College of Business Administration

Master of Business Administration (MBA)

Applied Corporate Finance - 0307581

Summer 2023-2024

Liquidity & Profitability:

A Comparative Study Between UAE & Oman Banks

UOS ID Student name

U23102862 Amel Ghulam Hussain Aljasmi
U23102289 Ayda Abdallah Madhloom
Table of Contents

Part 1: Introduction........................................................................................................................3

Significance of Chosen Topic.....................................................................................................3

Report’s Structure.......................................................................................................................3

Part 2: Theoretical Background.....................................................................................................3

Concept of Profitability and Liquidity........................................................................................3

Relevant Macroeconomic Factors influence the Profitability and Liquidity...........................4

Influence of Liquidity and Profitability on Oman and UAE Banks.........................................5

Part 3: Research Methodology.......................................................................................................6

Purpose of Research...................................................................................................................6

Scope of Research.......................................................................................................................6

Source of Data............................................................................................................................6

Hypothesis of Research..............................................................................................................7

Techniques of Research..............................................................................................................8

Part 4: Analysis in the Form of Empirical....................................................................................9

Overview......................................................................................................................................9

Quantitative Analytics.................................................................................................................9

Regression Analysis................................................................................................................9

Hypothesis Test......................................................................................................................13

Part 5: Conclusion and Recommendation...................................................................................16

Conclusion................................................................................................................................16

Recommendation......................................................................................................................16

References.....................................................................................................................................17

2
Part 1: Introduction
Significance of Chosen Topic
The main aspect of the research is to analyse the complete understanding of the UAE and Oman
banks. It has significance for considering the possible insights that represent the bank's chosen
financial scenario. The topic also indicates the changes based on representing the
macroeconomic factors in terms of determining the inflation and GDP growth that considers the
changes in the variables (Aboud & Robinson, 2022). The non-economic and economic strategies
are also determined based on evaluating the business’s financial determination and position
changes. The report indicates the possible insights based on representing the statistical analysis
in terms of a hypothesis scenario to indicate a relationship between the variables. The financial
performance of UAE and Oman banks are also determined to indicate the values with the
possible improvement based on the profitable insights are also represented to justify the position
impacts on the economic growth of the industry.

Report’s Structure
The structure of the report also investigates the theoretical insights in terms of measuring the
possible changes for the GDP and inflation and its potential impacts towards business growth
and downfall. The structure also indicates the scenario, which represents the possible changes in
terms of indicating the impacts of the financial performance on the banks for the organisation. It
ensures financial effectiveness with the possible changes of the market insights of the Gulf
countries towards measuring the financial scenario of measuring assets, liabilities, net profit,
ROA, and ROE with the liquid ratios (Al Amosh & Khatib, 2022). The statistical analysis in
terms of empirical data is also evaluated in terms of representing the regression and hypothesis
tests. The considerable findings and recommendations are also provided for the business insights
that represent the market insights of the industry in the UAE and Oman.

Part 2: Theoretical Background

Concept of Profitability and Liquidity
Profitability and liquidity are the two pillars of measuring and identifying the financial health of
organisations. In the business environment, operational financial successes are measured in terms
of determining the profitability and liquidity scenario that impacts the valuable understanding.

3
Al-Slehat, Zaher, Fattah, & Box, (2020) stated that the company’s ability to generate profit,
where the difference between the revenue and total expenses are ensured and effectively
measured a company’s effectiveness in covering its resources such as materials and labour into
the economic gain. In the profitability consideration, the profit margin ratio is shown determining
the percentage of revenue that remains profit after the expenses are paid. The high margin of
profit ensures better efficiency that a company converts sales into profits. According to
Abeyrathna & Priyadarshana, (2019), the Return on Equity (ROE) is also measured to consider
how the profits generated by the banks for each amount of shareholder’s equity. Conversely,
Adesuyi, (2023) mentioned that liquidity is determined as a company's ability to meet its short-
term financial obligations and ensure easy conversion of its assets to cash to pay the liabilities.
The current ratio is valuable analysis in the case of the business determination, where current
assets (cash, inventory, receivables) to its current liabilities (short-term debts) are determined and
a high ratio indicates a greater ability to meet obligations.

