Term Paper on
Analyzing financing strategies for Dhaka Stock Exchange listed companies
(Navana Pharma and Orion Pharma)
FIN421: Principles of Corporate Finance
Submitted by :
Group: 05
Section: 01
Submission Date: Monday May 12, 2025
Submitted to:
Abu Saad Md. Masnun Al Mahi, PhD
Assistant Professor
BRAC Business School
SL
ID
Name
Current
Semester
Contribution to
Assignment
1
21205075
SAAD AMIN SAMI
11th
Executive Summary, Part
A, Summary of Findings,
Recommendations and
Conclusion
saad
2
23204312
ABRAR ISLAM
KASHFI
10th
Part B : Navana Pharma
abrar
3
SHEIKH
21203003 MOHAMMAD AL
AKIB
11th
Part C: Orion Pharma (4,5)
akib
4
5
group Signature
21205080
MONAHIL
HOSSAIN
11th
Part C Navana Pharma
monahil
21204070
FAZLE TASMIM
KABIR
11th
Part B: Orion Pharma
kabir
11th
Part C:
(1,2,3)
6
17104097
RIDWAN RAFAT
Orion
Pharma rafat
CONTRIBUTION
1
TABLE OF CONTENTS
EXECUTIVE SUMMARY .................................................................3
INTRODUCTION ...............................................................................4
Navana Pharmaceuticals PLC .................................................4
Orion Pharma Ltd. ...................................................................4
ANALYSIS & DISCUSSION ............................................................. 5
Dividend Policy Analysis - Navana Pharmaceuticals PLC. .............5
Dividend Policy Analysis- Orion pharma ........................................9
Financial planning of Navana Pharma............................................11
Financial Planning Orion Pharma Ltd. ...........................................15
Summary of Findings, Recommendations, and Conclusion .........24
Summary of Findings......................................................................24
Recommendations ...........................................................................25
Conclusion ...................................................................................... 26
References ....................................................................................... 26
Appendix ......................................................................................... 27
2
EXECUTIVE SUMMARY
This term paper offers a close look at the strategic financial evaluation of two drug
companies trading on Dhaka Stock Exchange – Navana Pharmaceuticals PLC and Orion
Pharma Ltd are discussed. An important part of the paper is devoted to the analysis of
dividend policy and the forecast of financial outcome attempting to clarify the impact these
decisions have on corporate long-term stability and expansion.
In the beginning, a short summary provides an overview of background, major products,
mode of operations, and the management style of both companies. The following part
addresses the analysis of dividend policy, both historically and in terms of core financial.
Throughout it is examined the association between dividend payments and overall financial
well-being; a particular emphasis is placed on the viability of effective retention of earnings
to aid corporate strategy.
Then, the paper systematically performs financial planning and forecasting analyses. Sales
growth trends over the years are quantified and critical financial indicators, including
liquidity, leverage, profitability, and market valuation are extensively discussed to describe
the trajectory of each one of the companies. Through the use of forecasted (pro-forma)
financial statements the group can provide a projection of future results based on exceeding
sales growth estimates and allocation of capital, which would facilitate an in-depth analysis
of actual versus expected financial performance.
Finally, the paper recaps the overall findings, provides actionable insights created based on
the elaborate analysis, and provides valuable insights into the financial approach applied by
Navana Pharmaceuticals and Orion Pharma. By combining their insights, the group
determines how the decisions regarding the dividend policy and the financial strategy have a
direct impact on the development trajectories of these firms in long-term profitability and
share attractiveness terms.
3
INTRODUCTION
Navana Pharmaceuticals PLC
Navana Pharmaceuticals PLC is one of Bangladesh’s top pharmaceutical concerns, which is
famed for its efforts to make and sell quality medicines to the healthcare industry. Drawing
on the diversified portfolio of Navana Group, Navana Pharmaceuticals has recorded
remarkable growth and is now in a position to offer a wide range of pharmaceutical products
including tablets, capsules, injections, liquids, and herbal medicines. Navana Pharmaceuticals
has successfully achieved a nice balancing of innovation and regulatory measures in order to
maintain stringent adherence to global quality standards such as WHO GMP and ISO that
have enhanced its market in both local and foreign markets.
Navana Pharmaceuticals’ form of management is headed by seasoned professionals in the
industry keen on developing the company through targeted expansion and branching out in
their product line. The company operates modern manufacturing plants across Bangladesh,
building on technology and an efficient process. Most recently, the company has introduced
initiatives aimed at venturing into the sector of herbal medicine, which is a reflection of a
market trend embracing its proactive effort to meet the market’s interest and customer’s
interests.
In fiscal year 2023-2024, Navana Pharmaceuticals achieved net sales of approximately BDT
6.9 billion, reflecting strong annual growth. The company's net profit reached BDT 404.6
million, and total equity amounted to BDT 4.56 billion, showcasing a solid financial
foundation for future growth initiatives.
Orion Pharma Ltd.
In the Orion Group, Orion Pharma Ltd. is known as an important provider in Bangladeshi
pharmaceutical manufacturing and marketing. Setting out to become a near-greatest source
for healthcare solutions, Orion Pharma has expanded its market influence through its range of
pharmaceutical formulations including tablets, syrups, Orion Pharma has a stable investment
in R&D so that to allow innovation to continue and a broad portfolio of products serving
needs in cardiovascular, gastrointestinal, respiratory, and neurological diseases.
Orion Pharma’s executive leadership is committed to support continuous growth and
operational excellence throughout the organization. The organization considers meticulous
quality assurance as its first priority, entertaining itself thoroughly with the regulatory
4
standards of its home country and the global industry, following it very carefully. With
modern production centers and a vast national distribution infrastructure, Orion Pharma is
able to meet expanding healthcare needs and to seek additional therapeutic segments. In the
recent past Orion Pharma has increased its investment in capacity expansion and strategy
expansion plans that will enhance the competitiveness of the company as well as increasing
profitability.
During fiscal year 2023-2024, Orion Pharma recorded total revenue of approximately BDT
3.67 billion and net income of BDT 214.6 million. Total equity stood impressively at BDT
14.65 billion, underpinning the company's significant market presence and financial
resilience.
ANALYSIS & DISCUSSION
Dividend Policy Analysis - Navana Pharmaceuticals PLC.
Key Financial Data
Particulars
2023-2024
2022-23
202122
2020-21
Net Sales
6,898,218,8
52
5,706,161,0
22
4,758,7 3,606,576,486
06,524
3,149,005,1
51
Net Profit
404,633,879
356,943,216
274,00
1,539
137,395,072
Total
Equity
4,561,095,5
60
4,372,445,0
72
3,483,0 3,304,404,714
49,324
3,102,111,9
82
Retained
Earnings
708,021,144
443,028,348
204,24
2,971
535,831,580
535,830,000
Dividend
Paid
47,551,014
139,641,082
.10
118,15
7,838.7
0
-
-
Total
Common
Share
Outstandin
g
107,416,217
107,416,217
80,230, 80,230,150
150
202,292,731
2019-20
8,015
We collected these relevant financial data from Navana’s official annual report to ensure
accuracy and a strong understanding for our analytical goals.
5
Ratio
Formula
20232024
2022-23
2021-22
2020-21
2019-20
Dividend
Payout
Ratio
(Total
Dividend
s/Net
Income)*
100
11.75%
39.12%
43.12%
-
-
Retention (1Ratio
Dividend
Payout
Ratio)*10
0
88.25%
60.88%
56.88%
100%
100%
Net
Profit
Margin
(NPM)
(Net
income/S
ales)*100
5.87%
6.26%
5.76%
5.61%
4.36 %
Return
(Net
on Equity profit/Tot
(ROE)
al
Equity)*1
00
8.87%
8.16%
8.07%
6.32%
4.43%
Earnings
Per
Share
(EPS).
