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# Financial Ratio Analysis

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### Financial Ratio Analysis

1. 1. . FINANCIAL RATIO ANALYSIS OF DURDANS HOSPITAL & ASIRI HOSPITAL An Executive Report Prepared By: Mr.S.L.Siraj [Index No- PGDBM/12/73] Course: PGDBM 1242 – Financial Management Facilitator: Mrs.WADK Jayandrika Semester I, 2015 FACULTY OF BUSINESS STUDIES & FINANCE WAYAMBA UNIVERSITY OF SRI LANKA 2015
2. 2. FINANCIAL RATIO ANALYSIS Page 2 ACKNOWLEDGEMENT First and foremost, I thank the almighty God for bestowing me with good health and confidence to complete the project on time. I take this opportunity to thank the Wayamba University of Sri Lanka for giving me a chance to do this project. I express my sincere gratitude to the Head of Financial Management Mrs. WADK Jayandrika and other teachers for this constant support and helping for completing the project. I am also grateful to my friends for giving support in my project. Lastly, I would like to thank each and every person who helped me in completing the project especially my Parents. S.L.Siraj Place : Krunegala Date: 29th July 2015
3. 3. FINANCIAL RATIO ANALYSIS Page 3 EXECUTIVE SUMMERY Ratio Analysis is one of the techniques of financial analysis where ratios are used as a yardstick for evaluating the financial condition and performance of a firm. Analysis and interpretation of various accounting ratios gives a better understanding of financial condition and performance of firm. It provides data for intra-firm comparison. They also revel financially strong and weak such as overvalued and undervalued of firms. These ratios help to indicate a company’s efficiency in the past and likely performance in future. It should be noted that computing the ratios does not add any information in figures of profits and sales. Trend ratios involve a comparison of the ratios of a firm over a period, that is present ratios involve a comparison of the ratios of a firm. S.L.Siraj Place : Krunegala Date: 29th July 2015
4. 4. FINANCIAL RATIO ANALYSIS Page 4 CONTENTS PAGE Chapter 1: Introduction 5-8  Purpose of the study 9  Objectives of the study 9  Methodology 9  Limitations of the study 9 Chapter 2 :Theoretical Analysis 10  Data table 11 Chapter 3: Data Presentation And Analysis 12-19 Chapter 4: Summary Of Ratios’ Data And Findings 20 Chapter 5:Conclusions And Recommendations 21 Chapter 6: List Of References 22 Appendix : Statements 23 - 25
6. 6. FINANCIAL RATIO ANALYSIS Page 6 our position as one of Sri Lanka’s leading private healthcare facilities, offering increasingly more comprehensive and integrated treatments and facilities. Accreditations and Certifications We have obtained multiple international accreditations for various aspects of our operations, thus providing independent assurance to our stakeholders on the quality of our service offering.  ISO 14001:2004 - Environmental Management System  OHSAS 18001:2007- Occupational Health and Safety Management System  ISO 22000:2005 - Food Safety Management System  ISO 9001:2008- Quality Management System (Laboratory)  Durdans Hospital Durdans Hospital is an established and respected tertiary healthcare provider in Sri Lanka, focusing on patient care above all for Sri Lankan and overseas patients. It is a modern, multi-speciality private hospital with state-of-the-art medical facilities, conveniently located in the heart of Colombo. Since 1945, generations of Sri Lankans have been cared for by Durdans Hospital, a trusted and recognised name for patient healing. Today, it is synonymous with the medical expertise, trusted nursing care and modern facilities that has become our tradition: its all about caring. The new Sixth Lane Wing continues to embody tradition with a higher level of dedicated service, care and attention in a pleasant environment. We oer our patrons a further selection of rooms with improved service areas, specialised consultation rooms, new theatres and additional critical care. Our Sixth Lane Wing theatre complex comprises of ve new specialised theatres equipped with cutting edge technology for general surgery, obstetric surgery, genitourinary surgery, orthopaedic surgery and laparoscopic surgery. Vision: Durdans to be acknowledged regionally as the leading healthcare partner to the community at large. Mission: Our management team and professionally trained sta supported by cutting edge technology will deliver globally compatible patient care in an innovative, trusted and safe environment. We at Durdans are committed to a customer centric culture to create a positive impact upon all our stakeholders. Risk Management Enterprise Risk Management covers strategies, techniques and approaches in recognising, acting upon and mitigating any current or potential threat the organisation could encounter which would hamper the progress of the organisation. Today it covers not only the conventional financial and insurable hazards but transcends into a wide variety of strategic, operational, reputational and regulatory information risks. With over six decades of experience behind us we have become exceptionally competent in taking calculated, prudent risks to support our objectives.The processes are validated periodically to ensure best fit to emerging needs.