Relevant Macroeconomic Factors influence the Profitability and Liquidity

According to Aik & Raju, (2022), macroeconomic factors play a crucial role in changing the
profitability and liquidity that investigate the business analysis and determine the future
effectiveness. Conteh, Earl, Liu, & Roca, (2020), denoted that the factors include interest rates,
where a higher rate makes borrowing more expensive which strains cash flow and liquidity
insights. In the case of the banking industry, the profitable analysis is determined but the higher
return on the invested cash reserve. Conversely, Kogan, Li, & Zhang, (2023) noted that the lower
interest rates make borrowing cheaper and possibly improve the company's liquidity. On the
contrary, inflation is considered a valuable macroeconomic factor that ensures that inflation
erodes the purchasing power of cash making the scenario more expensive for organisations to
buy materials and supplies. Nnubia & Ofoegbu, (2019) stated that the possible scenario also
impacts profitability and high inflation also leads to enhanced wages that impact the profitable
insights. Sari & Andriyani, (2021) noted that low inflation also reacts to the liquidity and
profitable position, where it is beneficial for profitability as costs remain stable and excessively
low inflation leads to stagnant demand and delays growth effectively.

According to Boudt, Neely, Sercu, & Wauters, (2019), the GDP is a valuable factor that plays an
important role in terms of measuring the values to indicate financial effectiveness. The

4
consideration is also evaluated and potentially enhancing the sales towards growing the business
profitabilitie4s in the gulf countries. The government's role in enhancing the financial
performance of the banking industries is also possible as it investigates the market scenario with
the possible improvement in determining financial effectiveness. The exchange rates also impact
as the current application is determined and the exporter ensures a strong domestic currency that
reduces profitability. Sedevich-Fons, (2022) denoted that financial effectiveness is also
determined based on representing the products and their expensive values in the foreign market.
The market scenario is determined based on the business evaluation and the possible insights that
represent the possible gains. Moreover, high corporate taxes knowingly reduce profitability and
regulations and policies moving specific industries also influence profitability and liquidity
position. However, the rates indicate based on the government spending and its development or
increase stimulate economic activity, which could benefit companies.

Influence of Liquidity and Profitability on Oman and UAE Banks

In the UAE and Oman, the banking sector plays a valuable role in driving economic growth and
stability. The banks face a consistent challenge that ensures the balancing of profitability that
fuels future growth and liquidity. It also ensures smooth operations and financial resilience.
Widjatmiko, Hendriawan, Megasari, & Manan, (2023) mentioned that liquidity has an important
impact, where banks with high liquidity are seen as more reliable by depositors, enticing new
investments and nurturing trust in the financial scenario and system. The management of the loan
growth is also determined to represent the loans generating profits for banks, extreme loan
issuance also ties up cash in long-term assets, plummeting liquidity. Moreover, the scenario is
determined, where Omani banks have traditionally upheld a higher loan-to-deposit ratio
compared to UAE banks, possibly making them more susceptible to liquidity weight during
economic variations. Chodorow-Reich, Darmouni, Luck, & Plosser, (2022) noted that the
external shocks are also ensured in terms of considering that global economic events and
fluctuations in oil prices, a key revenue source for the region disrupt cash flows. However, banks
with strong liquidity buffers weather these storms by fulfilling withdrawal demands and
continuing to provision businesses and individuals effectively.

The profitability and its impacts also ensure the scenario based on repressing the market
feasibility. The profit allows the banks to invest in the technologies in UAE and Oman that

5
expand the services and enter into new markets. Jiajia, Kun, Fangcheng, Yahan, & Shouyang,
(2023) stated that the increase of the revenue streams and strengths of the overall competitive
position, Moreover, profitable banks shape a stronger capital base, which acts as a safety net
throughout financial crises in the regions effectively. The attraction towards the investors is also
determined, where high profitability makes banks more attractive to investors, permitting them to
increase additional capital and provision future growth creativities. The possible scenario in the
regions is considered, where UAE banks generally exhibit a stronger emphasis on profitability
compared to Omani banks. In the case of Omani banks, traditionally higher emphasis on
liquidity, experience slower growth compared to the UAE complements.

Part 3: Research Methodology

Purpose of Research
The research mainly aims to investigate the liquidity and profitability that are important for the
banking success in UAE and Oman. The report identifies the financial scenario of the banks and
the comprehensive success of the changes in the financial situation, The research also proposes
to clarify the financial insights and the understanding that represents the market scenario in
considering the possible development. The regression and hypothesis analysis are the considered
understanding that ensures the business feasibility.

