1. Introduction Working capital is an important component of financial management and fundamentally Working Capital Management (WCM) has been addressed in numerous ways. Focuses attention on managing current assets, current liabilities and the relationships that exist between them. In other words, working capital management can be defined as the management of a business's cash, cash, marketable securities, receivables and inventories. In the current context, characterized by increasing cost of capital and scarcity of funds, the importance of working capital needs special emphasis. It has been widely accepted that the profitability of a business depends on how its working capital is managed. Inefficient working capital management not only reduces profitability but can also ultimately lead to financial crisis. On the other hand, correct management of working capital leads to material savings and guarantees financial returns at the optimal level even with the minimum level of capital employed. Both excessive and inadequate working capital are known to be detrimental to a business. Excessive working capital leads to unprofitable use of scarce funds. On the other hand, inadequate working capital usually disrupts the normal operations of a business and impairs profitability (Soenen, 1993). There are many cases of business failure due to inadequate working capital. Furthermore, working capital has to play a vital role to keep pace with the scientific and technological developments that are occurring in the concerned sector of the pharmaceutical industry. If new ideas, methods and techniques are not introduced or put into practice due to lack of working capital, the company will certainly not be able to deal with… the paper medium… between the size of the company and its profitability .H04: There is no negative relationship between debt used by cement, oil and gas companies and profitability.Ha4: There is a negative relationship between debt used by companies and profitability. The study is organized as follows: Section two reviews the literature on relevant theoretical and empirical work on working capital management and its effect on profitability. The third section presents the conceptual framework including the variables, their relationship and the model specification. Section four discusses sample and data collection techniques. Section five discusses the data analysis and statistical results. Section six discusses the results and section seven includes the conclusions. Works cited (Soenen, 1993), (Eljelly, 2004), (Rao 1989). (Soenen, 1993). (Long and Ravid, 1993; Deloof and Jegers, 1996).