Working Capital Efficiency
The data from Quater 1 in 2023 to Quater 3 in 2023 includes 3 quarters.

Liabilities on Revenue
Year 2023 Quarter 1: Liabilities on Revenue 88.11 (%).Trend:Increase 185.33% than previous quarter
Year 2023 Quarter 2: Liabilities on Revenue 29.14 (%).Trend:Decrease 66.93% than previous quarter
Year 2023 Quarter 3: Liabilities on Revenue 31.41 (%).Trend:Increase 7.79% than previous quarter

Overall: decreasing (-64.35%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2023 Quarter 1: Current assets on Revenue 728.32 (%).Trend:Increase 233.6% than previous quarter
Year 2023 Quarter 2: Current assets on Revenue 316.98 (%).Trend:Decrease 56.48% than previous quarter
Year 2023 Quarter 3: Current assets on Revenue 210.16 (%).Trend:Decrease 33.7% than previous quarter

Overall: decreasing (-71.14%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 1 in 2023 to Quater 3 in 2023 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2023 Quarter 1: Ratio of Retained Earnings to Revenue 518.4 (%).Trend:Increase 285.17% than previous quarter
Year 2023 Quarter 2: Ratio of Retained Earnings to Revenue 256.06 (%).Trend:Decrease 50.61% than previous quarter
Year 2023 Quarter 3: Ratio of Retained Earnings to Revenue 178.0 (%).Trend:Decrease 30.49% than previous quarter

Overall: decreasing (-65.66%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2023 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 11.8 (%).Trend:Decrease 11.08% than previous quarter
Year 2023 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 11.72 (%).Trend:Decrease 0.68% than previous quarter
Year 2023 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 12.09 (%).Trend:Increase 3.16% than previous quarter

Overall: increasing (2.46%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 1 in 2023 to Quater 3 in 2023 includes 3 quarters.

Retained Earning on Assets
Year 2023 Quarter 1: Retained Earning on Assets 44.04 (%).Trend:Increase 11.89% than previous quarter
Year 2023 Quarter 2: Retained Earning on Assets 46.04 (%).Trend:Increase 4.54% than previous quarter
Year 2023 Quarter 3: Retained Earning on Assets 45.86 (%).Trend:Decrease 0.39% than previous quarter

Overall: increasing (4.13%). Fluctuation: **Little** (low variation).

Earning Per Share
Year 2023 Quarter 1: Earning Per Share 0.83 (USD).Trend:Decrease 72.7% than previous quarter
Year 2023 Quarter 2: Earning Per Share 1.87 (USD).Trend:Increase 125.3% than previous quarter
Year 2023 Quarter 3: Earning Per Share 2.95 (USD).Trend:Increase 57.75% than previous quarter

Overall: increasing (255.42%). Fluctuation: **Significant** (high variation).



Financial analysis for Q1-Q3 2023 reveals a decline in working capital efficiency, with both liabilities and current assets on revenue decreasing overall, though with considerable quarter-to-quarter variability. Cost efficiency, measured by the ratio of retained earnings to revenue, also declined substantially. Conversely, Selling, General, and Administrative (SG&A) expenses exhibited a slight increase, while investment efficiency showed a consistent increase in retained earnings on assets. Earnings per share increased significantly over the period, but with major quarterly swings. The analysis suggests a need for deeper financial investigations to identify the causes of these dramatic changes.