7. 7. FINANCIAL RATIO ANALYSIS Page 7  Risk Management Committee – the functions of the committee include proactively mapping the potential risks, assessing the likelihood of occurrence, and assessing the impact of each event on the business.  A risk-awareness culture is being created throughout the organisation by educating the team leaders on the risks faced by the organisation. This awareness and training has been put into practice in each area of functions and thereby risks of the organisation at an operational level are mitigated and managed.  The accountability and the responsibility of each type of risk has been identified and are reviewed periodically.  Empower business areas/departments to be responsible for managing risks in accordance with the organisation’s Risk Management policy and reward risk optimisation initiatives – necessary training has been provided to all the departments for the successful monitoring and management of identified risks.  Generate continuous assessment and improvement – the process is monitored on an ongoing basis for necessary interventions. Risk Management Process at Durdans The following process is in place, and will continue to be reviewed at the beginning of every year.  Identifying the potential risks  Identifying the level of the impact, in the event it occurs  Identifying the likelihood of occurrence  Mapping the risk in the Risk Rating Matrix  Deciding on the action plan to mitigate or manage the risk The committee holds full responsibility in applying an effective Risk Management Strategy in the company. The identified risk and suggested managing methodologies will be reported to the Group Management Committee by the Risk Management Committee and the Group Management Committee will review the effectiveness of the action plans and monitor the implementation. Clinical Risk Clinical risks are detrimental to our business. We believe in mitigating the Clinical risks by creating high quality standards and paramount safety standards in what we do every day. At the same time the team deliberates extensively to identify any potential risk to the patients, and to ensure preventative measures are in place. Operational Risk The Group aims to reduce operational risks such as damages to property, interruption to business and liability that could form a risk to our business through active risk reduction measures. The objective of our operational risk management is to identify and minimise risks associated with operations, assets, environment and personnel. Economic Risk
8. 8. FINANCIAL RATIO ANALYSIS Page 8 We operate in a highly volatile and dynamic environment, various factors that impact the economy of our country, tends to have implications on the success of businesses in general. With healthcare being an almost essential service we are somewhat insulated, compared to some other industries. Industry Risk The health care industry has been expanding at a rapid pace. During the past couple of years, we witnessed significant investment by all contenders in the private healthcare space, resulting in a large number of beds being added to the industry. Financial Risk With our continuous drive to invest in technical superiority, continuous investment becomes a critical need. The organisation is mindful of the gearing levels and manages its borrowings carefully. Whilst meeting all obligations on time, the management places the utmost diligence in monitoring any fluctuations in the interest rates and uses extensive negotiations to obtain the best return for the organisation. Credit Risk With corporate customers and insurance companies comprising a significant share of our customer portfolio, credit risks are constantly monitored. To mitigate the credit risk, the Group has devised a mechanism of stringent monitoring, wherein credit limits are reviewed and renewed constantly, based on ratings generated, pertaining to business volumes and speedy settlement records. Reputation Risk Reputation Risk may create immeasurable damage to the equity of the brand, if and when it happens. Durdans guards its reputation with zeal, by carefully following laid down guidelines to handle consumer grievance if any. Patients and Staff Safety Patient and staff safety is held in very high importance. We have evaluated this area in adequate depth and have mapped out all potential areas with clearly defined actions being in place. Exposure to environmental risk is a challenge that is real today.