Scope of Research
The scope of the research work is to consider the banking industry in UAE and Oman towards
considering the profitability and liquidity. The analysis of the financial figures is valuable for
determining what represents the market estimation in terms of considering the comparable
understanding. The analysis helps the research to consider the current banking position in terms
of liquidity like the current ratio and profitability as the net profit and ROA. The statistical
insights are ensured based on representing the business effectiveness and their possible valuation
in justifying the growth in the market.

Source of Data
In order to investigate the factors affecting the liquidity and profitability of Banks belonging to
the UAE and Oman, a secondary technique is followed for collecting related data as this has
assisted in sourcing reliable and real data for the concerned subject. Since the inflation, GDP,

6
liquidity and profitability-related data for the concerned nation cannot be sourced either from a
survey or interview as the related information is reported by government and companies because
which secondary technique is used for the data collection (Mazhar, Anjum, Anwar, & Khan,
2021). The sources of the important data collected for addressing the problem of the research are
highlighted as follows-

Data Source
Inflation in the UAE https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=AE

Inflation in Oman https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=OM

GDP in the UAE https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=AE

GDP in Oman https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=OM

Liquidity and https://www.adcb.com/en/about-us/investor-relations/financial-reports/

Profitability data of
Abu Dhabi
Commercial Bank
Liquidity and https://ahlibank.om/investor-relations/financial-highlights/annual-
Profitability data of reports/
Ahli Bank Saog

Hypothesis of Research
For investigating the difference in the liquidity and profitability of the UAE Bank and the Oman
Bank along with finding the factors affecting the performance, the following hypotheses are
determined:

7
Hypothesis 1

Ho (Null Hypothesis): the liquidity and profitability of a banking institution belonging to a

nation like the UAE and Oman does not rely on macroeconomic factors like inflation and GDP
growth rate.

H1 (Alternative Hypothesis): the liquidity and profitability of a banking institution belonging to

a nation like the UAE and Oman significantly rely on macroeconomic factors like inflation and
GDP growth rate.

Hypothesis 2

Ho (Null Hypothesis): there is no difference in the profitability and liquidity of Oman and UAE
Banks.

H1 (Alternative Hypothesis): there is a vital difference in the profitability and liquidity of Oman
and UAE Banks.

Techniques of Research
To meet the goal and objective of the research, the sourced secondary data is assessed using the
quantitative technique of analysis which is finalized considering the numerical nature of the
gathered information set. In the sourced data, the significant variables are-

Inflation, GDP growth rate, CA (current assets) and net income: IV (Independent Variables)

ROA (Return against assets) and CR (current ratio): DV (Dependent Variables)

The sourced data is analysed using the SPSS tool with the support of functionalities including
regression and t-test. The regression analysis has helped in finding the significance of the
influence of concerned IVs on the DVs while the t-test has aided in authenticating the truth of the
hypothesis determined in the preceding section (Kafle, 2019). The rules and functions which are
finalized for addressing the problem of the study are-

f (ROA) = f (NI, rate of inflation, rate of GDP growth)

f (CR) = f (CA, rate of inflation, rate of GDP growth)

here,

8
 f denotes function.

Rule for Regression

A variable is significant in affecting a DV if calculated “sig or p” < = 0 at a 5 % significance

level.

A variable is not significant in affecting a DV if calculated “sig or p” > 0 at a 5 % significance

level.

Rule for Hypothesis Test

Ho is true if calculated “sig or p” < = 0 at a 5 % significance level.

H1 is true if calculated “sig or p” > 0 at a 5 % significance level.

