Rating Details	Rating Type	BFR
	Dissemination Date	Current (21-Jun-25 )	Previous (21-Jun-24)
	Action	Maintain	Maintain
	Rating	BFR 2	BFR 2
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	ACPL maintains strong family stewardship, with 90.85% ownership concentrated among the Abbasi family - led by Mr. Syed Muhammad Ismail Abbasi (52.59% controlling stake), Syed M. Umar Abbasi (25.31%), Ms. Yasmeen Ismail (12.90%), and Syed Awais Ali Abbasi (0.05%).
	Governance	ACPL's board currently consists of three directors, all affiliated with the sponsoring family. To enhance governance rigor and aligns with best practices, the appointment of independent director is recommended. This initiative aligns with the Company's plan to strengthen its governance framework.
	Management and Client Services	The Company operates with a well-defined organizational structure and an experienced management team. Client services meet expectations, supported by research reports. In line with its focus on continuous improvement, the Company has introduced an upgraded website and mobile app, 'Trade In,' to further enhance client engagement.
	Internal Controls and Regulatory Compilance	The internal control framework is strengthened through an outsourced internal audit function. Separate risk and compliance departments are also present to ensure effective risk management and adherence to regulatory compliances.
	Business Sustainability	ACPL's 9MFY25 revenue rose 42% YoY to PKR 71M (9MFY24: PKR 50M), driven by brokerage operations. Despite a 20% increase in admin expenses (PKR 79M), leading to operating losses, net profit improved to PKR 9M (vs. PKR 0.4M), likely due to better non-core performance or cost controls.
	Financial Sustainability	The Company has a zero-leveraged capital structure. Proprietary trading exposes ACPL to market risk; however, the prop-book is effectively managed through an investment policy. ACPL's equity stood at ~PKR 351mln at end-Mar'25.

Key Rating Drivers

ACPL's revenue growth was driven by its brokerage operations across key financial platforms, including the Pakistan Stock Exchange, Pakistan Mercantile Exchange, and the MTS platform. Despite higher administrative expenses leading to an operating loss, the Company managed to significantly improve its profitability compared to the previous year. This positive turnover highlights ACPL's to enhance non-operating income or implement effective cost controls in other areas of its business, demonstrating resilience and strategic financial management. Going forward the enhancement in ACPL's credit profile will be contingent upon: strengthening the governance framework, diversifying the business portfolio, and the successful launch of Separate Managed Accounts (SMAs).

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	13-Feb-99
	Type of License	Trading and Self-clearing
	Majority Ownership	Mr. Syed Muhammad Ismail Abbasi | ~52.59%

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-25	Sector Study | Brokerage Firms | Feb-25

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