Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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Profitability Ratios (Summary)
Kimberly-Clark Corp., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Gross Profit Margin
- The gross profit margin exhibits a downward trend beginning in early 2017, declining from approximately 36.6% to a low near 30.28% by the end of 2018. Following this decline, a recovery phase is observed in 2019 and 2020, with the margin increasing back to around 35.6% before a slight reduction to 35.07% in early 2021. This pattern indicates initial margin compression possibly due to cost pressures or pricing changes, followed by operational improvements or pricing adjustments.
- Operating Profit Margin
- The operating profit margin declines from about 18.38% at the start of 2017 to a trough near 12.06% at the end of 2018, mirroring the gross margin downturn but with a steeper drop. A gradual improvement occurs in subsequent periods, reaching approximately 18.55% mid-2020. A slight decrease to around 16.48% is seen by the first quarter of 2021. The recovery suggests efforts to control operating expenses and enhance efficiency after a period of margin erosion.
- Net Profit Margin
- Net profit margin follows a similar trajectory to the other profitability measures, decreasing from roughly 12% in early 2017 to a low of around 7.63% in late 2018. The margin then recovers steadily, reaching a peak near 13.58% in mid-2020 before declining modestly to 12.06% in early 2021. The fluctuations indicate changes in both operational profitability and possibly tax or financing impacts influencing net results.
- Return on Equity (ROE)
- ROE data shows significant volatility with extremely high values in early 2017, peaking above 2100%, followed by a sharp decline and a period of missing data through much of 2018 and 2019. From late 2019 onwards, ROE resumes with a more stable range, peaking near 954.85% in mid-2020 and declining towards 439.38% by the first quarter of 2021. The initial extreme values suggest potential non-recurring factors or very low equity levels impacting the metric, whereas later figures indicate more normalized but still elevated returns.
- Return on Assets (ROA)
- ROA trends downward from approximately 14.8% in early 2017 to around 9.71% by the end of 2018, reflecting a deterioration in asset profitability. Subsequently, a recovery phase ensues through 2019 and 2020, with ROA increasing to about 15.82%, before a slight decline to around 13.21% in early 2021. This reflects improved asset utilization or earnings growth relative to asset base after a period of weakening performance.
Return on Sales
Return on Investment
Gross Profit Margin
Kimberly-Clark Corp., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
Gross profit margin = 100
× (Gross profitQ1 2021
+ Gross profitQ4 2020
+ Gross profitQ3 2020
+ Gross profitQ2 2020)
÷ (Net salesQ1 2021
+ Net salesQ4 2020
+ Net salesQ3 2020
+ Net salesQ2 2020)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Profit
- The gross profit exhibited fluctuations over the reported quarters from 2017 through early 2021. Initially, the values were relatively stable around the mid-1600s (millions of US dollars). However, in 2018, a notable decline occurred, with gross profit falling to a range between approximately 1324 and 1455 million. This downturn reversed starting in late 2019 and into 2020, where gross profit increased significantly, peaking near 1791 million in the first quarter of 2020. Following this peak, there was some volatility but the figures maintained a higher level than the earlier periods, concluding at 1589 million in March 2021.
- Net Sales
- Net sales demonstrated modest variability across the analyzed time span, generally ranging between the mid-4400s and mid-4600s million USD. There was a slight increase in the first quarter of 2018, reaching 4731 million, but subsequent quarters saw a decline back into the 4500s range. Notably, in early 2020, net sales rose again above 5000 million, signaling a period of enhanced revenue generation. Sales then experienced some fluctuations but remained above historical lows, ending at 4743 million in the first quarter of 2021.
- Gross Profit Margin
- The gross profit margin showed a declining trend from 2017 into late 2018, decreasing from about 36.6% to a low near 30.28%. This decline suggests increasing cost pressures or shifts in product mix adversely affecting profitability. Starting in late 2019, the margin improved steadily, recovering to values above 35% in 2020 and early 2021. This improvement indicates enhanced cost efficiencies or favorable pricing dynamics during that period.
- Summary Insights
- Over the period analyzed, the company experienced a dip in both gross profit and gross profit margin during 2018, while net sales fluctuated moderately. The recovery beginning in late 2019, particularly the surge in gross profit and margin in 2020, suggests operational improvements or strategic actions that positively impacted profitability despite volatile sales figures. The overall improvement in profit margins towards the end of the period indicates a strengthened control over costs or enhanced revenue quality. However, quarterly variability highlights ongoing challenges in maintaining consistent performance.