Part 4: Analysis in the Form of Empirical

Overview
The chapter details the empirical evidence of the factors influencing the liquidity and
profitability of the UAE Bank and Oman Bank and this is conducted by following primary data
analysis using SPSS tool. The result of the derived statistical analysis is interpreted in the context
of the objective determined at the beginning of the work-

Quantitative Analytics
Regression Analysis
The result of the regression analysis conducted for both the banks including the UAE and Oman
is presented as follows in the context of different objectives-

For UAE

Regression Analysis for Factors Affecting Profitability of UAE Bank

9
 Figure 1:Regression Analysis for Factors Affecting Profitability of UAE Bank; Source: Self-made;

f(ROA) = 0.299 + (7.574E – 8) * NI + 0.001 * inflation – 0.04 * GDP per capita growth

The coefficient outcome of the regression analysis confirms the potential influence of all the
considered variables including NI, inflation, and GDP on the ROA. On the other hand, inflation
is identified with moderate influence on the ROA of the UAE bank as respective “sig” is higher
than 5 % (Gogtay, Deshpande, & Thatte, 2017).
Regression Analysis for Factors Affecting Liquidity of UAE Bank

10
 Figure 2:Regression Analysis for Factors Affecting Liquidity of UAE Bank; Source: Self-made;

f(CR) = 0.660 + (5.655E - 7) * CA + 0.000 * inflation + 0.00 * GDP per capita growth
The coefficient table of the regression analysis confirms the potential influence of all the
considered variables including CA, and inflation except GDP on the CA. Since GDP growth rate
is identified with moderate influence on the CR of the UAE bank as respective “sig” is higher
than 5 %.
For Oman

Regression Analysis for Factors Affecting Profitability of Oman Bank

11
 Figure 3:Regression Analysis for Factors Affecting Profitability of Oman Bank; Source: Self-made;

f(ROA) = 0.305 + (2.779E - 6) * inflation + (1.566E – 6) * GDP per capita growth – (3.607E +
8) * NI
The coefficient table of the regression analysis confirms the potential influence of all the
considered variables including NI, inflation except GDP growth rate on the ROA. The GDP
variable is identified with moderate influence on the ROA of the UAE bank as the respective
“sig” is higher than 5 % (Kavitha, Varuna, & Ramya, 2016).
Regression Analysis for Factors Affecting Liquidity of Oman Bank

12
 Figure 4:Regression Analysis for Factors Affecting Liquidity of Oman Bank; Source: Self-made;

f(CR) = 1.033 – (8.259E + 6) * inflation – (4.536E + 6) * GDP per capita growth + (4.566E –
8) * CA
The coefficient table of the regression analysis confirms the potential influence of all the
considered variables including CA, inflation except GDP growth rate on the CA. Since GDP
growth rate is identified with moderate influence on the CR of the UAE bank as respective “sig”
is higher than 5 %.
Hypothesis Test
The hypothesis assumed for validating the factors affecting the liquidity and profitability of the
UAE and Oman Banks is authenticated using a t-test with unequal variance as the population of
each variable differs substantially. The hypothesis test is conducted for both countries
individually along with a compiled one.

13
For UAE

Ho: the liquidity and profitability of UAE banks do not rely on macroeconomic factors like
inflation and GDP growth rate.

H1: the liquidity and profitability of UAE banks rely on macroeconomic factors like inflation and
GDP growth rate.

The result of the t-test is presented as follows-

One-Sample Test

Test Value = 0

95% Confidence Interval of the

Mean Difference

t df Sig. (2-tailed) Difference Lower Upper

ROA (UAE) 48.344 12 .000 .37547679 .3585544 .3923992

CR (UAE) 62.999 12 .000 .92902705 .8968968 .9611573
Inflation (UAE) .907 12 .382 2.51959634 -3.5333044 8.5724970
GDP Per Capita Growth
2.002 12 .068 2.11366164 -.1871240 4.4144472
(UAE)

As per the decision rule, the H0 is identified as true because the “sig” for all variables except
inflation and GDP are lesser than the considered significance level (5 %). In other words, the
liquidity and profitability of UAE banks do not potentially rely on macroeconomic factors like
inflation and GDP growth rate (Jaiswal & Samikannu, 2017). The macroeconomic factor is not
affecting the liquidity and profitability of UAE Bank because of respective strategic policies but
a higher impact is noticed because of respective CA.

For Oman

Ho: the liquidity and profitability of Oman Bank do not rely on macroeconomic factors like
inflation and GDP growth rate.

H1: the liquidity and profitability of Oman Bank rely on macroeconomic factors like inflation
and GDP growth rate.