9. 9. FINANCIAL RATIO ANALYSIS Page 9 PURPOSE OF THE STUDY Two companies’ balance sheet and profit & loss accounts are valuable information sources for identifying risk taking and assessing risk management effectiveness. Although amounts found on these statements does not provide valuable insights of performance so financial analysis and Interpretation is required for determining good or bad performance of company and also for determining its causes. The study includes the calculation of different financial ratios, Trend analysis, comparative income and Balance sheet. It compares two years financial statements of the two companies to know its performance in these different years. OBJECTIVES OF THE STUDY:  To analyze the short term solvency & liquidity position  To evaluate the financial performance financial ratios  To know the impact of various assets & liabilities on financial performance  To know the liquidity, leverage, activity & profitability ratio of company METHODOLOGY Study Period:The period covered for the study is two year starting from financial year 2013 to 2014 of two Hospitals Method of data collection: The collection of the data of this report is separated into: a. Primary data: The organization chart, various departments etc. b. Secondary data: Source like company annual report LIMITATIOMS OF THE STUDY  The study is conducted on a general basis.  Time Constraint  Restrictions on Behalf of the companies
10. 10. FINANCIAL RATIO ANALYSIS Page 10 THEORETICAL ANALYSIS These ratios are calculated to measure the operating efficiency of the company. Beside management, creditors, owners are also interested in the profitability of the company. Generally profitability ratios are calculated either in relation to sales or in relation to investment. 01. LIQUIDITY RATIO: Current ratio = Current assets Current liabilities Indicates the extent to which the claims of short-term creditors are covered by assets that are expected to be converted to cash in a period roughly corresponding to the maturity of the liabilities. Quick ratio (or acid-test ratio) = (Current assets-Inventory) Current Liabilities A measure of the firm's ability to pay off short-term obligations without relying on the sale of its inventories. 02. LEVERAGE RATIOS : Debt-to-assets ratio = Total debt Total assets Measures the extent to which borrowed funds have been used to finance the firm's operations. Debt-to-equity ratio= Total debt Total equity Provides another measure of the fund provided by creditors versus the funds provided by owners. 03. PROFITABILITY RATIO: Gross profit margin= Gross Profits Sales An indication of the total margin available to cover operating expen and yield a profit. Net profit margin = Profits after taxes Sales Shows after tax profits per dollar of sales. Subpar profit margins indicate that the firm's sales prices are relatively low or that costs are relatively high, or both. 04. ACTIVITY RATIOS: Inventory turnover = Sales Inventory of finished goods When compared to industry averages, it provides an indication of whether a company has excessive or perhaps inadequate finished goods inventory. Fixed assets turnover= Sales Fixed Assets A measure of the sales productivity and utilization of plant and equipment.
11. 11. FINANCIAL RATIO ANALYSIS Page 11 FINANCIAL RATIOS ANALYSIS & INTREPRETATION DATA TABLE The other data of Durdans Hospital& Asiri Hospital used in financial ratios analysis is as follow: Asiri Hospital Durdans Hospital 2013 2014 2013 2014 Total Assets 4,581,797,015 4,476,972,110 3,795,605,521 4,166,293,376 Current Assets 1,561,930,356 1,598,814,918 659,631,197 770,919,922 Current Liabilities 614,139,347 978,227,003 683,951,417 864,639,166 Inventories 127,300,028 138,335,810 156,821,121 215,388,912 Sales 2,242,969,418 2,310,429,152 2,470,162,902 2,647,083,795 Cost of Service (1,226,679,197) (1,315,695,705) (990,271,816) (1,060,261,122) Total Equity 3380121396 3019213837 2421561640 2608189206 Profit Before Tax (PBT) 1,767,266,686 505,504,873 218,830,821 198,765,333 Profit After Tax (PAT) 1,745,683,022 473,335,167 210,912,952 185,903,565 Market Price Per Shares 9.30 11.70 100.00 115.00 EPS 1.70 0.90 6.23 5.49 Gross Profit 1,016,290,221 994,733,447 1,479,891,086 1,586,822,673 Total Liabilities 1,201,675,619 1,457,758,273 1374043881 1558104170