Operating Profit Margin
Kimberly-Clark Corp., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating profit | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
Operating profit margin = 100
× (Operating profitQ1 2021
+ Operating profitQ4 2020
+ Operating profitQ3 2020
+ Operating profitQ2 2020)
÷ (Net salesQ1 2021
+ Net salesQ4 2020
+ Net salesQ3 2020
+ Net salesQ2 2020)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Profit
- The operating profit exhibits significant volatility over the analyzed periods. Starting at 834 million USD in the first quarter of 2017, it experiences a sharp decline to 247 million USD by the first quarter of 2018. Subsequently, the profit stabilizes in the range of approximately 630 to 675 million USD throughout the remainder of 2018 and the first half of 2019. From the third quarter of 2019 onward, operating profit shows an upward trend, peaking at 925 million USD in the first quarter of 2020. However, this is followed by a decline to 666 million USD in the subsequent quarter of 2020 before a moderate recovery to around 750-770 million USD in the final quarters, concluding at 770 million USD in the first quarter of 2021.
- Net Sales
- Net sales generally maintain a steady trajectory with moderate fluctuations. Starting from 4,483 million USD in the first quarter of 2017, sales slightly increase to around 4,731 million USD by the first quarter of 2018. A minor decline follows, with sales hovering near 4,580 million USD during much of 2018 and 2019. Notably, there is a significant spike to 5,009 million USD in the first quarter of 2020, corresponding with the earlier peak in operating profit. Post this peak, sales tend to fluctuate modestly between approximately 4,600 and 4,800 million USD, stabilizing at 4,743 million USD in the first quarter of 2021.
- Operating Profit Margin
- The operating profit margin reflects the volatility observed in operating profit but with less extreme swings relative to net sales. Initially, margins were relatively strong, around 18%, during 2017. There is a pronounced decline through 2018, with the margin dropping from 14.65% in the first quarter to as low as 12.06% in the last quarter of 2018. A recovery trend begins in late 2019, with margins improving from around 15.62% to 18.55% in the second quarter of 2020. Although a slight decrease follows thereafter, margins remain elevated compared to the 2018 trough, concluding near 16.48% in the first quarter of 2021.
- Overall Insights
- The data reveals a period of stress and transition in early 2018 with notable declines in both operating profit and margin, despite relatively stable net sales. This may suggest increased costs or operational challenges during that timeframe. The subsequent recovery in operating profit margin and profit from mid-2019 through mid-2020, alongside a sales peak, indicates improved efficiency or favorable business conditions. Post-peak fluctuations in both profit and margin, coupled with stable sales levels, suggest the company faced variability in profitability drivers, yet maintained resilient sales performance.
Net Profit Margin
Kimberly-Clark Corp., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income attributable to Kimberly-Clark Corporation | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
Net profit margin = 100
× (Net income attributable to Kimberly-Clark CorporationQ1 2021
+ Net income attributable to Kimberly-Clark CorporationQ4 2020
+ Net income attributable to Kimberly-Clark CorporationQ3 2020
+ Net income attributable to Kimberly-Clark CorporationQ2 2020)
÷ (Net salesQ1 2021
+ Net salesQ4 2020
+ Net salesQ3 2020
+ Net salesQ2 2020)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in the company's profitability and sales performance over the periods analyzed. Net income attributable to the company fluctuates significantly throughout the timeline, with a marked decline observed in early 2018, followed by a general recovery and strengthening toward the end of the period.
- Net Income
- Net income showed considerable volatility, starting at $563 million at the end of Q1 2017 and broadly maintaining this level through 2017. However, there was a sharp decrease to $93 million in Q1 2018, indicating a significant disruption. Following this low, net income increasingly recovered, reaching a peak of $681 million in Q2 2020 before slightly tapering off to $584 million by Q1 2021.
- Net Sales
- Net sales displayed relative stability with modest fluctuations across the quarters. Beginning at $4,483 million in Q1 2017, sales generally hovered around the mid-$4,500 million range with small rises and declines each quarter. There was a notable increase to $5,009 million in Q1 2020, potentially linked to broader economic factors affecting demand, before returning to about $4,743 million in Q1 2021.
- Net Profit Margin
- The net profit margin exhibited a declining trend during 2018, dropping from 9.77% in Q1 to a low of 7.63% in Q4 of that year. This downward movement is consistent with the aforementioned decline in net income and suggests compression in profitability during that period. Subsequently, the margin improved steadily, rising to a high of 13.58% in Q2 2020, which aligns with the peak in net income, before settling slightly lower at 12.06% by Q1 2021.
Overall, the data indicates that despite a challenging period in early 2018, the company managed to enhance both its profitability and sales over the subsequent years. The significant dip and recovery in net income and profit margins suggest effective management and operational adjustments. The spike in net sales and margin during early 2020 may reflect external market conditions affecting consumer demand or cost structures, which the company leveraged successfully to improve financial performance.
