Analyzing the data for the years 2022-2023, the cement industry demonstrates mixed trends in various

turnover ratios compared to industry averages. The total asset turnover ratio increased slightly from 0.425
in 2022 to 0.482 in 2023, indicating a potential improvement in the industry's efficiency in utilizing its
total assets to generate revenue. However, this trend is not consistent across all companies, with some still
below the industry average. Fixed asset turnover ratios show a similar mixed pattern, with some
companies experiencing an increase while others show a decrease, aligning with or deviating from the
industry norm. Inventory turnover ratios decreased for DG Khan Cement, Attock Cement, and Power
Cement, signaling potential challenges in efficiently managing and selling inventory compared to the
industry average. Conversely, Lucky Cement exhibited an increase in inventory turnover, outperforming
the industry average. Accounts receivable (A/R) turnover ratios increased for most companies, indicating
a faster collection of receivables compared to the industry norm. The payable turnover ratio remained
relatively stable across companies, in line with industry averages. The total debt turnover ratio,
representing the efficiency of debt utilization in generating sales, fluctuated across the industry, with
some companies surpassing or falling short of the average.

To assess whether the industry is evolving or static, the mixed performance relative to industry averages
suggests ongoing changes that may not be uniform across all participants. Identifying the dynamics
shaping the industry requires a closer examination of external factors such as economic conditions,
market demand, and regulatory changes in comparison to industry benchmarks. Potential risk metrics
affecting the industry include the fluctuating total debt turnover ratios, indicating varying degrees of
efficiency in using debt for sales generation. Additionally, the decreasing inventory turnover ratios for
some companies pose a risk of excess or obsolete inventory, potentially impacting profitability compared
to industry standards. Monitoring these trends and conducting a comprehensive industry analysis using
industry averages as a benchmark would provide deeper insights into whether the observed changes are
isolated incidents or indicative of broader shifts in the cement industry.