12. 12. FINANCIAL RATIO ANALYSIS Page 12 01. Liquidity Ratio Liquidity ratio measures the ability of the firm to meet its current obligation (liabilities). In fact analysis of liquidity needs the preparation of cash budget and cash and fund flow statement but liquidity ratio, by establishing a relationship between cash and other current asset to current obligation, to provide a quick measure of liquidity. 1.1 Current Ratio Current ratio may be defined as the relationship between quick or liquid asset and current liabilities. This is a measure of general liquidity & is most widely used to make analysis of short-turn financial position or liquidity of firm. It is calculated by dividing the total current assets by total current liabilities. Current Ratio = Current Assets Current Liabilities Asiri Hospital Durdans Hospital 2013 2014 2013 2014 1,561,930,356/ 614,139,347 1,598,814,918/ 978,227,003 659,631,197/ 683,951,417 770,919,922/ 864,639,166 =2.54 =1.63 =0.96 0.89 INTERPRETATION It measures whether or not a company has enough cash or liquid assets to pay its current liability over the next fiscal year. The accepted benchmark is to have current assets at least as twice as current liabilities (i.e. 2:1). Asiri Hospital :In the year 2013 the current ratio have had reached the acceptable benchmark, but in next year have lost to maintain that good position. However, the hospital maintained a decent ratio to meet its short term liabilities. Durdans Hospital: In both years of 2013 and 2014 the current ratio for Honda has been lesser than the accepted benchmark, as well as the industry average.However, the hospital maintained a decent ratio to meet its short term liabilities. Asiri Durdands 2.54 0.96 1.63 0.89 Current Ratio 2013 2014
13. 13. FINANCIAL RATIO ANALYSIS Page 13 1.2 Quick Ratio Liquid ratio is also termed as "Liquidity Ratio", "Acid Test Ratio" or "Quick Ratio". The true liquidity refers to the ability of a firm to pay its short term obligations as and when they become due. A standard of 1:1 absolute liquidity ratio is considered an acceptable norm. Quick ratio = Quick asset Current Liabilities Asiri Hospital Durdans Hospital 2013 2014 2013 2014 1,561,930,356- 127,300,028/ 614,139,347 1,598,814,918- 138,335,810/ 978,227,003 659,631,197- 156,821,121/ 683,951,417 770,919,922- 215,388,912/ 864,639,166 =2.34 =1.53 =0.73 =0.64 INTERPRETATION Asiri Hospital : Over the past two years, the liquid ratio has been than the accepted standard and industry average. Also, Asiri Hospital’s liquid ratio is greater than 1.0 in the last two years. Therefore, it indicates that the company t have the ability to repay all its debts by using its most liquid assets Durdans Hospital: Over the past two years, the liquid ratio for Durdands Hospital has been less than the accepted standard and industry average. Also, Durdands’s liquid ratio is less than 1.0 in the last two years. Therefore, it indicates that the company did not have the ability to repay all its debts by using its most liquid assets Asiri Durdands 2.34 0.73 1.53 0.64 Quick Ratio 2013 2014
14. 14. FINANCIAL RATIO ANALYSIS Page 14 02.LEVERAGE RATIO Leverage ratios are also known as capital structure ratio. These ratios indicate mix of funds provided by owners & lenders. As a general rule these should be appropriate mix debt & owners equity in financing the firm’s assets. Leverage ratios are calculated to judge the long long-term financial position of the company. Some of the popular leverage ratios are: 2.1 Debt-Equity Ratio Debt to equity ratio shows the comparison to equity this ratio tells that how much firm has ability to pay its debt and if equity is more than the total debt of the firm so firm will face low risk. In nestle the firm has 3.62 against \$ 1 to pay debt whereas Engro food has 1.30 to pay against \$ 1 debt. Here Nestle has more ability to pay its debt. Debt-Equity Ratio = Total Debt Net Worth Asiri Hospital Durdans Hospital 2013 2014 2013 2014 1,201,675,619/ 3380121396 1,457,758,273/ 3019213837 1374043881/ 2421561640 1558104170/ 2608189206 =0.36 =0.48 =0.73 =0.57 INTREPRETATION Asiri Hospital : The Asiri Hospital has 0.36 against Rs 1 to pay debt in 2013 and id has increased in 2014 to 0.48, it is maintain a good position. Durdans Hospital : The Durdands Hospital has 0.73 against Rs 1 to pay debt in 2013 and id has decreased in 2014 to 0.57, it is not favourable situation. However Durdands Hospital has more ability to pay its debt. Asiri Durdands 0.36 0.73 0.48 0.57 Debt-Equity Ratio 2013 2014