Return on Equity (ROE)
Kimberly-Clark Corp., ROE calculation (quarterly data)
| Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income attributable to Kimberly-Clark Corporation | |||||||||||||||||||||||
| Total Kimberly-Clark Corporation stockholders’ equity | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
ROE = 100
× (Net income attributable to Kimberly-Clark CorporationQ1 2021
+ Net income attributable to Kimberly-Clark CorporationQ4 2020
+ Net income attributable to Kimberly-Clark CorporationQ3 2020
+ Net income attributable to Kimberly-Clark CorporationQ2 2020)
÷ Total Kimberly-Clark Corporation stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income Trends
- Net income exhibited notable volatility throughout the observed periods. The values began relatively high in early 2017, with a slight decline in the middle of that year. The most significant decline was observed in the first quarter of 2018, where net income dropped dramatically to 93 million US dollars. After this dip, net income recovered somewhat but fluctuated within a moderate range, peaking in the third quarter of 2019 at 671 million US dollars and again in the first quarter of 2020 at 660 million US dollars. The general trend shows a rebound after the sharp decline in early 2018, followed by less pronounced fluctuations through early 2021.
- Stockholders' Equity Trends
- Stockholders’ equity demonstrated considerable instability over the period. Initially, equity was strong in early 2017, reaching a peak of 629 million US dollars by the end of that year. However, there was a pronounced decline starting in early 2018, with equity values turning negative and reaching a low of -305 million US dollars by the end of 2018. This negative equity status persisted through much of 2019, indicating potential financial stress or restructuring activities. Equity began to improve in 2020, returning to positive territory and increasing substantially by the end of the year and into early 2021, suggesting efforts to restore capital strength were successful.
- Return on Equity (ROE) Patterns
- The return on equity showed very high values in 2017, peaking above 2100% in mid-year, which is unusually elevated and may indicate either extraordinary gains or issues with the equity base at that time. ROE dropped significantly by the end of 2017 and into the first quarter of 2018 but remained positive. There is incomplete data for several subsequent quarters, yet the available figures from 2020 and early 2021 indicate a stabilization of ROE in the range of approximately 375% to 955%. The high ROE values, especially given the negative equity observed during 2018 and 2019, might reflect distortions caused by low or negative equity values rather than pure profitability improvements.
- Overall Insights
- The company's financial data reveal a period of financial stress centered around 2018 and 2019, marked by negative stockholders’ equity and fluctuating net income. The recovery phase starting in 2020 is evident in the return of positive equity and more stable net income. The extremely high ROE ratios are symptomatic of the negative or minimal equity base rather than solely strong operating performance, and caution should be exercised when interpreting these values. The pattern suggests a restructuring or financial recalibration occurred, leading to improved capital structure and more consistent profitability in the most recent periods.
Return on Assets (ROA)
Kimberly-Clark Corp., ROA calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income attributable to Kimberly-Clark Corporation | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
ROA = 100
× (Net income attributable to Kimberly-Clark CorporationQ1 2021
+ Net income attributable to Kimberly-Clark CorporationQ4 2020
+ Net income attributable to Kimberly-Clark CorporationQ3 2020
+ Net income attributable to Kimberly-Clark CorporationQ2 2020)
÷ Total assets
= 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 asset management over the given periods.
- Net Income
- The net income attributable to the company exhibits noticeable fluctuations throughout the quarters. Initially, there is a relatively stable period with values hovering around the mid-500 million US$ range from early 2017 through the end of 2017. A significant dip occurs in the first quarter of 2018, dropping sharply to 93 million US$, which represents an extraordinary deviation from prior performance. Following this low point, net income recovers gradually over the subsequent quarters of 2018, returning to a level comparable to previous years by early 2019. From 2019 through early 2021, net income generally trends upward, peaking at 681 million US$ in mid-2020 before stabilizing somewhat in the following quarters. This pattern indicates a period of volatility around early 2018 with recovery and growth thereafter.
- Total Assets
- Total assets show a general upward trend across the period, albeit with some short-term fluctuations. Beginning at approximately 14.8 billion US$ in early 2017, assets increase modestly but steadily, with a slight decline observed mid-2018. From late 2018 onwards, total assets rise more consistently, reaching a peak nearing 17.5 billion US$ at the end of 2020, before experiencing a small decrease in early 2021. The overall increase in assets suggests ongoing investment and growth in the company's asset base over the analyzed quarters.
- Return on Assets (ROA)
- The return on assets percentage demonstrates a pattern aligned with the net income trends. Beginning at a relatively high level of around 14.8% in early 2017, ROA experiences a downward shift through 2018, reaching its lowest point near 9.7% in late 2018. This decline corresponds to the dip in net income during the same period. Subsequently, ROA improves steadily, attaining approximately 15.8% in mid-2020, the highest point in the data set, reflecting enhanced profitability relative to asset size. By early 2021, ROA shows a slight reduction but remains above pre-2018 levels, indicating effective asset utilization post-recovery.
In summary, the data depict a company that encountered significant earnings volatility in early 2018, followed by a recovery phase with strengthening profitability and asset growth. The rise in total assets alongside improved return on assets after the dip suggests that operational efficiency and asset management have been areas of focus, yielding positive outcomes in recent quarters.