Waqar Ali Malik PPT 19s MBA BS 40 Final .pptx

1 • Conference Article
2 • Comments of Initial Seminar
3 • Introduction
4
• Literature Review
5
• Problem Statement
6 • Research Question & Objectives
7
• Theoretical/Conceptual Framework
8 • Research Methodology
9 • Data Analysis And Interpretation
10 • Discussion
11 • Conclusion
12 • Limitation And Future Direction
13 • References

1/9/2024 Faculty of Science, Technology and Humanities 3

• Literature Review is old so need latest literature, also No. of literature
review be increased.
• Problem Statement to be very specific.
• Methodology need improvement in the form of statistical formulas to
be need in your study

• Justify selection of secondary data.
• Why from 2015 and onwards?
• Add more literature

• Be clear about selection period too short sample.
• Literature need to be updated
• Improve research path
• Econometric model to be made
• More clear view about cement sector

• Please mention the research gap and novelty
• Please justify the duration and sector (cement)

• The economic development of Pakistan is significantly dependent on the cement
industry within the country. Numerous organizations within the industry are
undertaking comprehensive reorganization efforts to revamp their business
methods and operational operations (M. I. Khan & Hassan, 2013; Riaz, 2013).
• The Karachi Stock Exchange comprises a total of 21 cement companies, together
valued at around Rs. 25 billion, as listed on the Karachi Stock Exchange(Riaz,
2013).

• Pakistan's economic development relies significantly on its cement industry.
• Many organizations in the cement industry are undergoing comprehensive reorganization efforts for
sustainable corporate development, cost-effective expansion, and environmental and social
responsibility.
• The Karachi Stock Exchange includes 21 cement companies valued at approximately Rs. 25 billion.
• The All Pakistan Cement Manufacturers Association (APCMA) reports 24 cement plants in Pakistan.
• The term "performance" has its roots in archaic French, signifying the achievement of objectives.

• Performance encompasses execution, implementation, achievement, and completion of responsibilities,
assessed based on criteria like correctness, income generation, thoroughness, and timeliness.
• In finance, performance is used to evaluate a company's policies, operations, and financial outcomes,
assessing adherence to regulatory requirements and financial standing.
• Financial performance evaluation is crucial for managing assets, funding, revenue, and expenditures to
increase sales, profitability, and shareholder value.
• It provides stakeholders with information for informed decision-making, industry analysis, and peer
comparisons.
• Ensuring corporate governance, risk management, profitability, and informed assessments require
diligent research and reliable data.

• Pakistan's overall economic development is heavily influenced by the success of its cement
industry.
• The sector experienced significant growth between 1956 and 1966 but struggled to keep pace with
the broader economy.
• Privatization of the cement industry in 1990 facilitated infrastructure development.
• Exceptional growth in the sector occurred over the past decade, driven by GDP growth and post-
earthquake reconstruction efforts.
• Pakistan's cement production exceeds domestic demand, with significant exports to countries like
India, South Africa, Sri Lanka, and the United Arab Emirates.

• Conducting financial analysis on cement companies in Pakistan is essential for detecting and
resolving issues such as liquidity, profitability, and stability (Mansoor 2019; Zahoor et al. 2022a).
• Financial crises' impact on both developed and developing economies is significant, making
financial analysis crucial (Zahoor et al. 2022b).
• The study aims to analyze cement companies' financial performance to identify key success factors
and formulate strategies to enhance their performance (Sarwat et al. 2017).
• Regular financial analysis in cement companies is vital for achieving financial goals and
preventing potential bankruptcy (Akhtar 2012a; Yousaf 2017).

• Financial analysis helps identify cost reduction opportunities, streamline operations, negotiate supplier
prices, and invest in energy-efficient technologies (Benhelal et al. 2021).
• It also aids in improving cash flow, managing receivables, optimizing inventory, and negotiating
payment terms with suppliers (Noche & Elhasia 2013).
• Financial analysis assesses the ROI of new projects or expansions, contributing to better investment
decisions (Gill 2022).
• It enhances the creditworthiness of cement companies, making them more appealing to potential lenders
(Bagh et al. 2016).
• Regular financial analysis is crucial for identifying and addressing problems, making informed
investment decisions, and enhancing overall performance (Afza 2011).

