ECONOMIC AND INDUSTRIAL OVERVIEW

GDP growth of 4.24% in FY 2014-15 (4.03% in FY 2013-14)

Highest GDP since FY 2008
Services and agricultural sectors which grew by 4.95% & 2.88%,
respectively against the growth of 4.37% & 2.69% in the FY13-14.
Manufacturing grew by 3.32% only against the growth of 4.08%
Exports (in USD) declined by 4.88% in FY 2014-15
Textile sector contributing more than 50% to the countrys exports.
Company has contributed around 2.5% in the exports of the country

PERFORMANCE OVERVIEW
DESCRIPTION

UNITS

2015

2014

% CHANGE

Export sales

Rs. in millions

20,986

21,485

-2%

Local sales

Rs. in millions

12,267

11,422

7%

Gross profit

Rs. in millions

6,094

5,976

2%

Profit before tax (PBT)

Rs. in millions

783

1,496
-91%

Profit after tax (PAT)

Rs. in millions

605

1,235
-104%

EBITDA

Rs. in millions

3,094

3,519

EPS (2014: Restated)

Rupees

2.65

5.4

-14%

-104%
Debt to equity

Time

0.34

0.34
0%

Current ratio

Time

1.05

1.06
-1%

Exchange Rates ($)

Countries
Pakistan
Europe

30-Jun 15
101.78
0.9

30-Jun 14
98.8
0.73

Japan

122.07

101.38

Turkey

2.69

2.14

India

63.76

60.06

Russia

55.42

33.98

Argentina

9.09

8.14

Brazil

3.11

2.2

Profit and Loss Analysis

Performance of the Company
remained satisfactory in terms of
sales and gross profit
Profitability has decreased as
compared to the last year due to
higher cost of inputs
Growth in gross profit was
recorded as 1.98% in FY 2015

Financial Position Analysis

Long-term liability has increased by 7.5% over the
corresponding period
Debt to equity were recorded as (2015:0.34) (2014: 0.34),
Leverage (2015:1.67) (2014: 1.62)
Property, plant and equipment have increased by 10%
Trade debts have increased by 40%
Debtor turnover has also improved to 18 days at year ended
June 30, 2015 against 22 days last year

CAPITAL STRUCTURE
Overall shareholders equity increased by
Rs. 510 million to Rs. 7,170 million as a
result of the profits retained in the
business
During the year, 25% (2014: 20%) bonus
shares were issued
During the year, the Board recommended
cash dividend of 15% (2014:Nil)

Ration Analysis
AnalyzingFinancialStatements
JudgingEfficiency
LocatingWeakness
FormulatingPlans
ComparingPerformance

Year

2015

2014

2013

2012

2011

2010

Profitability ratios
Gross profit ratio

18.27

18.1

15.71

13.99

18.19

16.12

EBITDA margin to sales

9.28

10.66

9.59

8.54

13.21

11.92

Net profit to sales

1.81

3.74

2.35

-0.96

4.7

2.43

Return on equity

8.75

20.43

14.36

-5.23

28.8

14.22

Liquidity ratios
Current ratio

1.05

1.06

1.05

0.99

1.03

0.97

Quick/acid test ratio

0.24

0.2

0.27

0.24

0.19

0.34

Cash flow from operations to sales

0.02

0.06

-0.01

0.14

-0.1

0.02

Capital structure ratios

Financial leverage ratio

1.67

1.62

2.03

2.25

2.67

2.4

Weighted average cost of debt

0.09

0.1

0.11

0.11

0.1

0.11

Debt to equity ratio

0.34

0.34

0.4

0.47

0.47

0.62

Year

2015

2014

2013

2012

2011

2010

Turnover ratios
Inventory turnover

Days

155

145

122

151

134

98

2.35

2.52

2.41

2.72

3.74

18

22

28

30

31

45

20.33

16.76

13.01

12.14

11.59

8.05

118

126

100

86

82

73

Fixed assets turonver ratio

3.69

4.02

4.24

3.65

3.82

3.21

Total assets turnover ratio

1.34

1.36

1.43

1.41

1.25

1.35

55

41

49

95

83

70

Inventory turnover ratio

Debtor turnover

Days

Debtor turnover ratio

Creditor turnover

Operating cycle

Days

Days

Share Price
at the end of the year

Rupees

49.05

64.01

23.74

21.11

51.73

18.53

high during the year

Rupees

73.25

72.35

27.64

64.29

53.65

38.84

low during the year

Rupees

44.65

20.5

19.16

16.05

18.53

17.4