Profit and Loss Account

2012 2013 2014 2015

Rs '000 Rs '000 Rs '000 Rs '000
Gross Turnover 89,928,975 107,217,617 125,012,583
Excise Duies (46,110,971) (54,447,161) (63,290,222)
Sales Tax (13,195,201) (16,151,379) (18,815,170)
Net Turnover 30,622,803 36,619,077 42,907,191

Cost Of Sales (20,012,587) (22,771,684) (24,351,991)

Gross Profit 10,610,216 13,847,393 18,555,200

Selling and Distribution Expenses (4,022,635) (3,877,112) (4,854,542)

Administrative Expenses (1,716,314) (2,398,881) (2,434,574)
Other Operating Expenses (397,959) (650,753) (1,068,191)
Other Income 129,129 166,415 137,176
(6,007,779) (6,760,331) (8,220,131)
Operating Profit 4,602,437 7,087,062 10,335,069

Finance Income 136,487 199,795 315,866

Finance cost (72,019) (99,056) (71,862)
Net Finance Income/(cost) 64,468 100,739 244,004
Profit before Income Tax 4,666,905 7,187,801 10,579,073

Income Tax Expense (1,542,596) (2,337,656) (3,532,639)

Profit for the year 3,124,309 4,850,145 7,046,434

Earnings per share - (Rupees) 6.77 12.23 18.98 27.58

Statement of Comprehensive Income

2012 2013 2014 2015
Rs '000 Rs '000 Rs '000 Rs '000
Profit for the Year 3,124,309 4,850,145 7,046,434

Other Comprehensive Income for the Year

Items that will not be reclassified to Profit or Loss

Remeasurement gain on defined benefit pension and
gratuity plans 50,875
Tax charge related to remeasurement gain on defined
benefit pension and gratuity plans (18,046)

Other comprehensive income for the year - net of tax 32,829

Total Comprehensive Income of the year - Net of Tax 3,157,138

Balance Sheet
2012 2,013 2014 2015
Rs '000 Rs '000 Rs '000 Rs '000
Non-Current Assets
Propery Plant and Equipent 5,694,961 7,084,521 8,713,477 9,184,971
Advances for capital expenditure 0 0 0 0
Long term investment in subsidiary company 5,000 5,000 5,000 5,000
Long term loans 457 75 19 0
Long term deposits and prepayments 20,286 21,478 32,453 29,072
Net Non-Current Assets 5,720,704 7,111,074 8,750,949 9,219,043

Current Assets
Stock-in-Trade 7,225,301 9,166,367 11,894,508 14,007,537
Stores and Spares 341,855 488,213 472,029 675,564
Trade Debts 1,073 764 3,225 906
Loans and Advances 68,632 89,579 66,692 181,594
Short term prepayments 99,509 78,889 183,145 170,298
Other Receivables 287,696 435,055 425,467 446,622
Shor term investments 0 0 0 0
Cash and Bank Balances 139,030 60,128 149,573 53,089
Net Current Assets 8,163,096 10,318,995 13,194,639 15,535,610

Net Assets 13,883,800 17,430,069 21,945,588 24,754,653

Current Liabilities
Trade and Other Payables 6,991,911 7,724,746 11,266,499 10,417,040
Other liabilities 0 0 0 0
Short term running finance 1,237,772 2,436,445 562,870 1,219,501
Finance lease obligation 50,009 92,559 119,375 154,365
Unpaid dividend 0
Unclaimed dividend 0
Accrued Interest / mark-up 40,880 27,048 24,166 11,807
Current Income Tax liability 268,912 429,901 460,732 1,131,661
Net Current Liabilities 8,589,484 10,710,699 12,433,642 12,934,374

Non-Current Liabilities
Deferred Income tax liability 1,090,892 1,014,118 1,100,229 1,038,997
Finance lease obligation 96,024 293,044 400,354 415,123
Net Non-Current Liabilities 1,186,916 1,307,162 1,500,583 1,454,120

Share capital and reserves

Share capital 2,554,938 2,554,938 2,554,938 2,554,938
Revenue reserves 1,552,462 2,857,270 5,456,425 7,811,221
Net Equity 4,107,400 5,412,208 8,011,363 10,366,159