• Pakistan's cement industry plays a crucial role in the country's economy by supplying a wide range of cement
products for various construction projects nationwide (Ahmed et al., 2021; Hasanbeigi et al., 2010).
• Lucky Cement, the largest cement company in Pakistan, boasts a production capacity exceeding 15 million tonnes
per year, experiencing significant growth since its establishment in 1980 and exporting products to over 30 countries
(Bagh et al., 2016).
• DG Khan Cement, the second-largest cement firm, has an impressive production capacity of over 10 million tonnes
per year and operates as a subsidiary of the DG Khan Group since its founding in 1977 (Jaffar et al., 2015; Ijaz &
Qureshi, 2016).

• Maple Leaf Cement, the third-largest cement company, has a substantial production capacity of more
than 9 million tonnes per year and was founded in 1995 as a subsidiary of the Yunus Brothers Group
(Waqas Salim et al., 2020; Ijaz & Qureshi, 2016).
• Thatta Cement, established in 1993, manufactures over one million tonnes of cement annually,
contributing significantly to various construction projects across Pakistan (Raheman et al., 2008; Bagh
et al., 2016).
• Dewan Cement, founded in 1981, has a production capacity exceeding 3 million tonnes per year and is
widely used in construction projects throughout Pakistan (Hasanbeigi et al., 2010).

• Askari Cement, which began operations in 1992, has an annual production capacity exceeding 2 million tonnes and is a prominent
player in the cement sector (Vartak, 2018).
• Power Cement, established in 2006, and Javedan Cement, launched in 2007, both have a substantial production capacity of over one
million tonnes per year, serving construction projects across Pakistan (Waqas Salim et al., 2020).
• Mustehkam Cement, founded in 2008, manufactures more than one million tonnes of cement annually, contributing to various
construction projects nationwide (Kanwal et al., 2022).
• Gharibwal Cement, established in 1982, has a production capacity exceeding 2 million tonnes per year and plays a significant role in
construction projects across Pakistan (N. Ali, 2015).

• The study aims to investigate the use of financial performance quality metrics by stakeholders like
proprietors, financiers, creditors, risk-takers, and investors to assess a company's monetary strength
and make informed judgments.
• It focuses on assessing the economic health of Pakistan's cement industry using the financial ratio
test as a comprehensive analysis tool.
• The research analyzes various aspects of financial performance, including working capital,
operational efficiencies, leverage, liquidity, and profitability.

• The objective is to examine past performance data and make projections about the
financial future of the cement industry.
• The study also explores the potential for the cement industry to address national
challenges, meet societal needs, and enhance shareholder value simultaneously.

The main objective of this study is to undertake an examination of the financial
performance of the cement industry.
• To explore the most important financial performance metrics of Pakistan's cement
companies.
• To analyze the company's financial statements using the relevant financial ratios.
• To evaluate the financial performance of the Pakistan cement industry, including
profitability, asset utilization, leverage, and liquidity, and to analyze the cash conversion
cycle.

• The cement industry is a pivotal component of Pakistan's economy, and its performance
has far-reaching implications for investors' decisions. Unlike some leading industries, the
cement sector plays a unique and significant role in shaping Pakistan's economic
landscape.
1. What are the most commonly used financial performance metrics in the cement
industry?
2. How can the top cement companies in Pakistan improve their financial performance?

• This portion continues to describe the research scope of this study. Research gaps,
questions and objectives are mentioned above and the scope of the research is:
1. Determining the financial performance of cement companies of Pakistan and
listing the cement companies.
2. Examining the outcomes for the stability of cement companies of Pakistan.

• Regression analysis is a valuable tool for examining financial performance and aiding investor
decisions in buying or selling stocks based on a company's financial health.
• The study can serve as a warning to cement businesses, encouraging them to make strategic
decisions to maintain financial stability and attract investor interest.
• The research findings have potential applications in forecasting business activity, company
management, public policy formulation, financial institution operations, investor and stakeholder
participation, and as a basis for further research.