3.77
3.59
3.42
2.52
1,7142
Net
Profit
AfterTax/
Total Of
common
Share
Outstand
ing
(All calculations are shown in Excel file in Appendix 3: Part B of Navana
Pharma)
Dividend Payout ratio analysis:
As we can see above in the table,
6
In 2023-24, the dividend payout ratio is significantly lower at 11.75%, while NPM (5.87%),
ROE (8.87%) and EPS (3.77) are comparatively in a better position. This suggests that the
company followed a conservative dividend policy, potentially to reinvest profits for future
growth.
In 2022-23 and 2021-22, the EPS and ROE were lower than 2023-24, but the dividend payout
was significantly higher above 39%. This indicates that in past years, the dividend policy
could have been more towards satisfying the shareholders, probably at the cost of retained
profits.
In 2020-21 and 2019-20, the dividend payout was zero and the NPM, ROE and EPS were the
lowest. This might imply that the company experienced a downturn, leading them to retain all
earnings, which could be a hint to either slow growth or limited investment opportunities.
Correlations and Inconsistencies
Correlations:
The data shows that Navana’s dividend policy and profitability are directly correlated. During
the financially healthier periods of 2021-2022 and 2022-2023, which were evidenced by
greater NPM, ROE, and EPS, the company also displayed higher dividend payment ratios.
On the other hand, the periods of 2020-21 and 2019-20 in which the company did not pay any
dividends also had lower profitability figures.
Inconsistencies:
We observed that the dividend payout went down in 2023-24 even though the company was
making more money (ROE and EPS went up). This is an inconsistency unless they are
retaining the money for future growth.
Retention ratio and Company growth
Navana achieved substantial sales growth in the last five years. For instance, In fiscal year
2022-23, Navana Pharmaceuticals Limited recorded its peak revenue and profit figures to
date(tbsnews.net,2023). A key factor in this success was likely the high profit retention in the
7
earlier years(2020-21, 2019-20) which provided a strong foundation for expansion. Even
though they had lower retention due to high dividend payout in the middle years(202223,2021-22), healthy growth was maintained, possibly through prior retained earnings.
Furthermore, the increased retention ratio in the most recent year, 2023-24, signals a
continuing strategic focus on reinvesting profits, suggesting a positive outlook for future
growth. In 2025, Navana Pharmaceuticals PLC's planned to invest Tk 208.5 million in a new
herbal division at their present manufacturing location (thefinancialexpress.com.bd, 2025).
This clarifies retaining their profits for future projects.
Summary of key findings and insight of dividend policy
● Navana Pharmaceuticals dividend payout increased significantly over the past five
years, ranging from 0 to high of 43.12%.
● In the early years high retention provided a boost for their amazing sales growth.
● The company also had a positive financial performance (NPM, ROE,EPS) over the
five years.
● As their profitability increased, they also gave more dividends.
● The much lower dividend payout ratio in recent years(2023-24) despite high profit
suggests a focus on reinvesting for future growth.
Navana Pharmaceuticals' flexible dividend policy enables them to adjust distributions to the
company's lifecycle, favoring bigger dividends in stable periods and increasing reinvestment
during growth. Despite strong profitability in 2023-24, the reduced dividend reflects the
company's strategic approach of prioritizing internal financing for expansion and capital
investments. This strategy lessens their need for outside funding and improves the business's
long-term financial health, demonstrating a balanced emphasis on sustainable development
and shareholder value.
8
2024
2023
2022
2021
2020
Total
dividend
269904278
152937776
324543691
340167203
373059566
Net income
214596621
291141682
662679032
285122331
194342150
Revenue
3665507547
3056555745
2995167358
2612321217 2297740301
Equity
14652306216
14040682742
12878578498
1241219371 12367122098
9
Retained
Earnings
961565844
973857096
909063184
518496227
457550939
Dividend Policy Analysis- Orion pharma
Ratio analysis
Formulas
2024
Dividend Payout
Ratio
=Dividend/
Net income
Retention Ratio
=Retained
earnings/ne 4.4808060 3.3449593 1.3718001 1.8185044 2.3543577
t income
79
66
33
47
09
Net Profit Margin
(NPM)
=net
income/rev
enue
Return on Equity
(ROE)
=net
income/equ 0.0146459 0.0207355 0.0514559 0.0229711 0.0157144
ity
28
79
14
47
2
Earnings Per Share
(EPS).
given
0.92
1.24
2.83
1.22
0.83
Retention ratio
another method
=1dividend
payout
ratio
-26%
47%
51%
-19%
-92%
126%
2023
53%
2022
49%
2021
119%
2020
192%
0.0585448 0.0952515 0.2212494 0.1091452 0.0845796
59
53
17
04
85
(All calculations are shown in Excel file in Appendix 2: Part B of Orion Pharma)
Analyzing orion pharmas dividend payout ratio in relation to companies Financial
performance indicators
9
In the above box we can see that in the year 2024,2021 and 2020 Orion pharma has paid
more dividends than its net profit .Their dividend payout ratio was 126%,119% and 192%
which seems higher than usual . In those years Orion pharmas eps ,net profit margin and roe
was slightly lower. But still Orion Pharma paid more dividends to its shareholders in order to
maintain investors' confidence . EPS was 0.92,1.22 & 0.83 which seems quite low compared
to 2022 and 2023.Net profit margin was 5.85%, 10.91% & 8.45% and ROE was
1.46%,,2.29% &1.57%.This financial performance indicators were not good enough to such a
higher dividend . In the year 2023 dividend payout ratio was 53% which seems ok . And in
the year 2022 Orion Pharma had a very good year .In these 5 years of data Orion Pharma was
in its strongest financial position in 2022 with a good dividend payout ratio and performance
indicators .
Correlations and inconsistencies
We can see a positive correlation in 2022 where the dividend payout ratio was well aligning
with other metrics . However we can also see inconsistencies in the 2024 , 2021 & 2020
when despite low profits the company decided to pay more dividends from its reserves which
doesn't seem aligning with other metrics .
Evaluation of retention ratio
The company has constant growth in revenues . We can clearly see that it's increasing every
year . The growth rates are 12% in 2021 ,13% in 2022,2% in 2023 and 17% in 2024 . In the
year 2020 the retention ratio was 2.354 it was quite high and we can see a revenue growth of
12% in the next year . In 2021 retention was 1.81 which seems moderate and it contributed to
a growth of 13% in revenue in the upcoming year . However in 2022 we can see that there
was a low retention of 1.3 as a result in the next year revenue growth dropped to 2% . But
again in 2023 Orion decided to retain high earnings of 3.344 as result in the very next year
revenue grew to 17% . In 2024 we can see that their retention is 4.48 so we can expect their
revenue growth will be higher in 2025. Analyzing 5 years data we can come to the conclusion
that there is a positive relation between retention and revenue . If the retention ratio is high
the revenue becomes high too and vice versa .
There is another way of calculating retention ratio which gives a different result . we can
clearly see it gives a negative retention ratio in 3 years . In 2020 retention was extremely
negative and it gives a return of 12% in the next year . in 2021 it was again negative and
gave a moderate return of 13% . In the next two following years the ratio was 51% & 47%
which gives a return of 2% and 17% . however in 2024 it was -26% and it is quite hard to
estimate return as this trend seems very inconsistent .
Summary
Summarize of key findings
● There is a positive relation between revenue and retention ratio
10
● The company paid more dividends in the year 2024 ,2021 & 2020 than its net profit
● In 2022 the company was in its strongest financial position . Its dividend payout ratio
was well aligned with other metrics .
