Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Paying user area
Try for free
Albemarle Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Albemarle Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Profitability Ratios (Summary)
Albemarle Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Gross Profit Margin
- The gross profit margin demonstrated a gradual decline from the first quarter of 2019 through the end of 2020, decreasing from approximately 35.3% to a low near 31.8%. From early 2021 onwards, the margin initially experienced a slight decrease, reaching its minimum around 30% in late 2021. However, from the first quarter of 2022, there was a notable and consistent increase, culminating in a significant rise to 44.48% by the first quarter of 2023. This trend indicates improving cost efficiency or pricing power in recent quarters.
- Operating Profit Margin
- Operating profit margin showed more volatility compared to gross margin. Starting at 26.11% at the beginning of 2019, it fell steadily, hitting a low of about 16% at the end of 2020. In 2021, there was a sharp increase in mid-year to nearly 30%, followed by some fluctuations but maintaining a higher level than previous years. From early 2022 onwards, the margin gradually increased with some variability, reaching 37.16% by the first quarter of 2023. The rising trend implies stronger control over operating expenses or improved operational efficiency in the recent periods.
- Net Profit Margin
- The net profit margin followed a generally declining trajectory from early 2019 to late 2021, dropping from over 20% to a low near 3.72%. Despite a brief recovery attempt in early 2022, margins remained below 8% until a very significant surge began in late 2022, climbing sharply to 41.89% by the first quarter of 2023. This marked improvement suggests substantial gains in profitability, potentially from lower costs, higher revenues, or other financial benefits affecting bottom-line results.
- Return on Equity (ROE)
- ROE declined consistently over the first three years, moving from approximately 19% in early 2019 down to a low of around 2.2% by the end of 2021. Starting in 2022, a pronounced recovery emerged, with ROE increasing significantly through 2022 and early 2023, reaching nearly 40%. The sharp rise indicates enhanced ability to generate profits from shareholders' equity, reflecting improved overall financial performance and efficiency in capital utilization.
- Return on Assets (ROA)
- ROA experienced a pattern similar to ROE but at lower absolute levels, beginning at about 8.8% in early 2019 and descending to near 1.13% by the end of 2021. This was followed by a considerable rebound starting in 2022, with ROA reaching 20.92% by the first quarter of 2023. The recovery suggests more effective use of company assets to drive profitability, aligning with improvements seen in other profitability measures.
- Overall Analysis
- The data reveals a period of declining profitability and efficiency from 2019 through 2021 across most key metrics, with particularly sharp downturns occurring in net margins, ROE, and ROA. Starting in 2022, there is a clear and robust turnaround evidenced by steep increases in all profit margins and return ratios through early 2023. The significant gains in gross and operating margins underline stronger core business profitability, while the improvements in net margins and returns indicate effective management of costs, assets, and equity. This trend reflects a marked positive shift in financial health and operational effectiveness in the latest periods analyzed.
Return on Sales
Return on Investment
Gross Profit Margin
Albemarle Corp., gross profit margin calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
Gross profit margin = 100
× (Gross profitQ1 2023
+ Gross profitQ4 2022
+ Gross profitQ3 2022
+ Gross profitQ2 2022)
÷ (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the company's profitability and sales performance over the observed periods.
- Gross Profit
-
Gross profit demonstrates a fluctuating but overall increasing trend with notable growth beginning in early 2022. Initial values ranged around the mid- to upper 200,000s (thousands of US dollars) through 2019 and early 2020, with a slight decline during mid-2020. However, from March 2022 onwards, gross profit increased substantially, peaking strongly over one million by September 2022 and maintaining high levels through March 2023. This indicates significant improvement in the company's cost management or revenue recognition during this period.
- Net Sales
-
Net sales display a similar pattern of gradual growth from 2019 through 2021, with some fluctuation but generally remaining under one million (thousands). In early 2020, a dip is evident, possibly related to external market factors. Starting in March 2022, net sales rose markedly, nearly doubling by late 2022 and continuing to increase through early 2023, peaking above 2.6 million. This sharp rise in sales volume contributes to the increased gross profit observed during the same timeframe.
- Gross Profit Margin
-
The gross profit margin exhibits a gradual decline from 35.32% in March 2019 to below 30% by December 2021, reflecting either increased cost of goods sold relative to sales or changes in product mix and pricing pressures. From early 2022, the margin reverses course, rising significantly and reaching 44.48% by March 2023. This improvement in margin suggests enhanced operational efficiency, favorable pricing, or changes in cost structures contributing to higher profitability beyond the volume increase.