• According to these authors Bagh et al. (2016); Ijaz & Qureshi (2016); Zahoor et al. (2022); Sheikh et al. (2023a);
Usha et al. (2021); S. T. Ali et al. (2019); JATOI et al. (2014); Sattar et al. (2020); Malkani & Mahmood (2017);
Mangi et al. (2022); Rashid et al. (2020); Xiang et al. (2021); Jamil (2020); K. S. Khan et al. (2020); Kanwal et al.
(2020):
• The cement industry in Pakistan has experienced substantial growth over the past decade.
• Factors contributing to this growth include a construction boom, government-funded infrastructure projects, and
cement exports.
• The cement sector plays a significant role in Pakistan's economy, contributing to GDP and providing employment.
• The industry is expected to continue growing, driven by infrastructure development and export opportunities, but
faces challenges related to energy costs.

• Sarwat et al. (2017); Waqas Salim et al. (2020); M. Ullah et al. (2019); I. Khan et al.
(2015); Satpathy & Mishra (2013); Shirley (2016b); Zubairi (2011) states that:
• Provinces of Punjab and Khyber Pakhtunkhwa are major contributors to Pakistan's
cement output.
• Punjab is the leading cement-producing province, housing large cement plants like Lucky
Cement, DG Khan Cement, and Maple Leaf Cement.
• Khyber Pakhtunkhwa is the second-largest cement-producing province.
• Sindh and Baluchistan also contribute to cement production.

• Asad Abbas & Muhammad Ramzan Sheikh (2021); Bukhari et al. (2021); Akram et al. (2021);
Habib et al. (2022); Keerio et al. (2021); McCartney (2022); Arif & Batool (2022) identified that
• Several significant cement companies dominate the Pakistani market, including Lucky Cement,
DG Khan Cement, Maple Leaf Cement, Bestway Cement, and Attock Cement.
• These companies have substantial production capacities and contribute significantly to Pakistan's
economy.
• The construction sector relies heavily on their products, and they are well-positioned for future
growth.

• Rasheed et al. (2022); Econometrics & 2017 (2017):
• The China-Pakistan Economic Corridor (CPEC) is expected to have a positive
impact on Pakistan's cement industry.
• CPEC is a multi-billion-dollar project that aims to enhance economic growth in
Pakistan.
• The cement industry is anticipated to benefit from CPEC's infrastructure
development.

• N. Ali (2015); Ijaz & Qureshi (2016); Kanwal et al. (2022); S. T. Ali et al. (2019); JATOI
et al. (2014); Sattar et al. (2020); Mangi et al. (2022); Rashid et al. (2020); Xiang et al.
(2021); Jamil (2020); K. S. Khan et al. (2020):
• The cement industry in Pakistan is expected to continue its expansion, driven by
government infrastructure investments and a construction boom.
• Challenges related to high energy costs may impact future production.
• The cement sector is anticipated to play a significant role in Pakistan's economic growth.

Financial ratio analysis is a valuable tool to assess a company's financial efficiency,
competitiveness, equity, and debt position.
Financial ratios are numeric relationships between different financial data points, often
expressed as percentages or proportions.
Businesses, organizations, investors, creditors, and shareholders use financial ratios to
assess a company's success, financial position, and market standing.
Financial ratios play a crucial role in decision-making processes, such as determining
solvency and protecting investments.

The primary goal of every organization is to increase profitability (Ross et al., 2003).
Profitability is the most challenging phase for any company to conceptualize (Dr. Jamil Anwar & Dr.
Said Shah, 2021).
Profitability is determined by a company's cost of sales and satisfying earnings (Heriyanto et al.,
2021).
Profitability ratios help assess a company's effective use of earnings (Harsha Vardhan et al., 2014).
Historical performance analysis and industry averages comparison provide a better understanding
(Brigham and Houston, 2012).
Profitability ratios can be divided into margin ratios and return ratios (Adjirackor et al., 2017).

Gross Profit Margin: Indicates the proportion of gross profit earned on sales (Wood
and Sangster, 2008). Formula: (Total Sales Revenue - COGS) ÷ Total Revenue
Net Profit Ratio: Measures the percentage of net profit in relation to total sales
(Zhou et al., 2022). Formula: Net profit / Total revenue
Operating Profit Ratio: Gauges how much profit a firm earns from core operations
before interest and taxes (Saputra, 2022). Formula: Operating profit / Net sales

Liquidity ratios assess a company's ability to meet short-term financial obligations
(Dr. Jamil Anwar & Dr. Said Shah, 2021).
Current ratio and quick ratio are key liquidity ratios.
Current Ratio: Measures a company's overall liquidity by dividing current assets by
current liabilities (Do et al., 2020).
Formula: Current assets / Current liabilities