● Roe ,NPM & EPS seems to be declining in the last 2 years .
● Dividend policy doesn't seem sustainable to me .
Dividend policy plays a crucial role to the overall financial performance of the companies .
An optimal dividend policy can help a firm draw investors and reinvest into the company's
growth .If a company pays too much dividend it won't be able to reinvest money in the
company's growth and vice versa . Paying too much dividends during low profit years is not a
good sign at all. Usually a company does that in order to maintain investors' confidence
which we have in the Orion pharmas case . A firm's dividends must be justified by its profit .
A firm should also keep few factors such as profitability, cash flow ,debt ,investment
opportunities ,tax and market conditions into consideration while paying dividends
Financial planning of Navana Pharma
1)Calculation of Average Sales Growth
Year
Net Sales
2019-2020
3149005151
2020-2021
3606576486
2021-2022
4758706524
2022-2023
5706161022
2023-2024
6898218852
Average Sales Growth = 21.81% (using the arithmetic mean method)
2) Ratio Calculation
11
Particulars
Ratio Name
Formula
20232024
202223
2021-22 2020-21
2019-20
Debt
Manageme
nt Ratio
Debt-ToAsset ratio
(Total
Debt/Total
Asset)
0.60
0.54
0.51
0.36
0.30
Times
Interest
Earned (TIE)
ratio
(EBIT/Inte
rest
Expense)
2.10
2.90
2.94
4.84
3.11
Current Ratio
(Times)
Current
Asset/
Current
Liabilities
0.871
0.986
0.881
1.15
1.31
Quick Ratio
(Times)
(Current
AssetInventory)
/ Current
Liabilities
0.67
0.76
0.57
0.64
0.70
Profitability Net
Profit (Net
5.87
Ratio
Margin
income/Sal
es)*100
6.26
5.76
5.61
4.36
on (Net
3.58
Income/
Total
Asset)*100
3.72
3.87
3.89
3.09
EPS Ratio
Net Profit 3.77
AfterTax/T
otal Of
common
Share
Outstandin
g
3.32
3.42
2.52
1.7
P/E Ratio
Market
price per
share/EPS
35.1
-
-
-
Liquidity
Ratio
Return
Asset
Market
Value ratio
23.2
3)
An analysis of Navana Pharmaceuticals' financial ratios over the last 5 years offers insight
into the firm's operational and financial position. Over the last 5 years, the current ratio
dropped from 1.31 to 0.871 and the quick ratio declined from 0.70 to 0.67. Both of the
12
liquidity ratios indicate a company's weakening ability to meet short-term obligations. The
downward liquidity ratio trend indicates issues regarding short-term financial health and
working capital management. Over the years, Navana's debt-to-asset ratio increased from
0.30 in 2020 to 0.60 in 2024. Thus, the company heavily relies on debt financing increasing
risk exposure. At the same time, the TIE ratio decreased from 3.11 in 2020 to 2.10 in 2024
indicating diminishing capacity to service debt. Overall, the company is under increased
financial stress. The company’s net profit margin rose from 4.36% in 2020 to a peak of
6.26% in 2023 before slightly decreasing to 5.87% in 2024. ROA fluctuates similarly which
reflects the company's efficient use of assets with a mild decline in the ratio in 2024. Reasons
for this profitability decrease can be the increase in interest expenses incurred by increased
debt and higher operational costs. Still the profitability trend is relatively stable, possibly due
to the company's cost control efforts and increased sales. Navana’s earnings per share (EPS)
has shown an overall increasing trend over the last 5 years. However, even with an EPS
decline, the P/E ratio is high in 2023 so we can tell that investors were anticipating and
expecting future growth of the company's stocks. As a result, the possibility is there that the
stock was relatively overvalued. But, in 2024, the P/E ratio decreased to 23.2 and EPS
increased as well which showed that stock may have dropped and investors may have more
realistic expectations now. Also, it is difficult to give a long-term trend analysis due to
unavailability of data of market price per share and, hence, P/E ratio. Navana Pharma has
shown relatively stable profitability and market confidence but the declining liquidity and
rising leverage raises concern for the company's future growth. If the unfavorable trends
continue, the company will face increased financial risk and will have to minimise
operational flexibility. In order to ensure long term growth and maintain positive investor
anticipation, Navana Pharma must manage debt levels and strengthen internal cash flow.
4) Pro Forma Financial Statements
The pro forma financial statements are forecasted with a 21.81% sales growth and includes
only the financial characteristics that tie up with sales. The Retained Earnings increased by
BDT 216,622,784 and thus the additional funds needed is forecasted to be BDT 702,613,072.
The financing is then done using short-term loan (debt financing) at the interest rate of
13.0%. The projected financial outcomes are outlined in the pro forma which can be found in
Appendix Part C: Navana Pharmaceuticals.
Analysis of the Forecast
Particulars
Ratio Name
Formula
Debt
Manageme
nt Ratio
Debt-To-Asset
ratio
(Total Debt/Total
Asset)
2023-2024 2023-2024
(actual)
(forecasted)
0.58
0.80
13
Times Interest
Earned (TIE) ratio
Liquidity
Ratio
Current Ratio
(Times)
Quick Ratio
(Times)
Profitabilit
y Ratio
(EBIT/Interest
Expense)
2.10
1.77
0.88
0.46
0.68
0.26
5.87
4.19
3.60
3.30
3.77
2.69
Current Asset/
Current Liabilities
(Current AssetInventory) / Current
Liabilities
Net Profit Margin (Net
(%)
income/Sales)*100
Return on Asset (Net Income/ Total
(%)
Asset)*100
Market
Value ratio
EPS Ratio
P/E Ratio
Net Profit
AfterTax/Total Of
common Share
Outstanding
Market price per
share/EPS
43.42
23.18
(All calculations are shown in Excel file in Appendix 1: Part C of Navana Pharma)
Comparative Analysis of Actual vs. Forecasted Financial Performance (2024)
We compare the actual financial ratios of Navana Pharmaceuticals for 2024 with the
forecasted figures derived under the assumption of 21.81% sales growth and 13% short-term
loan financing. The 2024 actual ratios are recalculated with only financial components which
tie with sales to be consistent with the simpler model used in forecasting and to ensure a fair
comparative analysis. Profitability declined in the forecasted scenario. Despite anticipating
higher sales, the Net Profit Margin and ROA both fell due to higher costs and interest
burdens associated with short-term debt. The financing decision (13% short-term loan)
implemented in the forecasting scenario likely raised expenses, offsetting sales gains. The
reduced profitability is further highlighted by the decline in forecasted EPS which is again
because of increased financing costs.
Interestingly, the forecasted P/E ratio is significantly higher so we can tell that investors are
optimistic about market value despite lower EPS possibly because of inflated expectations
14
from projected sales growth. The financing in the forecasted model is done with high interest
short-term debt financing which increased the debt-to-asset ratio substantially. Hence, the
TIE ratio declined indicating that the firm may not be able to meet interest obligations.
Liquidity worsened in the forecast because the financing increased current liabilities without
a proportional increase in liquid assets. The comparative analysis shows that while the
forecast anticipated higher sales, the financing strategy (13% short-term loan) negatively
affected profitability, solvency, and liquidity. The simple forecasting model is only sales
focused and does not consider working capital needs hence it misrepresents the short term
financial health of the company. So we see the actual performance was more stable
suggesting that Navana Pharma managed its operations more cautiously than the assumed
simpler forecasting model. This reinforces the importance of incorporating conservative debt
assumptions and ensuring realistic operational margins when preparing sales-based financial
forecasts.