The result of the t-test is presented as follows-

14
 One-Sample Test

Test Value = 0

95% Confidence Interval of the

Mean Difference

t df Sig. (2-tailed) Difference Lower Upper

Inflation (Oman) 1.262 12 .231 5.05542622 -3.6693827 13.7802351

GDP Per Capita Growth
-1.704 12 .114 -1.43319296 -3.2653805 .3989946
(Oman)
ROA (Oman) 756.366 12 .000 .27400603 .2732167 .2747953
CR (Oman) 949.581 12 .000 1.12599782 1.1234142 1.1285814

As per the decision rule, the H0 is identified as true because the “sig” for all variables except
inflation and GDP are lesser than 5 % considered significance level. In other words, the liquidity
and profitability of Oman Bank do not potentially rely on macroeconomic factors like inflation
and GDP growth rate. The team of the Oman Bank has framed respective policy in predictive
analytics style because of which respective economic competence like liquidity and profitability
does not change potentially with the variation in the macroeconomic factors including rate of
inflation and GDP per capita (Valaskova, Kliestik, & Kovacova, 2018).

Combined Hypothesis

Ho: there is no difference in the profitability and liquidity of Oman and UAE Banks.

H1: there is a potential difference in the profitability and liquidity of Oman and UAE Banks.

The hypothesis is tested using a t-test with unequal variance-

One-Sample Test

Test Value = 0

95% Confidence Interval of the

Difference

t df Sig. (2-tailed) Mean Difference Lower Upper

ROA (Oman) 756.366 12 .000 .27400603 .2732167 .2747953

CR (Oman) 949.581 12 .000 1.12599782 1.1234142 1.1285814
ROA (UAE) 48.344 12 .000 .37547679 .3585544 .3923992
CR (UAE) 62.999 12 .000 .92902705 .8968968 .9611573

15
As per the decision rule, the H1 is identified true because the “sig” for all variables including
ROA and CR for both banks are lesser than the considered significance level (5 %) (Liu & Wang,
2021). In other words, there is a potential difference in the profitability and liquidity of Oman
and UAE Banks.

Part 5: Conclusion and Recommendation

Conclusion
It is concluded that the empirical understanding represents the scenario based on measuring the
financial effectiveness and its marketing insights to identify the position of UAE and Oman. A
significant understanding of profitability and liquidity ensures the banking industry has a loss
during a pandemic and after that growth in generating revenue and making high profits. The
valuable relationship between the variables is also ensured which justifies the inflation and GDP
growth. The market feasibility is also determined towards justifying the market scenario by
considering profitable metrics like net income and ROA.

Recommendation
It is proposed that the UAE and Oman should regulate the macroeconomic tendencies and grow
the strategies for banking development to alleviate the possible risks associated with the
economic changes. However, the banks of the countries should emphasise the strategic views
that progress the pliability considering the economic changes sustained liquidity and the
profitable insights. It is ensured that the banking scenario is needed to develop by considering the
market feasibility to introduce the initiatives that help the banking industry in measuring the
feasible success. Conversely, during economic downturns, banks should prioritise loan
restructuring programs to sustain customers and uphold a healthy level of effectiveness.

References

16
Abeyrathna, S., & Priyadarshana, A. (2019). Impact of Firm size on Profitability. International
Journal of Scientific and Research Publications, 9(6), 561-564, DOI:
10.29322/IJSRP.9.06.2019.p9081.

Aboud, A., & Robinson, B. (2022). Fraudulent financial reporting and data analytics: an
explanatory study from Ireland. Accounting Research Journal, 35(1), 21-36, DOI:
10.1108/ARJ-04-2020-0079.

Adesuyi, A. (2023). Examination of capital structure impact on profitability and share returns:
evidence from pharmaceutical and biotech industry on FTSE-all shares index (3 ed.).
London : Doctoral dissertation, University of Wales Trinity Saint David.

Aik, M., & Raju, G. (2022). Macroeconomic Determinants of Foreign Direct Investment Inflows
into India. Journal of International Economics, 13(1), 80-98. Retrieved from
https://www.ipeindia.org/wp-content/uploads/2022/11/JoIE-Vol-13-No-1-Jan-Jun-
2022.pdf#page=84

Al Amosh, H., & Khatib, S. (2022). Websites visits and financial performance for GCC banks:
the moderating role of environmental, social and governance performance. Global
Business Review, 1(1), 09721509221109576, DOI: 10.1177/09721509221109576.