15. 15. FINANCIAL RATIO ANALYSIS Page 15 2.2 Total Debt Ratio Debt to asset ratio shows if the firms have more assets regardless of total debt than that firm will easily pay off its debts. Debt ratio may be used to analyze the debt ratio by dividing Total debt (T.D) by dividing Capital employed (C.E) or net assets (N.A). The total debt include short and long term borrowing from financial institutions, debentures, bounds, deferred payments, arrangements for buying capital equipment’s bank borrowings, public deposits etc. Debt Ratio = Total Debt Net Asset Asiri Hospital Durdans Hospital 2013 2014 2013 2014 1,201,675,619/ 4,581,797,015 1,457,758,273/ 4,476,972,110 1374043881/ 3,795,605,521 1558104170/ 4,166,293,376 =0.27 =0.33 =0.36 =0.37 INTERPRETATION The ratio shows the company’s ability to cover its debts through its total assets. The ratio has to be low. Asiri Hospital : Over the past two years, the debt equity ratio for Asiri Hospital has been less, which is favorable and indicates less risk. Durdans Hospital: Over the past two years, the debt equity ratio for Durdands Hospital also has been less, which is favorable and indicates less risk. So, the Durdands Hospital is more favorable than the Asiri Hospital. So we can interpret that the risk of the firm is getting higher as the ratio goes up. Asiri Durdands 0.27 0.36 0.33 0.37 Debt Ratio 2013 2014
16. 16. FINANCIAL RATIO ANALYSIS Page 16 03. PROFITABILITY RATIO These ratios are calculated to measure the operating efficiency of the company. Beside management, creditors, owners are also interested in the profitability of the company. Generally profitability ratios are calculated either in relation to sales or in relation to investment. The various profitable ratios are: 3.1 Gross Profit Ratio G.P.Ratio measures the relationship between gross profits & sales; it is usually represented in percentage. Thus Gross profit margin highlights the production efficiency at a concern G.P.Ratio = Gross Profit X 100 Sales Asiri Hospital Durdans Hospital 2013 2014 2013 2014 1,016,290,221/ 2,242,969,418 994,733,447/ 2,310,429,152 1,479,891,086/ 2,470,162,902 1,586,822,673/ 2,647,083,795 =0.45 =0.43 =0.61 =0.61 INRTEPRETATION It tells that how much a firm will receive against Rs 1 sales. Asiri Hospital : The Asiri Hospital has 0.45 in 2013 and decrease to 0.43 in 2014 so the efficiency of firm is not satisfactory. Durdans Hospital :The Durdands Hospital has 0.61 in 2013 and 2014 it is maintains same position it is in satisfactory level. So in this case Durdands Hospital is earning more profit than Asiri Hospital. Asiri Durdands 45% 61% 43% 61% G.P.Ratio 2013 2014
17. 17. FINANCIAL RATIO ANALYSIS Page 17 3.2 Net profit ratio Net profit margin is calculated by dividing the net profit after taxes by the sales means after paying the taxes you are earning some of the profit it means firm is doing its business well. This ratio is used as a measure of overall profitability & it helps in determining the efficiency of the firm to carry on its business. Net Profit Ratio= Net Profit after tax X 100 Sales Asiri Hospital Durdans Hospital 2013 2014 2013 2014 1,767,266,686/ 2,242,969,418 505,504,873/ 2,310,429,152 218,830,821/ 2,470,162,902 198,765,333/ 2,647,083,795 =0.79 =2.2 =0.09 =0.08 INRTEPRETATION Asiri Hospital : was earning 0.79 or 79% against Rs 1 in 2013 and it is suddenly decreased vastly to low level of 2.2 or 22% in 2014 so it is not favourable And Durdands Hospital : was earning 0.09 or 9% in 2013 and 0.08 or 8% in 2014 it is maintains same position and that is favourable but have to increase the profitability ratio. Asiri Durdands 79% 8% 220% 9% Net Profit Ratio 2013 2014
18. 18. FINANCIAL RATIO ANALYSIS Page 18 04. TURNOVER RATIO 4.1 Inventory turnover Ratio Inventory turnover ratio indicates the number of times stock has been turned over during the period & evaluates efficiency with which a firm is able manage inventory. The ratio is calculated by dividing the net sales divided by average inventory at cost. ITR= Net Sales . Average Inventory at Cost Average inventory should be taken for calculating stock turnover ratio. Adding the stock in the beginning & at the end of period & dividing it by 2 to calculate average inventory Asiri Hospital Durdans Hospital 2013 2014 2013 2014 2,242,969,418/ 127,300,028 2,310,429,152/ 138,335,810 2,470,162,902/ 156,821,121 2,647,083,795/ 215,388,912 =17.62 =16.07 =15.75 =12.29 INTERPRETATION: Inventory turnover is calculated by dividing the CGS by inventory. Asiri Hospital :The inventory turnover of Asiri Hospital has decreased from 17.62 to 16.07 in the year 2013 to 2014 Durdans Hospital : and the inventory turnover of Durdands Hospital also has decreased from 15.75 to 12.29 in the year 2013 to 2014 Asiri Durdands 17.62 15.75 16.07 12.29 I.T. Ratio 2013 2014