Financial Planning Orion Pharma Ltd.
1. Average Sales Growth
Year
Net Sales Revenue (BDT)
2019
8,705,172,867
2020
7,647,703,031
2021
10,832,568,048
2022
9,661,609,862
2023
13,926,596,063
Average Sales Growth = 15.71% (using the Arithmetic mean method).
2. Ratio calculation
15
Particul
ars
Ratio
Name
Formula
2023
2022
2021
2020
2019
Debt
Manage
ment
Ratio
Debt-to- (Total
Asset
Debt/Total
ratio
Asset)
40.43%
37.90%
39.14%
36.70
%
25.70%
Times
Interest
Earned
(TIE)
ratio
(EBIT/Intere
st Expense)
5.50
times
2.65
times
4.38
times
2.00
times
2.77
times
Current
Ratio
(Times)
Current
Asset/
Current
Liabilities
2.01
times
1.99
times
2.70
times
4.04
times
3.00
times
Quick
Ratio
(Times)
(Current
AssetInventory) /
Current
Liabilities
1.84
times
1.81
times
2.47
times
3.75
times
2.78
times
Profitabil Net
ity Ratio Profit
Margin
(Net
income/Sale
s)*100
4.92%
9.12%
10.33%
9.55%
11.06%
Return
(Net
on Asset Income/
Total
Asset)*100
1.29%
1.83%
2.64%
1.98%
3.11%
EPS
Ratio
Net Profit
AfterTax/To
tal Of
common
Share
Outstanding
2.74
3.62
Taka per Taka per
Share
Share
4.01
Taka
per
Share
2.84
Taka
per
Share
4.12
Taka
per
Share
P/E
Ratio
Market price
per
share/EPS
29.05
22.72
19.26
6.53
Liquidity
Ratio
Market
Value
ratio
22.85
3. Analyzing Orion Pharma Ltd.’s financial ratios over the past five years:
16
Over the past five years, Orion has shown a rising trend in its Debt-to-Asset ratio, increasing
from 25.70% in 2019 to 40.43% in 2023, indicating a growing reliance on debt to finance its
assets, which can enhance growth but also increases financial risk. Meanwhile, its Times
Interest Earned (TIE) ratio, which reflects the company’s ability to meet interest obligations,
has fluctuated but ultimately improved significantly from 2.77 to 5.50 over the same period.
Despite a dip in both metrics in 2022, the sharp recovery in 2023 suggests Orion has effectively
used debt to drive earnings and has strengthened its capacity to service that debt. Overall, while
the rising leverage warrants caution, the improving TIE ratio indicates that Orion is currently
managing its financial obligations well, suggesting prudent use of borrowed capital to support
its operations and growth.
Orion's liquidity position has shown a clear declining trend over the past five years, as reflected
in both the Current and Quick (Acid Test) ratios. The Current Ratio dropped from 3.00 in 2019
to 2.01 in 2023, while the Quick Ratio declined from 2.78 to 1.84 over the same period.
Although both ratios peaked in 2020—likely due to a temporary buildup of current assets—
they have steadily weakened since then, indicating a reduction in Orion’s ability to meet shortterm obligations. The sharper decline in the Quick Ratio suggests that even after removing
inventory from the equation, Orion’s most liquid assets have been falling, which could point
to tighter cash flow or less efficient working capital management. While both ratios remain
17
above the minimum benchmark of 1.0, the downward trajectory raises concerns about the
company’s short-term financial health and suggests a need for improved liquidity management
moving forward.
Over the past five years, Orion’s profitability has steadily declined, as shown by the downward
trends in both Net Profit Margin and Return on Assets (ROA). The Net Profit Margin dropped
from a strong 11.06% in 2019 to just 4.92% in 2023, indicating that Orion is earning
significantly less profit from its revenues. Similarly, the ROA fell from 3.11% to 1.29%,
reflecting a diminishing return on the company's total assets and suggesting reduced efficiency
in utilizing its resources to generate income. Although there was a brief recovery in 2021 for
both ratios, the overall trajectory points to deteriorating operational performance and
profitability. These trends may signal challenges in cost control, pricing power, or asset
utilization, and they raise concerns about the company’s ability to sustain long-term
profitability without strategic corrective action.
Orion’s financial performance shows a mixed and somewhat concerning trend when evaluating
its EPS (Earnings Per Share) and Price-to-Earnings (P/E) ratio. The EPS has generally declined
from 4.12 BDT in 2019 to 2.74 BDT in 2023, signaling a downward trend in profitability,
despite a temporary rebound in 2021. In contrast, the P/E ratio has sharply increased from 6.53
to 29.05 over the same period, indicating that the market is valuing Orion’s shares at
18
increasingly higher multiples of its earnings. This divergence suggests that while the
company’s actual earnings performance is weakening, investor sentiment or market
expectations remain optimistic or possibly overheated, potentially driven by future growth
expectations or speculative factors. Such a mismatch between falling earnings and rising
valuation could raise red flags about sustainability and warrants cautious interpretation by
investors.
PRO forma Orion Pharma
PRO FORMA INCOME STATEMENT
Particulars
2023
AVG GROWTH
2024
Revenue from net sales
3056555745
0.092415193
3,33,90,27,935
Cost of goods sold
-1379307331
0.097313577
1,51,35,32,662
Gross profit
1677248414
0.088522261
1,82,57,22,235
Operating expenses
-1184320304
0.115476982
1,32,10,82,039
Selling and distribution expenses
-796211631
0.137632218
-865223738.8
General and administrative
expenses
-388108673
0.086675584
-441524930.49
Profit from operation
492928109
0.086164328
504,640,196
19
Financial expenses
-696664249
-0.172091996
-5,76,77,390
depreciation and amortization
6011199354
0.123703513
67,54,80,582
Interest and other income
27275427
-0.212185663
2,14,87,972
Net profit from operation
450537113
0.639159793
73,85,02,321
Workers profit participation fund
-21454148
0.639159787
-3,51,66,777
Net profit before tax
429082964
0.639159791
70,33,35,542
Income tax
-147067082
0.579715919
-23,23,24,211
Current tax expenses
-110522211
0.704355417
-18,83,69,129
Deferred tax income/(expense)
-36544871
2.467147122
-12,67,06,444
Net profit after tax
282015882
0.664500135
471011331.2
20
Share of profit from associate
9125800
0.081813286
98,72,412
Net profit for the year
291141682
0.653334744
48,13,54,658
Other comprehensive income
1104471715
-3.506703324
-2,76,85,82,919
Fair value gain/(loss) of
marketable securities
-313672
-0.53388134
-1,46,208
Fair value gain/(losson
investment in associates
1103592810
-3.720252559
-3,00,20,51,166
Share of other comprehensive
income of associate
97390
-1.46153832
-44,949
Deferred tax income/(expenses)
on revaluation surplus of PPE &
fair value changes of marketable
securities
1095187
0.667036099
Total comprehensive income
attributable to ordinary
shareholders
1395613398
Basic earning per share (EPS
1.24
18,25,716
0.348788994
1,88,23,87,990
0.652072772
2.01
Based on growth rates between 2019-2023, this analysis makes an outlook on Orion Pharma
Bangladesh’s projected income statement for the year 2024. That year the company brought
BDT 3,056.56 million in revenue but with an impressive gross margin at 54.9% (BDT
21
1,677.25 million). However, net profit after tax dropped to BDT 282.02 million for owing
reasons. The COGS can be expected to increase pace at the rate of 9.73% while the revenue
is expected to increase at 6.87% outpacing COGS as operating expenses increase at 11.55%,
mainly due to increased selling/distribution costs (13.76 bdt 2.01). Total income is expected
to undergo a large fall that the company projects to reduce to BDT -27,685.8 million, mainly
due to investment losses. Tax costs are projected to show drastic increase (246.7% increase)
while there is projected to be reduced upward pressure financial expenses by 17.21%. Higher
expansion costs have negated the margin of profits reported. While 2024 predictions show
positive trends towards revenue and bottom line improvement, they also present a high
degree of sensitivity to market change and acceleration in costs. Sustainable financial
strategies in combination with risk management to investments and operations optimization
will be decisive in long-term prosperity. These results echo the need for in-depth monitoring
of key financial risks if growth should be stimulated.
