Most empirical studies relatinged to working capital management and profitability found a relationship between working capital management and profitability. Researchers likesuch as Shin and Soenen (1998), Deloof (2003), Raheman and Nasr (2007), Falope and Ajilore (2009), Chatterjee (2010), Al-Debi’e (2011), Ray (2012), and Almazari (2013), found a negative relationship between working capital management and profitability. Researchers likesuch as Lazaridis and Tryfonidis (2006), Gill, et al. (2010), Akoto, Awunyo et al. (2013), Adolphus (2014), Ponsian et al. (2014), and Konak and Güner (2016), found a positive relationship between working capital management and profitability. Few empirical studies found there is no significant relationship between working capital management and profitability.