19. 19. FINANCIAL RATIO ANALYSIS Page 19 4.2 Assets Turnover Ratio: Assets are used to generate sales. Therefore a firm should manage its assets efficiency to maximum sales. Assets turnover ratio shows relationship between sales & assets. The various assets turnover ratio are: Net Assets Turnover Ratio = Sales Net assets Asiri Hospital Durdans Hospital 2013 2014 2013 2014 2,242,969,418/ 4,581,797,015 2,310,429,152/ 4,476,972,110 2,470,162,902/ 3,795,605,521 2,647,083,795/ 4,166,293,376 =0.49 =0.52 =0.65 =0.64 INTREPRETATION This ratio measures the turnover of the entire firm’s asset. It is calculated by dividing the sales by total assets of the firm. If firm shouldn’t increase its sales so there is a possibility that a firm will sale its some assets. Asiri Hospital :There were 0.49 chances of asset turnover in 2013 and it increased to 0.52 chances in 2013 in Asiri Hospital against every Rs 1. Durdans Hospital : There were 0.65 chances of asset turnover in 2013 and it just decreased to 0.64 chances in 2014 in Durdands Hospital against every Rs 1. Asiri Durdands 0.49 0.65 0.52 0.64 Net Assets Turnover Ratio 2013 2014
20. 20. FINANCIAL RATIO ANALYSIS Page 20 FINDINGS: FINDINGS : Asiri Hospital FINDINGS : Durdands Hospital In the year 2013 current ratio was 2.54 had reached the benchmarked but in 2014 decreased to 1.63 it missed to maintain the same standard ratio, so it is unfavourable of the company. The current assets ratio as per calculation it is observed that, it has been decreased by 0.96 to 0.89 from 2013 to 2014. It don’t reaches the standard ratio in both years, so it is unfavourable to the company Quick ratio has been suddenly decreasing year by year vastly; it shows that company’s liquidity position is weak. Quick ratio has been little bit decreasing year by year but not weak position due to compare with the previous year. Debt Equity Ratio in the year 2013, 0.04 following year increased year by year company position is unfavourable. Debt Equity Ratio in the year following year has been decreased year by year so it is favourable for the company. Debt equity ratio has been increased from 0.36 to 0.48 in 2013 to 2014 so it is maintain a good position but paying ability is in lower level have to increase. Debt equity ratio has been decreased from 0.73 to 0.57 in 2013 to 2014; the debt paying ability is favourable but has failed to maintain it. Gross profit ratio has been fallen from 0.45 to 0.43 so the efficiency of firm is not satisfactory Gross profit ratio has been maintain in the same position with the favourable stage so the efficiency of firm is in satisfactory level.
21. 21. FINANCIAL RATIO ANALYSIS Page 21 CONCLUSION After all the findings, it is concluded that financial ratios are the basic and most important part of any business. It describes the firm’s financial position. As the data indicates that Durdands Hospital is an international service and has expanded its services on the online facility and also offers the large range of products, but on the other side Asiri Hospital gains the customer trust and offers the wide range of services in the medical sector by providing the specialist doctors to the reasonable price and more customer relation and friendly. From the financial statements it is clear that the financial position of Durdands Hospital is far better than Asiri Hospital as it is more preferred by the customers and also an internationally distributed. It also has less risk but some time failed to maintain the same position in other hand the Asiri Hospital maintain the same standards with unfavourable . Durdands Hospital gives more return because it gains more profit than Asiri Hospital. Both the companies have some opportunities and threads and they need to work on it.
22. 22. FINANCIAL RATIO ANALYSIS Page 22 References 1. Durdands Hospital annual report 2013 & 2014 2. Asiri Hospital annual report 2013 & 2014 3. http://www.durdans.com/ 4. http://www.asirihospitals.com/
23. 23. FINANCIAL RATIO ANALYSIS Page 23 Durdands Hospital’s Income and Financial Positions
24. 24. FINANCIAL RATIO ANALYSIS Page 24
25. 25. FINANCIAL RATIO ANALYSIS Page 25 Asiri Hospital’s Income and Financial Positions