AFN = Forecasted total assets ( assets tied to sales) - ( Forecasted spontaneous liabilities +
long-term debt + equity)
AFN= 42,300,000,000−(2,558,142,290+20,304,891,830+14,040,687,323+ 1,284,758,717)
AFN= 42,300,000,000−38,188,480,160
= 4,111,519,840
(All calculations are shown in Excel file in Appendix 4: Part C of Orion Pharma)
This analysis analyzes Orion Pharma Bangladesh’s estimated pro forma balance sheet for
2018–2024, estimating 2024 values based on five-year averages growth rates for the 5-year
periods. Orion Pharma Bangladesh has consistently grown its total assets by a CAGR of
15.58% achieving BDT 36.596 by the end of the targeted year 2023. There has been much
movement attributed to the growing amounts of non-current assets, particularly construction
work in progress (compounded annually at a rate of 90.88%) and investments in associates
(increasing at a rate of 112.84% CAGR). However, a high rise in liabilities has accompanied
the asset expansions. Non-current liabilities grew at a compound annual growth rate (CAGR)
of 42.73% with long-term borrowings increasing steadily over the period (43.56% CAGR)
whereas current liabilities have shown unpredictable growth and ended the year at a level of
BDT 2,08 Shareholders’ equity was constant but has grown slightly (4.38% CAGR), but
mostly due to expanding retained earnings (31.92% CAGR) without resorting to new shares
and premiums over the period. It is predicted that by 2024, total assets as well as liabilities
are likely to increase to BDT 42,296 million each. The predicted expansion in retained
earnings is expected to spike NAV/share at BDT 62.63. A projected growth is expected but
Orion Pharma’s long-term financial plan is exposed to serious risks, mainly because of
continued money loans and risks of unstable investments. It will be essential for the firm to
22
maintain financial growth in combination with leverage management, effective operating
leverage, to attain long-term financial stability.
With these findings, it becomes doubly important to put in place effective oversight of
liabilities and financial investments to maintain consistent development in the next period.
COMPONENTS
1st Pass
Financing Mix
2nd Pass
100% Debt 60% Debt / 40% Equity
Debt Raised
4,111,519,840
2,466,911,904
Equity Raised
1,644,607,936
Interest Expense
-411,151,984
-246,691,190
Original Net Income
703,335,542
703,335,542
Revised Net Income (Pre-Tax)
292,183,558
456,644,352
Taxes (30%)
-87,655,067
-136,993,306
Revised Net Income (Post-Tax)
204,528,491
319,651,046
Retained Earnings
204,528,491
319,651,046
5,186,000,000
2,842,000,000
New AFN
Higher debt burden
Balanced mix reduces AFN
5.
RATIO
Debt to Asset
ratio
2023
2024( FORECASTED)
CHANGE
40.43%
54.22%
+13.79%
TIE ratio
5.50x
2.05x
-3.45x
Current ratio
2.01x
2.36x
+0.35x
Quick Ratio
1.84
5.15x
+0.31x
Net profit margin
4.92%
9.57%
+4.65%
ROA
1.29%
0.76%
-0.53%
EPS
2.74 TK
1.37 TK
-1.37 tk
29.05
58.1x
+ 29.05x
This
P/E RATIO
analysis
gives
fundamental insights of where Orion Pharma is heading in terms of finances; The Debt-toAsset Ratio changed from 40.43% to 54.22% because of it, the company applied strategic
23
debt financing that increases financial risk while giving the firm the resources to grow. The
TIE Ratio was compressed to 2.05x from 5.50x meaning it is less able to sustain interest
payments as debt loading has risen but solvency is within harming levels. Improved liquidity
is reflected in Current Ratio of 2.36x versus 2.01x and Quick Ratio of 2.15x versus 1.84x
which are due to better working capital utilization and lower inventory carrying levels.
Revenue expansion rose 15.71% higher than growth in cost, resulting in a dramatic rise in
net profit margin to 9.57 percent (from 4.92 percent); however, ROA decreased to 0.76
percent (from 1.29 percent), which indicates a decline in profitability per asset. Due to shares
being issued, EPS was down from 2.74 Taka to 1.37 Taka, so P/E Ratio was down to 58.1x
(from 29.05x) which reflects investor’s uncertainty about sustainability of earnings amidst
revenue growth. In their summary, these changing metrics reflect tensions between
ambitious growth plans, improved cash flow, and decreasing returns on capital, requiring a
reassessment of capital strategy and spending management in order to drive long term
shareholder value.
Summary of Findings, Recommendations, and Conclusion
Summary of Findings
Exploring dividend policies and financial management in Navana Pharmaceuticals PLC and
Orion Pharma Ltd., some interesting facts have been discovered about each company’s
economic condition and future goals.
Navana Pharmaceuticals PLC:
● During the period under study dividend payout ratio experienced significant peaks
and troughs with the highest point recorded being 43.12% and the lowest at 0%. High
payout of dividends was correlated with improved key profitability factors, including
Net Profit Margin (NPM), Return on Equity (ROE), and Earnings Per Share (EPS).
● Recent years showed a strategic reduction in dividend payouts despite high
profitability, indicating a clear shift towards reinvestment to fuel future growth and
reduce reliance on external financing.
● Liquidity was on the decline in the course of the study of financial ratios, leverage
was on the increase and profitability was stable. High Debt-to-Asset ratios coupled
with diminishing of liquidity ratios indicate that financial pressure is building up
primarily as a result of increased dependence on debt.
24
● Based on projected financial statements, the implementation of growth oriented
strategy with short term high interest lending, led to undesirable changes in
profitability, liquidity, and Solvency ratios even though projected growth in sales was
expected.
Orion Pharma Ltd.:
● Orion Pharma’s dividend payout ratio was volatile, frequently exceeding net profit
(the peak was 192%); it points at the policy aimed at maintaining confidence rather
than profit.
● Retention ratios exhibited a strong positive correlation with future revenues growth,
thus pointing to a proper distribution of the retained funds.
● Major financial indicators showed high reliance on debt, improved debt coverage with
the TIE ratio, deterioration of liquidity as well as reduced profitability marked by
declining ROA and NPM over the five years hold.
● The separation between decreasing EPS and increasing P/E ratios established a rift in
market valuation, which was possibly caused by investor optimism rather than actual
performance
Recommendations
Navana Pharmaceuticals PLC:
● Optimize Capital Structure: The company is recommended to slowly shift its
capital structure to long term debt and internal funding, reducing dependence on high
interest, short term debt. This strategy could help preserve stable financial costs and
decreased vulnerability to short-term market shocks and enhanced long-term financial
health sustainability.
● Enhance Liquidity: Strategic change in working capital management is necessary to
improve Navana Pharmaceuticals’ liquidity. In particular, reducing the quantity of
time that inventory sits on shelves, speeding up customer payment for services/goods
offered, and increasing the accuracy of cash inflow forecast can significantly turn the
firm around when it comes to responding to impending financial requirements.