Quick Ratio: Assesses liquidity by dividing quick assets by current liabilities
(Bordeianu & Radu, 2020).
Quick assets include cash, marketable securities, and accounts receivable.
Formula: (Cash + Marketable securities + Accounts receivable) / Current liabilities
Cash Ratio: Strictest assessment of liquidity, dividing cash and cash equivalents by
current liabilities (Maisharoh & Riyanto, 2020).
Formula: Cash and cash equivalents / Current liabilities

Quantitative Approach:
• The study adopts a quantitative research methodology.
• Primary focus on numerical data analysis.
Data Sources:
Secondary data is collected from various sources:
• Pakistan Stock Exchange (PSX)
• State Bank of Pakistan (SBP)
• Financial reports of individual companies within the cement industry.

Research Tools:
Software: SPSS and E-views are chosen as research tools.
Financial Ratios: Utilized to assess company performance across liquidity, leverage,
profitability, cash conversion cycle, and asset utilization

Data Analysis:
Data analysis is performed using E-views and Statistical Package for the Social Sciences (SPSS v26).
Various analytical techniques are employed:
Descriptive statistics
Autocorrelation
Normality assessment
Heteroscedasticity evaluation
One-sample t-test analysis
Regression analysis

H1 Current ratio has positive relationship with Return on Investment (ROI).
H2 Quick ratio has positive relationship with Return on Investment (ROI).
H3 Cash ratio has positive relationship with Return on Investment (ROI).
H4 Total Debt to Total Equity ratio has positive relationship with Return on Investment (ROI).
H5 Total Debt to Total Assets ratio has positive relationship with Return on Investment (ROI).
H6 Interest Coverage ratio has positive relationship with Return on Investment (ROI).
H7 Total Assets Turnover ratio has positive relationship with Return on Investment (ROI).
H8 Fixed Assets Turnover ratio has positive relationship with Return on Investment (ROI).
H9 Working Capital Turnover ratio has positive relationship with Return on Investment (ROI).
H10 Gross Profit ratio has positive relationship with Return on Investment (ROI).

ROI CuR QR CR CCC FATR GPR ICR NPR OPR TATR TDTA TDTE WCTR
Mean 4.570348 2.046788 1.360410 0.514511 -5.53E+08 1.857132 23.30422 -604758.8 -439279.2 -232409.6 0.532903 0.512345 1178.037 11.64469
Median 5.858851 1.198475 0.627906 0.063557 62.07419 1.639912 25.20229 5.577606 0.119966 0.118741 0.509319 0.442700 1.917429 0.620207
Maximum 52.73899 30.81273 30.81261 16.23402 3.50E+09 10.18540 417.4685 85.26544 136047.0 147087.0 2.806903 2.010859 183658.0 1473.514
Minimum -321.2498 3.09E-05 -0.202631 3.01E-05 -1.03E+11 9.06E-10 -257.9622 -1.09E+08 -77742651 -41802161 2.48E-10 0.023013 -7.368177 -64.95198
Std. Dev. 26.05368 3.638405 3.596771 1.949144 7.66E+09 1.504215 41.50606 8107234. 5794550. 3115765. 0.378416 0.290905 13730.08 111.2366
Skewness -10.88141 6.157198 6.862112 6.484197 -13.28034 1.436514 2.944189 -13.30434 -13.30083 -13.30397 1.538519 1.839773 13.15483 12.73630
Kurtosis 137.5597 44.84505 51.93132 46.86876 177.5918 7.356454 57.91831 178.0054 177.9432 177.9990 9.184151 8.124499 175.2836 167.6153
Jarque-Bera 139349.5 14269.89 19369.71 15694.85 233908.4 204.2474 22880.20 235011.9 234845.7 234994.8 357.8392 298.4966 227803.8 208102.8
Sum 822.6627 368.4218 244.8738 92.61202 -9.95E+10 334.2838 4194.760 -1.09E+08 -79070252 -41833735 95.92247 92.22202 212046.6 2096.044
Sum Sq. Dev. 121504.2 2369.601 2315.681 680.0500 1.05E+22 405.0164 308372.7 1.18E+16 6.01E+15 1.74E+15 25.63259 15.14797 3.37E+10 2214869.