Operating Profit Margin
Albemarle Corp., operating profit margin calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Operating profit | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
Operating profit margin = 100
× (Operating profitQ1 2023
+ Operating profitQ4 2022
+ Operating profitQ3 2022
+ Operating profitQ2 2022)
÷ (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of the available financial data reveals significant fluctuations and notable trends in both sales performance and profitability over the examined periods.
- Net Sales
- Net sales experienced a generally upward trajectory over the course of the periods. Starting from approximately 832 million US dollars in the first quarter of 2019, sales registered minor fluctuations throughout 2019, with values close to the initial quarter but dipping notably in the first half of 2020, coinciding with the early stages of the global pandemic. Thereafter, from early 2021 onwards, net sales demonstrated robust growth, reaching over 2.58 billion US dollars by the first quarter of 2023, indicating a strong recovery and expansion phase.
- Operating Profit
- Operating profit figures show considerable volatility throughout the timeline. Initial quarters in 2019 revealed stable and increasing profits, peaking during mid-2019. However, the trend reversed beginning in 2020, with profits dipping and becoming inconsistent, including a notable negative operating profit recorded in the fourth quarter of 2021. The subsequent quarters witnessed a dramatic rebound, with operating profits surging to exceptionally high levels by late 2022 and early 2023, surpassing one billion US dollars. This suggests effective cost management or improved operational efficiency during this later period.
- Operating Profit Margin
- The operating profit margin demonstrated a decline from an initial 26.11% in early 2019 to below 16% in much of 2020. This reflects the pressure on profitability margins during that year. Notably, the margin improved substantially beginning in 2021, peaking at 33.74% by the final quarter of 2022 and maintaining a high level above 37% in the first quarter of 2023. This rising margin indicates enhanced profitability relative to sales and possibly better cost controls or more profitable product mixes in recent periods.
Overall, the data illustrates a period of initial stability followed by challenges during 2020, likely due to external market conditions, and culminating in a phase of strong recovery marked by significant increases in both net sales and operating profit margins. The latest quarters indicate a favorable operational environment and strengthened financial performance compared to earlier periods.
Net Profit Margin
Albemarle Corp., net profit margin calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net income (loss) attributable to Albemarle Corporation | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Albemarle CorporationQ1 2023
+ Net income (loss) attributable to Albemarle CorporationQ4 2022
+ Net income (loss) attributable to Albemarle CorporationQ3 2022
+ Net income (loss) attributable to Albemarle CorporationQ2 2022)
÷ (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals a series of notable trends in key performance indicators over the analyzed periods. Net income attributable to the company demonstrates significant fluctuations, with an overall upward trajectory towards the later dates. Early periods show relatively stable earnings, followed by a sharp decline into negative territory around mid-2021, before recovering strongly and reaching record highs by the first quarter of 2023.
Net sales figures exhibit a generally increasing trend with some variability. An initial period of stability and moderate growth gives way to a significant downturn in the first half of 2020, likely reflective of external economic factors impacting sales volumes. From mid-2020 onward, sales recover vigorously, ultimately reaching peak levels in early 2023, exceeding previous highs by a substantial margin.
The net profit margin displays considerable volatility, mirroring some of the fluctuations observed in net income. Starting with strong double-digit profit margins, the company faces a notable decline by late 2019 and through 2020. Margins hit a low point in late 2021 before rebounding sharply thereafter. By early 2023, the margin attains very high levels, indicating enhanced profitability relative to sales.
- Net Income (Loss) Attributable to the Company
- Experienced a steady phase in 2019, declined to negative levels in mid-2021, followed by a robust recovery, culminating in all-time highs at the start of 2023.
- Net Sales
- Maintained moderate increases until early 2020, declined during the mid-2020 period, then significantly increased through 2022 and early 2023, reaching record values.
- Net Profit Margin
- Started strong at approximately 20% in early 2019, diminished through 2020 with lows around 3-7%, then surged to historic levels exceeding 40% by the first quarter of 2023.
Collectively, these patterns suggest an initial stable performance disrupted mid-cycle, possibly due to external challenges, followed by a recovery phase exhibiting improved operational efficiency and profitability. The sharp increase in both net income and net profit margin in recent quarters may indicate successful strategic initiatives or favorable market conditions enhancing overall financial health.