● Balanced Dividend Policy: It is advisable that Navana continues with the flexible yet
balanced nature of dividend approach. Consequently, Navana should focus on issues
of profitability and reinvestment needs for dividends, as well as meeting shareholder
desires.
Orion Pharma Ltd.:
25
● Sustainable Dividend Policy: Orion Pharma should change the financial distribution
practice to fit the current profitability and available cash resources better. Full
payment of dividends that consistently exceeds net profits exerts undue pressure on
retained earnings and cash reserves. In turn, a sustainable dividend policy is protective
of its financial stability and investor confidence in the long run.
● Improve Profitability: Orion Pharma needs to prioritise cost control though
increasing operational effectiveness in order to perform better. Entering high-margin
therapeutic markets, embracing cost-effective manufacturing techniques, and
reconsidering pricing tactics take a leading position in improving profit margins and
operational results.
● Liquidity Management: It is critical for Orion Pharma to maintain a good control of
their liquidity. It would be wise for Orion Pharma to look to improving stock levels,
accelerate the inflow of cash and initiate appropriate methods of managing accounts
payable. Through an improved management of liquidity, Orion Pharma can obtain
sufficient working capital that will be used to meet operational needs and reduce the
cost of short term financing.
Conclusion
As close analysis of the financials reveals, there is a critical need to develop strategic
financial management to cater for the growth and stability of the pharmaceutical giants like
Navana and Orion pharm. Though Navana exerts the restraint on reinvestment amid
increasing debt burdens, Orion Pharma is constrained by sustainability which is as a result of
paying out vast dividends in periods of relatively reduced profitability.
In order to restore investors confidence and sustain growth, both companies should address
their latent financial risks. Navana Pharmaceuticals therefore needs to be improved in their
liquidity and attempts to optimize their long term debt, which is in conflict with the need to
change Orion Pharma’s dividend policy and increase their earnings. The strategic alignment
of fiscal manoeuvres with sustainable operating models will help both companies to increase
their position in the market and increase shareholder value in the long term.
References:
Navana Pharmaceuticals PLC. (n.d.).
https://www.navanapharma.com/page/annual-report
26
Issue-I, S. A. (2025, January 17). Navana Pharma to invest Tk 209m in new herbal
division. The Financial Express.
https://thefinancialexpress.com.bd/stock/bangladesh/navana-pharma-to-invest-tk209m-in-new-herbal-division
Report, T. (2023, October 23). Navana Pharma posts record revenue, profit amid
higher costs. The Business Standard.
https://www.tbsnews.net/economy/stocks/navana-pharma-posts-record-revenueprofit-amid-higher-costs-725346
Investor-Financial Report- Annual report. (n.d.-b).
https://www.orionpharmabd.com/investor/annualreport
Appendix
Appendix 1 Part C: Navana Pharmaceuticals
All calculations are shown in the NAVANA PHARMA Excel file.
NAVANA PHARMA
Pro Forma Financial Statements
Forecasted Income Statement for Navana Pharmaceuticals (2024)
Item
2023 Actual (BDT) Forecast Basis
2024 Forecast
(BDT)
Sales
5,706,161,022
× 1.2181
6,898,218,852
Cost of Goods Sold 3,097,130,517
× 1.2181
3,753,374,899
(COGS)
Gross Profit
2,609,030,505
Derived
3,144,843,953
Administrative
169,025,968
× 1.2181
214,916,368
Expenses
Selling &
1,270,897,848
× 1.2181
1,432,848,350
Marketing
Expenses
Distribution
390,226,783
× 1.2181
479,428,584
Expenses
Total Operating
1,830,150,600
× 1.2181
2,127,193,302
Expenses
Operating Profit
778,879,904
Derived
1,017,650,651
27
Finance Expenses
Other Income /
(Loss)
Profit before WPPF
& Tax
WPPF Contribution
269,132,062
(37,503,667)
× 1.2181
Constant
485,147,732
-37,503,667
472,244,175
Derived
494,999,252
23,166,550
24,749,963
Profit before Tax
Current Tax
Deferred Tax
Profit after Tax
Common Dividends
Addition to RE
EPS
Dividend per share
No. of common
share
449,083,625
100,367,508
(8,227,099)
356,943,215
139,593,316
217,349,899
3.32
1.30
107,379,474
5% of PBT before
WPPF
Derived
22.5% of PBT
Constant
Derived
Constant
Derived
Derived
Constant
Constant
470,249,289
105,806,090
-8,227,099
356,216,100
139,593,316
216,622,784
3.32
1.30
107,379,474
Forecasted Balance Sheet for Navana Pharmaceuticals PLC (30 June 2024)
Particulars
Property, Plant and
Equipment
Capital Work in
Progress
Right-of-Use Asset
Total Non-Current
Assets
Inventories
Trade and Other
Receivables
Advances, Deposits
and Prepayments
Goods in Transit
Cash and Cash
Equivalents
Total Current
Assets
Total Assets
Paid-up Share
Capital
Retained Earnings
Total Shareholders'
Equity
Loan from
Directors
Lease Liabilities
Long Term Loan
2023 (BDT)
3,810,831,801
Forecast Basis
× 1.2181
2024 (BDT)
4,641,974,217
661,659,793
× 1.2181
805,967,794
207,108,433
4,800,325,796
× 1.2181
Summed
252,278,782
5,700,220,793
1,104,799,039
801,236,634
× 1.2181
× 1.2181
1,345,755,709
975,986,344
212,659,473
× 1.2181
259,040,504
65,395,422
314,954,861
× 1.2181
× 1.2181
79,658,164
383,646,516
4,789,618,631
Summed
3,044,087,237
9,589,744,627
1,074,162,170
Summed
Constant
8,744,308,030
1,074,162,170
443,020,348
1,517,182,518
+ 216,622,784
Summed
659,643,132
1,733,805,302
30,000,000
Constant
30,000,000
89,596,102
90,276,317
Constant
Constant
89,596,102
90,276,317
28
Bond
Total Non-Current
Liabilities
Short Term Loan
Trade and Other
Payables
Total Current
Liabilities
Total Liabilities
Total Shareholders'
Equity and
Liabilities
200,000,000
409,872,419
Constant
200,000,000
409,872,419
4,066,051,935
1,503,953,125
Constant
× 1.2181
4,066,051,935
1,831,965,302
5,569,985,060
Summed
5,898,017,237
5,979,857,479
7,497,039,997
Summed
Summed
6,307,889,656