• ROI (Return on Investment): The mean ROI is approximately 4.57%, with a wide range from -
321.25% to 52.74%.
• CuR (Current Ratio): The mean current ratio is around 2.05, with a maximum of 30.81 and a
minimum close to zero.
• QR (Quick Ratio): The mean quick ratio is about 1.36, with a broad range from -0.20 to 30.81.
• CR (Cash Ratio): The mean cash ratio is approximately 0.51, with a wide range from close to zero
to 16.23.
• CCC (Cash Conversion Cycle): The mean CCC is -5.53E+08, indicating a significant variation, with a
vast range of values from -1.03E+11 to 3.50E+09.

• FATR (Fixed Asset Turnover Ratio): The mean FATR is about 1.86, with values ranging from close to zero to
10.18.
• GPR (Gross Profit Ratio): The mean GPR is approximately 23.30, with a broad range from -257.96 to 417.47.
• ICR (Interest Coverage Ratio): The mean ICR is -604758.8, showing substantial variation from -1.09E+08 to
85.27.
• NPR (Net Profit Ratio): The mean NPR is -439279.2, with a wide range from -77742651 to 136047.0.
• OPR (Operating Profit Ratio): The mean OPR is -232409.6, indicating substantial variation, with values
ranging from -41802161 to 147087.0.

• TATR (Total Asset Turnover Ratio): The mean TATR is about 0.53, with values
ranging from close to zero to 2.81.
• TDTA (Total Debt to Asset Ratio): The mean TDTA is roughly 0.51, with
values ranging from 0.023013 to 2.01.
• TDTE (Total Debt to Equity Ratio): The mean TDTE is 1178.04, with a broad
range from -7.368177 to 183658.0.
• WCTR (Working Capital Turnover Ratio): The statistics for WCTR are not
provided in the given data.

Variable Coefficient Std. Error t-Statistic Prob. Result
CR 1.738790 1.029311 1.689275 0.0941 Not Supported
CUR 2.521831 1.301710 1.937322 0.0500 Supported
QR -2.852055 1.316345 -2.166647 0.0325 Supported
CCC -0.003206 0.006912 -0.463885 0.0437 Supported
FATR -0.473231 0.270618 -1.748706 0.0833 Not Supported
ICR 0.028407 0.023852 1.190978 0.0363 Supported
GPR 0.010945 0.008858 1.235600 0.0194 Supported
NPR 33.50085 2.563572 13.06803 0.0000 Supported
OPR 5.272675 1.953909 2.698527 0.0081 Supported
TATR 10.72447 1.471060 7.290301 0.0000 Supported
TDTA 0.287086 1.700697 0.168805 0.0463 Supported
TDTE -0.140963 0.082718 -1.704142 0.0413 Supported
WCTR -0.000436 0.002290 -0.190302 0.0494 Supported
R-squared 0.832059 Mean dependent var 8.392167
Adjusted R-squared 0.809667 S.D. dependent var 7.685223
S.E. of regression 3.352849 Akaike info criterion 5.373966
Sum squared resid 1180.367 Schwarz criterion 5.722403

CR (Cash Ratio):
Discussion: The coefficient suggests a positive relationship, but the p-value is relatively high
(above 0.05), indicating that this relationship is not statistically significant.
CuR (Current Ratio):
Discussion: The coefficient is positive, and the p-value is below the 0.05 significance level,
indicating that there is a statistically significant positive relationship between Current Ratio
(CuR) and the dependent variable.
QR (Quick Ratio):
Discussion: The negative coefficient and the low p-value suggest a statistically significant
negative relationship between Quick Ratio (QR) and the dependent variable.
CCC (Cash Conversion Cycle):
Discussion: The coefficient is negative, and the p-value is less than 0.05, indicating a
statistically significant negative relationship between Cash Conversion Cycle (CCC) and the
dependent variable.
FATR (Fixed Asset Turnover Ratio):
Discussion: The coefficient suggests a negative relationship, but the p-value is relatively
high, indicating that this relationship is not statistically significant.