Return on Equity (ROE)
Albemarle Corp., ROE calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net income (loss) attributable to Albemarle Corporation | |||||||||||||||||||||||
| Total Albemarle Corporation shareholders’ equity | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
ROE = 100
× (Net income (loss) attributable to Albemarle CorporationQ1 2023
+ Net income (loss) attributable to Albemarle CorporationQ4 2022
+ Net income (loss) attributable to Albemarle CorporationQ3 2022
+ Net income (loss) attributable to Albemarle CorporationQ2 2022)
÷ Total Albemarle Corporation shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial performance demonstrates notable fluctuations in net income attributable to the corporation. A pattern of initial growth is evident from early 2019 through the first half of 2021, highlighted by a peak in net income during June 2021, followed by a significant loss in the subsequent quarters. Beginning in the first quarter of 2022, net income recovery is apparent, with consistent and substantial increases through the first quarter of 2023, indicating a strong upward momentum.
Total shareholders' equity exhibits a steady upward trend throughout the entire period. Despite some quarters of loss in net income, equity continues to grow, reflecting accumulated retained earnings and possibly capital injections or favorable equity adjustments. The increase is particularly pronounced from 2021 onwards, suggesting enhanced financial robustness and shareholder value expansion.
Return on equity (ROE) portrays considerable volatility. Initially, ROE remains moderately high, then declines sharply through 2020 and the first half of 2021, coinciding with reduced profitability and losses recorded during that period. However, from late 2021 through early 2023, ROE demonstrates a strong recovery, reaching the highest levels observed in the provided timeframe. This resurgence indicates improved efficiency in generating profits from shareholders’ equity and suggests a notable improvement in operational performance and profitability metrics.
- Net Income Trends
- Growth from 2019 into mid-2021, sharp loss in late 2021, followed by rapid and strong recovery through early 2023.
- Shareholders’ Equity Developments
- Consistent growth throughout the entire period, with marked acceleration from 2021 onwards, implying strengthening capital base.
- Return on Equity (ROE)
- Initially stable, then declining sharply during loss periods, followed by a pronounced increase in late 2022 and early 2023, signaling efficiency improvements.
Overall, these trends suggest a cycle of financial challenges around mid-2021 followed by an effective recovery period, leading to enhanced profitability and solid equity growth. The company's ability to rebound strongly in net income and ROE indicates resilience and potential for sustained financial health going forward.
Return on Assets (ROA)
Albemarle Corp., ROA calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net income (loss) attributable to Albemarle Corporation | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
ROA = 100
× (Net income (loss) attributable to Albemarle CorporationQ1 2023
+ Net income (loss) attributable to Albemarle CorporationQ4 2022
+ Net income (loss) attributable to Albemarle CorporationQ3 2022
+ Net income (loss) attributable to Albemarle CorporationQ2 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income Trend
- The net income attributable to the company exhibits considerable volatility across the reported periods. Between early 2019 and the end of 2019, net income fluctuated between approximately $90 million and $155 million, peaking in the third quarter of 2019. In 2020, net income generally hovered below the 2019 levels, with some quarters dipping to around $85 million. A significant irregularity is observed in 2021 where, despite a large spike to approximately $424 million in the second quarter, the third quarter registered a considerable loss nearing $393 million. Following this loss, net income rapidly rebounded, growing substantially in 2022 and further increasing through the first quarter of 2023, surpassing the billion-dollar mark.
- Total Assets Trend
- Total assets steadily increased over the entire period from roughly $7.9 billion in early 2019 to about $17.6 billion by the first quarter of 2023. The asset base expanded gradually year-over-year, with consistent increments each quarter, indicating ongoing growth and possible investment or acquisition activity contributing to asset accumulation.
- Return on Assets (ROA) Trend
- ROA demonstrated a declining trend from early 2019 through 2020, dropping from approximately 8.8% to around 3.6%. This suggests diminishing efficiency in asset utilization during this period. In 2021, ROA showed increased volatility: it declined markedly in the latter half, coinciding with the sharp net income loss recorded. Subsequently, from late 2021 onward, ROA recovered significantly, reaching over 20% by the first quarter of 2023, reflecting improved profitability relative to asset levels.
- Overall Insights
- The data reveals an overall expansion in asset base coupled with fluctuating profitability and performance efficiency. The substantial net income loss in mid-2021 represents a notable anomaly, followed by a strong recovery and growth phase through 2022 and early 2023. This recovery is similarly mirrored in the ROA metric, which indicates more effective asset utilization during the later periods. The trend suggests resilience and potential operational improvements or favorable market conditions driving financial performance enhancements after mid-2021 disruptions.