8,041,694,958
AFN = Forecasted total assets ( assets tied to sales) - ( Forecasted spontaneous liabilities +
long-term debt + equity)
= 8,744,308,030-8041694958 =702,613,072
4) Financing Feedback
Particulars
2023 (BDT) Forecast
Basis
Property,
Plant and
Equipment
Capital
Work in
Progress
Right-ofUse Asset
Total NonCurrent
Assets
Inventories
3,810,831,8
01
× 1.2181
4,641,974,2
17
Proforma
after
financing
4,641,974,2
17
661,659,793
× 1.2181
805,967,794
805,967,794
207,108,433
× 1.2181
252,278,782
252,278,782
4,800,325,7
96
Summed
5,700,220,7
93
5,700,220,7
93
1,104,799,0
39
801,236,634
× 1.2181
× 1.2181
1,345,755,7
09
975,986,344
1,345,755,7
09
975,986,344
× 1.2181
259,040,504
259,040,504
× 1.2181
79,658,164
79,658,164
× 1.2181
383,646,516
383,646,516
Trade and
Other
Receivables
Advances,
212,659,473
Deposits
and
Prepayments
Goods in
65,395,422
Transit
Cash and
314,954,861
Cash
Equivalents
Proforma
2024
Financing
29
Total
Current
Assets
Total Assets
Paid-up
Share
Capital
Retained
Earnings
Total
Shareholder
s' Equity
Loan from
Directors
Lease
Liabilities
Long Term
Loan
Bond
Total NonCurrent
Liabilities
Short Term
Loan
4,789,618,6
31
Summed
3,044,087,2
37
3,044,087,2
37
9,589,744,6
27
1,074,162,1
70
Summed
8,744,308,0
30
1,074,162,1
70
8,744,308,0
30
1,074,162,1
70
443,020,348
+
216,622,784
Summed
659,643,132
659,643,132
1,733,805,3
02
30,000,000
1,517,182,5
18
Constant
30,000,000
Constant
1,733,805,3
02
30,000,000
89,596,102
Constant
89,596,102
89,596,102
90,276,317
Constant
90,276,317
90,276,317
200,000,000
409,872,419
Constant
200,000,000
409,872,419
200,000,000
409,872,419
4,066,051,9
35
Constant
4,066,051,9
35
Trade and
Other
Payables
Total
Current
Liabilities
Total
Liabilities
1,503,953,1
25
× 1.2181
1,831,965,3
02
1,831,965,3
02
5,569,985,0
60
Summed
5,898,017,2
37
6,600,629,3
09
5,979,857,4
79
Summed
Total
Shareholder
s' Equity
and
Liabilities
AFN
7,497,039,9
97
Summed
6,307,889,6
56
8,041,694,9
58
+702,613,07
2
4,768,664,0
07
7,010,501,7
28
8,744,308,0
30
702,613,072
change in interest expense = 702,613,072 * 0.13 = 91339699 ( financing with short term loan
@ 13% )
30
Item
Sales
Cost of Goods Sold
(COGS)
Gross Profit
Administrative
Expenses
Selling &
Marketing
Expenses
Distribution
Expenses
Total Operating
Expenses
Operating Profit
Finance Expenses
Other Income /
(Loss)
Profit before WPPF
& Tax
WPPF Contribution
Profit before Tax
Current Tax
Deferred Tax
Profit after Tax
Common Dividends
Addition to RE
Dividend per share
No. of common
share
1st pass 2024
(BDT)
6,898,218,852
3,753,374,899
Financing Feedback 2nd pass 2024
(BDT)
6,898,218,852
3,753,374,899
3,144,843,953
214,916,368
3,144,843,953
214,916,368
1,432,848,350
1,432,848,350
479,428,584
479,428,584
2,127,193,302
2,127,193,302
1,017,650,651
485,147,732
-37,503,667
1,017,650,651
576487431
-37,503,667
+91339699
494,999,252
403659553
24,749,963
470,249,289
105,806,090
-8,227,099
356,216,100
139,593,316
216,622,784
1.30
107,379,474
20182978
383476575
86282229
-8,227,099
288,967,247
139,593,316
149373931
1.30
107,379,474
change in RE due to feedback = 149373931-216,622,784 = -67248853
Particulars
Property,
Plant and
Equipment
Capital
Work in
Progress
Right-ofUse Asset
1st pass
2024
4,641,974,2
17
Financing
Feedback
2nd pass
2024
4,641,974,2
17
805,967,794
805,967,794
252,278,782
252,278,782
31
Total NonCurrent
Assets
Inventories
Trade and
Other
Receivables
Advances,
Deposits
and
Prepayment
s
Goods in
Transit
Cash and
Cash
Equivalents
Total
Current
Assets
Total Assets
Paid-up
Share
Capital
Retained
Earnings
Total
Shareholder
s' Equity
Loan from
Directors
Lease
Liabilities
Long Term
Loan
Bond
Total NonCurrent
Liabilities
Short Term
Loan
Trade and
Other
Payables
Total
Current
Liabilities
5,700,220,7
93
5,700,220,7
93
1,345,755,7
09
975,986,344
1,345,755,7
09
975,986,344
259,040,504
259,040,504
79,658,164
79,658,164
383,646,516
383,646,516
3,044,087,2
37
3,044,087,2
37
8,744,308,0
30
1,074,162,1
70
8,744,308,0
30
1,074,162,1
70
659,643,132
659,643,132
1,733,805,3
02
30,000,000
1,733,805,3
02
30,000,000
89,596,102
89,596,102
90,276,317
90,276,317
200,000,000
409,872,419
200,000,000
409,872,419
4,768,664,0
07
1,831,965,3
02
4,768,664,0
07
1,831,965,3
02
6,600,629,3
09
6,600,629,3
09
32
Total
Liabilities
Total
Shareholder
s' Equity
and
Liabilities
AFN
7,010,501,7
28
8,744,308,0
30
-67248853
7,010,501,7
28
8,677,059,1
77
67248853
Appendix 2
Part B: Orion Pharma
fin421 term paper (orion Pharma).xlsx
Appendix 3
Part B: Navana Pharma
Navana Pharma Part B
33
Appendix 4
PACT C : ORION PHARMA
ORION PHARMA PRO FORMA
Balance Sheet
Non-current assets
2018
2019
2020
2021
2022
2023
11,096,2
27,931
12,040,
783,72
13,041
,155,9
16,851
,710,6
20,1
90,6
24,9
89,7
Ave rage
2024
29469
01166
34
Growth Rate (%)
Property, plant and
equipment
4,809,52
1,233
Growth Rate (%)
Construction work in
progress
2,836,43
1,969
Growth Rate (%)
Investment in
subsidiaries
Growth Rate (%)
1,017,00
0,000
8.51%
8.31%
29.22
%
19.8
1%
23.7
7%
5,246,7
36,287
7,860,
572,66
0
7,746,
013,64
9
7,44
9,13
2,15
7
7,22
8,00
6,74
3
9.09%
49.82
%
-1.46%
3.83
%
2.97
%
3,369,0
75,037
1,651,
460,15
6
5,584,
939,17
6
9,13
3,14
8,19
4
13,0
64,5
66,5
07
19%
-51%
238%
64%
43%
1,017,0
00,000
1,017,
000,00
0
1,017,
000,00
0
1,01
7,00
0,00
0
1,01
7,00
0,00
0
0%
0%
0%
0%
0%
17.9
2%
70134
45375
2.97
%
24938
22784
5
90.8
8%
10170
00000
0%
35
Investment in
associates
260,041,
000
Growth Rate (%)
Other investments
2,173,23
3,729
Growth Rate (%)
Current assets
6,795,57
0,490
Growth Rate (%)
Inventories
271,925,
189
254,28
2,000
319,40
3,000
303,45
5,000
386,
739,
000
1,49
0,69
5,00
0
-2.21%
25.61
%
-4.99%
27.4
5%
285.
45%
2,153,6
90,397
2,142,
372,26
2
2,149,
491,39
0
2,15
5,19
3,31
1
2,14
7,81
9,56
0
-0.90%
-0.53%
0.33%
0.27
%
0.34
%
7,242,1
06,413
8,207,
699,63
4
9,810,
320,51
1
10,0
70,2
89,8
90
11,6
06,4
79,5
37
6.57%
13.33
%
19.53
%
2.65
%
15.2
5%
270,58
7,251
345,17
0,358
390,68
9,523
645,
653,
974
853,
745,
233
31727
32998
112.