Net Liabilities and Equity 13,883,800 17,430,069 21,945,588 24,754,653

Ratio Analysis
Years 2012 2013 2014 2015
Margianl ratios
gross margin 34.65 37.81 43.24
operating margin 15.03 19.35 24.09
EBT margin 15.24 19.63 24.66
Net margin 10.20 13.24 16.42
Liquidity Ratios
Current Ratio 0.96 1.06 1.20
Quick Ratio 0.06 0.07 0.07
Asset Management Ratios
Average Inventory 8,195,834.00 10,530,437.50 12,951,022.50
Inventory Turnover -2.44 -2.16 -1.88
Fixed asset turnover 4.31 4.18 4.65
Total asset turnover 1.76 1.67 1.73
Day Sales outstanding 0.01 0.03 0.01
Debt management
Debt ratio 68.95 63.49 58.12
Debt to equity 2.22 1.74 1.39
Times interest earned (TIE) -63.91 -71.55 -143.82
Return on total assets 17.92 22.10 28.47
Return on common equity 57.73 60.54 67.98
Eearning per share 12.23 18.98 27.58
Price Earning Ratio 0.82 0.53 0.36
Book value per share 4.72 3.19 2.46
Market to book ratio
 2016 2017 2018
Rs '000 Rs '000 Rs '000
129,278,304 111,485,277 137,115,757
(64,976,204) (51,247,115) (63,117,903)
(19,435,596) (16,959,013) (20,885,770)
44,866,504 43,279,149 53,112,084

(22,092,836) (23,075,361) (29,828,556)

22,773,668 20,203,788 23,283,528

(4,743,638) (3,762,202) (4,950,293)

(2,185,061) (2,663,970) (2,558,072)
(1,198,205) (1,186,191) (1,381,858)
353,070 242,134 177,729
(7,773,834) (7,370,229) (8,712,494)
14,999,834 12,833,559 14,571,034

428,143 234,124 742,648

(45,829) (56,338) (33,828)
382,314 177,786 708,820
15,382,148 13,011,345 15,279,854

(5,020,796) (3,437,783) (4,941,862)

10,361,352 9,573,562 10,337,992

40.55 37.47 40.46

2016 2017 2018

Rs '000 Rs '000 Rs '000
10,361,352 9,573,562 10,337,992
 2016 2017 2018
Rs '000 Rs '000 Rs '000

8,629,435 8,339,695 9,130,827

0 291,119 959,439
5,000 5,000 5,000
0 0 0
33,571 32,319 32,112
8,668,006 8,668,133 10,127,378

13,618,530 14,460,890 18,489,390

570,224 593,909 634,029
1,839 2,636 1,553
178,561 72,685 97,960
183,858 212,747 249,935
1,049,248 968,996 1,859,684
979,903 6,763,842 8,699,508
147,324 390,128 293,165
16,729,487 23,465,833 30,325,224

25,397,493 32,133,966 40,452,602

7,921,533 10,532,562 18,621,368

1,173,449 2,226,659 2,298,698
95,339 0 75,542
164,383 165,245 148,245
184,852 200,188
79,451 81,268
3,438 3,414 5,331
1,615,308 662,310 382,417
10,973,450 13,854,493 21,813,057

1,132,463 1,108,225 589,076

314,950 260,050 284,845
1,447,413 1,368,275 873,921

2,554,938 2,554,938 2,554,938

 10,421,692 14,356,260 15,210,686
12,976,630 16,911,198 17,765,624

25,397,493 32,133,966 40,452,602

2016 2017 2018

50.76 46.68 43.84

33.43 29.65 27.43
34.28 30.06 28.77
23.09 22.12 19.46

1.52 1.69 1.39

0.23 0.61 0.51

13,813,033.50 14,039,710.00 16,475,140.00

-1.60 -1.64 -1.81
5.18 4.99 5.24
1.77 1.35 1.31
0.01 0.02 0.01

48.91 47.37 56.08

0.96 0.90 1.28
-327.30 -227.80 -430.74
40.80 29.79 25.56
79.85 56.61 58.19
40.55 37.47 40.46
0.25 0.27 0.25
1.97 1.51 1.44
 Profit and Loss account
2013 2014 2015
Turnover-net
Cost of sales
Gross Profit

Distribution and marketing expense

Administrative expense
Other expenses
Other income

Operating profit

Finance cost and bank charges

Profit before taxation

Taxation
Profit after taxation

Other comprehensive income of the year-net of tax

Remeasurement income relating to staff retirement benefits

Current tax
Deferred tax

Total items that will not be reclassififed to profit or loss

Total Comprehensive income for the year

Earnings per share

ofit and Loss account
2016 2017 2018
14,213,338.00 13,966,525.00
8,192,406.00 8,888,275.00
6,020,932.00 5,078,250.00

2,941,858.00 2,926,658.00
1,352,482.00 1,355,237.00
783,481.00 396,448.00
(189,480.00) (165,210.00)
4,888,341.00 4,513,133.00
1,132,591.00 565,117.00

362,703.00 88,802.00
769,888.00 476,315.00

194,731.00 285,307.00
575,157.00 191,008.00

(92,439.00) 25,084.00
56,348.00 (7,525.00)
(28,552.00) -
27,796.00 (7,525.00)

(64,643.00) 17,559.00

510,514.00 208,567.00

8.79 (1.89)