Al-Slehat, Z., Zaher, C., Fattah, A., & Box, P. (2020). Impact of financial leverage, size and
assets structure on firm value: Evidence from industrial sector, Jordan. International
Business Research, 13(1), 109-120, DOI: 10.5539/ibr.v13n1p109 .

Boudt, K., Neely, C., Sercu, P., & Wauters, M. (2019). The response of multinationals’ foreign
exchange rate exposure to macroeconomic news. Journal of International Money and
Finance, 94(1), 32-47, DOI: 10.1016/j.jimonfin.2019.01.009.

Chodorow-Reich, G., Darmouni, O., Luck, S., & Plosser, M. (2022). Bank liquidity provision
across the firm size distribution. Journal of Financial Economics, 144(3), 908-932, DOI:
10.1016/j.jfineco.2021.06.035.

Conteh, A., Earl, G., Liu, B., & Roca, E. (2020). A new insight into the profitability of social
housing in Australia: A Real Options approach. Habitat International, 105(1), 102261,
DOI: 10.1016/j.habitatint.2020.102261 .

17
Gogtay, N. J., Deshpande, S. P., & Thatte, U. M. (2017). Principles of regression analysis. J.
Assoc. Physicians , 45(48), 48-52; .

Jaiswal, J. K., & Samikannu, R. (2017). Application of random forest algorithm on feature subset
selection and classification and regression. world congress on computing and
communication technologies, 2(1), 65-68; .

Jiajia, L., Kun, G., Fangcheng, T., Yahan, W., & Shouyang, W. (2023). The effect of the disposal
of non-performing loans on interbank liquidity risk in China: A cash flow network-based
analysis. The Quarterly Review of Economics and Finance, 89(1), 105-119, DOI:
10.1016/j.qref.2023.03.005. Retrieved from
https://www.sciencedirect.com/science/article/pii/S1062976923000327

Kafle, S. C. (2019). Correlation and regression analysis using SPSS. OCEM Journal of
Management, Technology & Social Sciences, 12(1), 126-132; DOI :
10.1371/journal.pone.0087819.

Kavitha, S., Varuna, S., & Ramya, R. (2016). A comparative analysis on linear regression and
support vector regression. 2016 online international conference on green engineering
and technologies, 6(2), 1-5; DOI : 10.1109/GET.2016.7916627.

Kogan, L., Li, J., & Zhang, H. (2023). Operating hedge and gross profitability premium. The
Journal of Finance, 78(6), 3387-3422, DOI: 10.1111/jofi.13275.

Liu, Q., & Wang, L. (2021). t-Test and ANOVA for data with ceiling and/or floor effects.
Behavior Research Methods,, 53(1), 264-277; DOI : 10.3758/s13428-020-01407-2.

Mazhar, S. A., Anjum, R., Anwar, A. I., & Khan, A. A. (2021). Methods of data collection: A
fundamental tool of research. Journal of Integrated Community Health, 2(1), 6-10; DOI :
10.46743/2160-3715/2021.4492.

Nnubia, I., & Ofoegbu, G. (2019). Effect of profitability on cash holdings of quoted consumer
goods companies in Nigeria. International Journal of Research and Innovation in
Applied Science, 4(9), 78-85, ISSN: 2454-6194.

Sari, M., & Andriyani, A. (2021). Analysis of Cash and Inventory Turnover in Improving
Profitability. International Journal of Business Economics (IJBE), 2(2), 121-132, DOI:

18
 10.30596/ijbe.v2i2.6765 .

Sedevich-Fons, L. (2022). Incorporating customer profitability analysis into quality management

systems. The TQM Journal, 34(6), 1506-1526, DOI: 10.1108/TQM-05-2021-0156 .

Valaskova, K., Kliestik, T., & Kovacova, M. (2018). Management of financial risks in Slovak
enterprises using regression analysis. . Oeconomia copernicana, 9(1), 105-121; DOI :
10.30574/wjarr.2018.20.3.2462.

Widjatmiko, A., Hendriawan, A., Megasari, A., & Manan, A. (2023). The Effect of Cash
Turnover and Receivable Turnover on Profitability at PT Ace Hardware Indonesia Tbk.
TGO Journal of Education, Science and Technology, 1(2), 223-228, ISSN : 2987-4599.

19