84%
21405
16973
0.34
%
12937
38250
2
11.4
7%
11488
00704
36
Growth Rate (%)
Trade and other
receivables
5,524,97
9,159
Growth Rate (%)
Advances, deposits
and prepayments
658,445,
869
Growth Rate (%)
Fixed deposit with
banks
Growth Rate (%)
7,565,26
2
-0.49%
27.56
%
13.19
%
65.2
6%
32.2
3%
6,020,7
96,815
5,920,
737,95
2
7,563,
464,80
1
7,80
0,15
9,20
6
9,30
9,11
0,63
1
8.97%
-1.66%
27.75
%
3.13
%
19.3
5%
907,96
5,205
1,291,
850,01
5
1,631,
943,13
0
1,50
2,22
9,49
1
1,38
0,11
6,44
1
37.90%
42.28
%
26.33
%
7.95
%
8.13
%
12,028,
336
19,583
,098
23,616
,354
31,8
33,5
89
38,6
79,2
52
58.99%
62.81
%
20.60
%
34.7
9%
21.5
0%
34.5
6%
10686
71925
6
14.8
0%
12679
12974
8.13
%
54050
166.56
39.7
4%
37
Cash and cash
equivalents
332,655,
011
Growth Rate (%)
Total assets
17,891,7
98,421
Growth Rate (%)
Shareholder's equity
12,598,6
99,407
Growth Rate (%)
Share capital
2,340,00
0,000
30,728,
806
630,35
8,211
200,60
6,704
90,4
13,6
30
24,8
27,9
80
-90.76%
1951.3
6%
68.18
%
54.9
3%
72.5
4%
19,282,
890,13
4
21,248
,855,5
64
26,662
,031,1
55
30,2
60,9
76,4
91
36,5
96,2
06,8
48
7.78%
10.20
%
25.48
%
13.5
0%
20.9
4%
12,469,
096,71
1
12,367
,122,0
98
12,412
,193,7
19
12,8
78,5
78,4
98
14,0
40,6
82,7
42
-1.03%
-0.82%
0.36%
3.76
%
9.02
%
2,340,0
00,000
2,340,
000,00
0
2,340,
000,00
0
2,34
0,00
0,00
0
2,34
0,00
0,00
0
68177
63.308
72.5
4%
42296
37764
1
15.5
8%
14655
92037
8
4.38
%
23400
00000
38
Growth Rate (%)
Share premium
8,016,89
2,026
Growth Rate (%)
Reserves
1,528,86
4,782
Growth Rate (%)
Retained earnings
Growth Rate (%)
712,942,
599
0.00%
0.00%
0.00%
0.00
%
0.00
%
8,016,8
92,026
8,016,
892,02
6
8,016,
892,02
6
8,01
6,89
2,02
6
8,01
6,89
2,02
6
0.00%
0.00%
0.00%
0.00
%
0.00
%
1,509,1
09,947
1,552,
679,13
4
1,536,
805,46
7
1,61
2,62
3,28
8
2,70
9,93
3,62
0
-1.29%
2.89%
-1.02%
4.93
%
68.0
5%
603,09
4,738
457,55
0,939
518,49
6,227
909,
063,
184
973,
857,
096
-15.41%
24.13
%
13.32
%
75.3
3%
7.13
%
0.00
%
80168
92026
0.00
%
33952
36068
25.2
9%
12847
58717
31.9
2%
39
Non-current
liabilities
3,590,18
6,688
Growth Rate (%)
Long term loan
3,464,68
0,591
Growth Rate (%)
Finance lease
obligation
Growth Rate (%)
16,591,9
00
5,091,4
07,432
7,176,
991,06
3
12,651
,282,9
36
15,4
51,0
40,0
63
20,4
68,9
43,0
10
29215
70423
8
41.81%
40.96
%
76.28
%
22.1
3%
32.4
8%
4,940,7
20,955
6,987,
470,94
12,473
,100,0
15,2
93,5
20,2
84,8
29120
36052
5
22
28,2
11
91,8
83
6
42.60%
41.43
%
78.51
%
22.6
1%
32.6
4%
26,573,
217
46,909
,046
39,898
,633
35,2
65,3
95
26,3
54,9
87
60.16%
76.53
%
14.94
%
11.6
1%
25.2
7%
42.7
3%
43.5
6%
19695
081.79
25.2
7%
40
Deferred tax
liability
78,995,0
50
Growth Rate (%)
Current liabilities
1,702,91
2,326
Growth Rate (%)
Current portion long
term loan
373,490,
714
Growth Rate (%)
Current portion of
finance lease
obligation
8,784,09
6
98,226,
477
1,704,
742,40
3
1,598,
554,50
0
122,
246,
457
157,
696,
141
24.35%
1635.5
2%
-6.23%
92.3
5%
29.0
0%
1,722,3
85,991
201,88
2,832
274,32
6,280
1,93
1,35
7,93
0
2,08
6,58
1,09
6
1.14%
88.28
%
35.88
%
604.
04%
8.04
%
256,37
5,584
38,345
,934
36,415
,462
387,
466,
840
490,
498,
002
-31.36%
85.04
%
-5.03%
964.
02%
26.5
9%
15,417,
560
565,99
5,722
564,31
7,167
31,6
64,3
04
23,9
10,3
51
10454
54941
562.
96%
54725
87048
162.
28%
62092
1420.7
26.5
9%
18054
706.04
41
Growth Rate (%)
Short term loans
582,351,
265
Growth Rate (%)
Trade and other
payables
506,384,
796
Growth Rate (%)
Accrued expenses
231,901,
455
75.52%
3571.1
1%
-0.30%
94.3
9%
24.4
9%
565,28
3,464
603,50
3,932
359,22
1,873
563,
904,
269
547,
819,
343
-2.93%
6.76%
-
56.9
-
-
40.48
%
8%
2.85
%
2.85
%
623,06
2,003
24,728
,858
28,113
,432
390,
344,
399
352,
176,
815
23.04%
96.03
%
13.69
%
1288
.46
%
9.78
%
262,24
7,380
270,28
5,125
336,16
0,285
493,
591,
956
544,
099,
355
24.4
9%
53220
6491.7
19078
47733
441.
73%
65029
4556.9
42
Growth Rate (%)
Total shareholder's
equity and
liabilities
17,891,7
98,421
Growth Rate (%)
Number of shares
used to compute
NAV
234,000,
000
Growth Rate (%)
Net asset value
(NAV) including
revaluation surplus
Growth Rate (%)
53.84
13.09%
3.06%
24.37
%
46.8
3%
10.2
3%
19,282,
890,13
4
21,248
,855,5
64
26,662
,031,1
55
30,2
60,9
76,4
91
36,5
96,2
06,8
48
7.78%
10.20
%
25.48
%
13.5
0%
20.9
4%
234,00
0,000
234,00
0,000
234,00
0,000
234,
000,
000
234,
000,
000
0.00%
0.00%
0.00%
0.00
%
0.00
%
53.29
52.85
53.04
55.0
4
60
-1.02%
-0.83%
0.36%
3.77
%
9.01
%
19.5
2%
42296
37764
1
15.5
8%
23400
0000
0.00
%
62.628
375
4.38
%
43
Net asset value
(NAV) excluding
revaluation surplus
47.81
Growth Rate (%)
47.31
46.92
47.16
49.1
9
54.1
9
-1.05%
-0.82%
0.51%
4.30
%
10.1
6%
56.896
0087
4.99
%
AFN = Forecasted total assets ( assets tied to sales) - ( Forecasted spontaneous liabilities +
long-term debt + equity)
AFN= 42,300,000,000−(2,558,142,290+20,304,891,830+14,040,687,323+ 1,284,758,717)
AFN= 42,300,000,000−38,188,480,160
= 4,111,519,840
44
45
46
47
48
49
50
51
52
Five years financial performance:
53
54
55
56
57
58
59
60
61
62
63