PACRA Maintains the Entity Ratings of Golden Packages (Pvt.) Limited.

Golden Packages (Pvt.) Limited (“GPL” or the “Company”) has established itself as a significant player in the packaging industry, demonstrating consistent growth since inception. Backed by an experienced sponsor family with a longstanding presence in the sector, the Company has leveraged its industry knowledge and entrepreneurial acumen to expand its operations and strengthen its market positioning. Over the years, GPL has diversified into key segments, achieved robust capacity utilization, and maintained a stable financial profile, underpinned by adequate profitability and low leverage. Golden Packages (Pvt.) Limited has emerged as a key participant in both the Cast Poly Propylene (CPP) films and flexible packaging segments. Furthermore, the Company has plans to further diversify its product portfolio in the near future, aiming to strengthen its market presence. The operations of the Company are predominantly concentrated in the Central region, with a notable footprint in the Northern market. As per management, the Company captured a good market share and ranks among the leading players in Punjab’s flexible packaging industry. The demand for the Company’s products primarily originates from the food industry and end consumers. Its well-established and diversified customer base provides stability and support to assigned ratings. During FY25, the Company remained at impressive capacity utilization rate at 91%. However, as the basic raw material requirement is almost entirely met through imports from UAE, the Company remains exposed to exchange rate volatility. This digital platform is expected to strengthen brand visibility, facilitate timely communication with customers, and serve as an effective medium to highlight the Company’s product portfolio and operational capabilities.
During FY25, the Company’s topline grew by 15%, reaching PKR 8,992mln (FY24: PKR 7,841mln), driven by both local sales and exports. Consequently, the profit after tax (PAT) increased to PKR 1,037mln. (FY24: PKR 924mln). The equity base of the Company stood at PKR 5,094mln (FY24: PKR 4,057mln). Moreover, the financial matrix indicates a stable profile through good working capital management, strong coverages, and low leveraging. However, there is room for improvement in the qualitative factors inclusive of the governance framework, segregation of key heads, and financial transparency.
Prudent management of the working capital, and maintaining sufficient cash flows and coverages are essential for the ratings. Any significant change in margins and coverages will impact the ratings.

About the Entity
Golden Packages (Pvt.) Limited was founded as a private limited Company in 2014 and began its operations in 2016 with the commercial production of CPP films. In 2018, GPL also started commercial production of flexible packaging. GPL’s manufacturing plant is located near Raiwind. The Company is wholly owned by sponsoring a family with major ownership residing with Mr. Munir Khan at 54%, Mr. Rehman Khan owns 38% and Mr. Amir Sultan owns 8% shares respectively. Mr. Rehman Khan is the Chief Executive Officer of the Company. He brings over 12 years of relevant experience, including exposure to senior management roles overseas, and is supported by a team of qualified professionals.