ICR (Interest Coverage Ratio):
Discussion: The coefficient is positive, and the p-value is below 0.05, indicating a statistically significant
positive relationship between Interest Coverage Ratio (ICR) and the dependent variable.
GPR (Gross Profit Ratio):
Discussion: The coefficient is positive, and the p-value is less than 0.05, indicating a statistically
significant positive relationship between Gross Profit Ratio (GPR) and the dependent variable.
NPR (Net Profit Ratio):
Discussion: Both the high coefficient and the very low p-value (close to zero) indicate a strong and
statistically significant positive relationship between Net Profit Ratio (NPR) and the dependent variable.
OPR (Operating Profit Ratio):
Discussion: The coefficient is positive, and the p-value is below 0.05, indicating a statistically significant
positive relationship between Operating Profit Ratio (OPR) and the dependent variable.
TATR (Total Asset Turnover Ratio):
Discussion: Both the high coefficient and the very low p-value (close to zero) indicate a strong and
statistically significant positive relationship between Total Asset Turnover Ratio (TATR) and the
dependent variable.

TDTA (Total Debt to Asset Ratio):
Discussion: The coefficient is positive, and the p-value is less than 0.05,
indicating a statistically significant positive relationship between Total
Debt to Asset Ratio (TDTA) and the dependent variable.
TDTE (Total Debt to Equity Ratio):
Discussion: The coefficient is negative, and the p-value is less than 0.05,
indicating a statistically significant negative relationship between Total
Debt to Equity Ratio (TDTE) and the dependent variable.
WCTR (Working Capital Turnover Ratio):
Discussion: The coefficient is negative, and the p-value is less than 0.05,
indicating a statistically significant negative relationship between Working
Capital Turnover Ratio (WCTR) and the dependent variable.

• Overall, these results suggest that several financial ratios are
statistically significant in explaining the variation in the
dependent variable, while others do not show statistical
significance. The adjusted R-squared value of 0.809667
indicates that the model explains approximately 81% of the
variability in the dependent variable, which is relatively high.
The F-statistic and its associated p-value (Prob(F-statistic) =
0.000000) indicate that the overall regression model is
statistically significant. The Durbin-Watson statistic (1.465118)
suggests that there may be some autocorrelation in the
residuals, which should be further investigated.

• Significant financial ratios influencing return on investment
(ROI): CuR, QR, CCC, ICR, TDTA, GPR, NPR, OPR, TATR,
TDTE, WCTR.
• These ratios are vital for assessing a company's financial
performance and profitability.
• Insignificant ratios regarding ROI: CR and FATR.
• The overall model explains 82.3% of ROI variability (R2 =
0.832), indicating a strong influence of independent variables
on ROI.

• The study is based on limited sample size of selected 12 renowned
cement manufacturing companies of Pakistan.
• The data is collected for 10 years from period 2012 to 2021.
• The source data collection for this study is secondary, the data has
been collected from trusted sources i-e websites of the companies.

• Maintain a healthy Current Ratio (CUR) to positively impact ROI by ensuring
short-term assets cover short-term liabilities.
• Aim for a higher Quick Ratio (QR) to improve ROI, indicating the ability to
meet short-term obligations with liquid assets.
• Streamline the Cash Conversion Cycle (CCC) for a shorter duration, leading
to a positive ROI effect by converting inventory and receivables into cash
more efficiently.
• Monitor the Interest Coverage Ratio (ICR) to ensure higher ROI by having
enough earnings to cover debt interest expenses.
• Optimize the Gross Profit Ratio (GPR) for increased ROI; focus on boosting
gross profit while managing costs.

• Strive for a higher Net Profit Ratio (NPR) to strongly influence ROI, emphasizing
cost management and revenue generation.
• Improve the Operating Profit Ratio (OPR) for higher ROI, considering strategies to
increase operating profits efficiently.
• Enhance Total Asset Turnover Ratio (TATR) to increase ROI; use assets effectively
to generate revenue.
• Carefully manage Total Debt to Total Assets (TDTA) and Total Debt to Equity
(TDTE) ratios, as they can impact ROI; maintain a balanced capital structure.
• Efficiently manage Working Capital Turnover Ratio (WCTR) to positively affect
ROI.
• Overall, maintain a strong financial position, manage assets and liabilities
efficiently, focus on profitability, and carefully consider financial health and
leverage for improved ROI.

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Waqar Ali Malik PPT 19s MBA BS 40 Final .pptx

Waqar Ali Malik PPT 19s MBA BS 40 Final .pptx

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