGL did not incur any finance and interest costs. Due to these
reasons the analysis of 2 ratios: Long-term Debt Ratio and Times Interest
Earned Ratio was not done.
54
REFERENCES
1) https://www.pacra.com/sector_research/Glass%20Dec'22_1669994763.pdfhttp
s//
2) ww.businesswire.com/news/home/20221010005565/en/Pakistan-
Construction-Industry-Report-2022-Commercial-Industrial-Infrastructure-
Energy-and-Utilities-Institutional-and-Residential-Market-Size-Trends-and-
Forecasts-2017-2021-2022-2026---
ResearchAndMarkets.com#:~:text=The%20construction%20industry%20in%2
0Pakistan,a%205.1%25%20growth%20this%20year.
3) https://profit.pakistantoday.com.pk/2022/12/15/pakistans-automotive-
industry-continues-steady-growth-in-november/
4) http://www.ghanivalueglass.com/profile.htm
5) https://dps.psx.com.pk/company/GVGL
55
Contribution Report
Names Stage 3 Stage 4
Muhammad Sabih Preparation and Analysis of Market Value

Kamal [26618] calculation of financial data Ratios And Solvency Ratio
related to Tariq Limited
and Frontier Ceramics in
excel file.
Mustafa Ali Naqvi Preparation and Analysis of Liquidity Ratios

[26103] calculation of financial data and top 4 Asset
related to GVGL and Management Ratios
Frontier Ceramics in excel
file.
Muhammad Umer Preparation and Analysis of Asset

[26089] calculation of financial data Management and Debt
related to Ghani Global Management Ratio
excel file.
Muhammad Aazim Preparation and Analysis of profitability

Khan [26655] calculation of financial data Ratios
related to Karam Ceramics
excel file.
56

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IBF PROJECT

ASSET MANAGEMENT RATIOS ........................................................ 6

DEBT MANAGEMENT RATIOS ....................................................... 26

PROFITABILITY RATIOS ................................................................. 31

Market Value Ratios..................................................................... 41

SOLVENCY RATIO ......................................................................... 51

GHANI VALUE GLASS LIMITED IS A LEADING GLASS

Ghani Value Glass ultimately got listed on Pakistan Stock

It has a production capacity of over 67,000 tons per annum

The glass industry is involved in the production of a wide

2.00 1.66 1.64

Quick ratio (times)

Ghani Value (main) ratios Industry Avg ratios

Inventory turnover (times)

Inventory turnover ratio indicates the number of times inventory is used or

Receivables turnover (times)

50.00 32.18 42.13

Receivable turnover ratio is a measure to quantify a company’s

In conclusion, GVGL has a policy of trading on terms of 30 days. They are

Payables turnover (times)

Overall, payable turnover of GVGL is satisfactory. Although, they were

Days Sales Outstanding (days)

Days Sales Of Inventory (days)

120.00 106.00 108.74 107.96

In 2022, the ratio increased by 29.6%. Although sales increased by 33.3%,

Days Payable Outstanding (days)

Day Payable Outstanding (DPO) indicates the average number of days

Operating Cycle (days)

Operating cycle is the average period required for a business to make an

Cash Conversion cycle (days)

Total Asset Turnover (times)

Total Asset turnover ratio is used to measure operating performance of the

Inventory turnover of GVGL has fluctuated a little over the course of 5

Fixed Asset turnover (times)

2.00 1.57 1.54

Fixed Asset turnover ratio is used to measure the operating performance of

Debt to Asset Ratio

The debt to asset ratio is an indicator of a company’s financial leverage. The

In 2022, the ratio increased by 43.5%. This increase was corresponding to

Debt to Equity ratio

It is used to calculate company’s financial leverage and is calculated by

Gross Profit Margin

Gross Profit Margin

Gross profit margin is a metric used to assess a company’s financial health

Net Profit Margin

Net profit margin is a financial ratio used to calculate the percentage of

Operating Profit Margin

Operating profit margin also known as operating income or EBIT is the

Return On Total Assets

15.00% 10.91% 11.81%

10.00% 6.44% 6.71%

Return On Common Equity

The return on common equity (ROCE) is defined as the amount or net

Price to earnings ratio (times)

Price to earning ratio (times)

Ghani Value (main) ratios Industry Avg ratios

Market to Book Ratio (times)

Ghani Value (main) ratios Industry Avg ratios

The market-to-book value (M/B) ratio is a measure of how much investors

Dividend Yield Ratio

Ghani Value (main) ratios Industry Avg ratios

Dividend Payout Ratio

Ghani Value (main) ratios Industry Avg ratios