Hoora Pharma (Private) Limited is a private limited company incorporated in Pakistan on September 6, 2010 under the Companies Act, 2017. The registered office of the Company is situated at WH-01-20-A7-A8, Korangi Creek Industrial Park, Karachi in the province of Sindh.

Hoora Pharma (Pvt.) Ltd. is a Pakistan-based healthcare company with a strong footprint in the medical devices and diagnostics segment. Originating as a small-scale partnership firm in 1985, the Company has steadily evolved into a reputable name in diagnostic and imaging services. It plays a critical intermediary role by bridging international medical device manufacturers and healthcare providers in Pakistan, with a mission to facilitate accessible and high-quality diagnostic services across major urban centers.

The Company’s operations are centered on sourcing and supplying advanced diagnostic equipment and medical devices from global technology leaders. Hoora Pharma (Pvt.) Ltd. represents prominent industry players such as Siemens Healthineers, Shimadzu, GE Healthcare, and Terumo, ensuring a wide portfolio that spans Immunoassay, Chemistry, Ultrasound, Hematology, Imaging, Wound Closure, POCT, and other diagnostic domains. To support its specialized operations, the company maintains a robust distribution infrastructure, including temperature-controlled warehousing, which ensures the quality and integrity of sensitive products throughout the supply chain.

Hoora Pharma (Pvt.) Ltd. is a family-owned business, with 100% of the equity held by the sponsoring family. Mr. Abdul Rasheed Chohan, the founder, holds a majority 55% stake, while his son, Mr. Zulqurnain Rasheed Chohan, holds the remaining 45%. This concentrated shareholding enables quick decision-making and reflects long-term commitment by the sponsors.

The shareholding structure remains stable, with no anticipated changes in ownership in the near term. However, the absence of a documented succession plan and formal corporate governance framework may pose long-term continuity risks. A move toward structured corporatization and well documented succession planning would further enhance the company's governance and ownership stability.

The sponsoring family brings deep sector knowledge and decades of experience to the Company. Mr. Abdul Rasheed Chohan has over 20 years of experience in the healthcare industry, including a notable tenure as Executive Director at Hilton Pharma. He has also established Pinnacle Biotech (Pvt.) Ltd., another pharma-focused business under the Hoora Group umbrella. This track record demonstrates strategic foresight, industry credibility, and a strong foundation in healthcare operations and leadership.

Hoora Pharma (Pvt.) Ltd. is part of the diversified Hoora Group of Companies, which also includes Pinnacle Biotech (Pvt.) Ltd., Hoora Pharma (AOP) and Pinnacle Builders and Developers. The Group's presence spans across pharmaceuticals, and real estate development, reflecting a broad-based business profile. The sponsors of the Group possess the financial depth and operational experience necessary to support the businesses under their umbrella. The diversified nature of the Group’s operations enhances its resilience and provides a stable platform to extend financial support to Hoora Pharma when required.

The board of Hoora Pharma (Pvt.) Ltd. is composed of three primary sponsors, including Mr. Abdul Rasheed Chohan (CEO), Mr. Zulqarnain Rasheed Chohan (Director), and Mr. Saad Rasheed Chohan (Director). The board structure reflects a family-owned leadership model with clear delegation of operational oversight to functional managers and heads of departments. There remains scope to further strengthen board independence through the inclusion of non-executive or independent directors to ensure objective oversight and strategic input.

The sponsors bring substantial industry knowledge and international exposure. Mr. Abdul Rasheed Chohan, CEO of Hoora Pharma (Pvt.) Ltd., has extensive experience including an 18-year tenure as Executive Director at Hilton Pharma and international training across Europe, the U.S., and Asia in advanced healthcare technologies. His sons, Mr. Zulqarnain Rasheed Chohan and Mr. Saad Rasheed Chohan, serve as Directors and have represented the Company at numerous international pharmaceutical and diagnostic forums. Together, they aim to position Hoora Group among the top diagnostic and pharmaceutical firms in the region, underpinned by a strong growth vision.

Hoora Pharma (Pvt.) Ltd. has initiated the formation of formal board committees, which are currently in the process of being institutionalized. The Company has demonstrated intent to strengthen its governance framework by establishing designated committees to assist the Board in strategic oversight. PACRA encourages continued progress in this direction, alongside maintaining documented board meetings, structured minutes, and attendance tracking, to further enhance transparency, accountability, and long-term governance effectiveness.

The Company’s external audit is conducted by A.D. Akhawala & Co., Chartered Accountants. The auditor expressed an unqualified opinion on the financial statements for FY24. While the firm holds a Quality Control Review (QCR) rating from ICAP, it is not listed on the State Bank of Pakistan’s panel of approved auditors, which may somewhat limit regulatory recognition from a credit risk standpoint. Internally, the finance function is led by a Chief Financial Officer, supported by a Senior Finance Manager. Strategic and financial oversight is provided by Director Mr. Zulqurnain Rasheed Chohan. While internal controls are in place, governance practices could be further strengthened through the formalization of internal audit mechanisms and enhanced board-level oversight.

Hoora Pharma (Pvt.) Ltd. has a well-documented and functionally segregated organizational structure. Departments span key areas including (i) Supply Chain, (ii) Sales & Marketing, (iii) Import Management, (iv) Finance, (v) HR, (vi) Operations, and (vii) Business Units with dedicated managers or heads. The structure supports accountability and specialization, with senior-level appointments such as a Managing Director, General Manager, Vice President, and Business Unit Heads ensuring streamlined operations.

The Company is led by Mr. Abdul Rasheed Chohan, who serves as CEO and brings decades of experience in the healthcare and diagnostic sector. His strategic direction is complemented by a capable and experienced second line of management. Key leadership positions include Mr. Faisal Akbar (General Manager), Dr. Zaffar Hashmi (Managing Director), and Mr. Nizam Zaheer (Vice President), along with heads of key functions such as HR, finance, supply chain, and imports. The finance function is overseen by Mr. Jibran Ahmed, Chief Financial Officer. The management team benefits from international exposure and training, which has contributed to the adoption of global best practices across operations. This depth and breadth of experience within the leadership team enhances the company’s operational efficiency and positions it well for sustainable growth.

Roles and responsibilities within the management structure are clearly defined, ensuring efficient execution of business functions. The Company has advance internal controls across procurement, inventory, and logistics, backed by ERP automation. However, the absence of formal internal committees (e.g., OPEX, CAPEX, strategy) presents an opportunity for improvement in strategic coordination and risk governance.

Hoora Pharma (Pvt.) Ltd. has deployed Oracle NetSuite, a top-tier cloud-based ERP platform, which integrates core functions such as finance (R2R), procurement (P2P), order management (O2C), manufacturing, supply chain, HR, and analytics. This system enables real-time data visibility, efficient workflow automation, and informed decision-making through live dashboards and performance KPIs accessible by senior management.

The control environment is supported by the ERP-driven standardization of key processes across procurement, inventory, and finance. While a formal internal audit department is not separately constituted, compliance and monitoring responsibilities are embedded within finance and managerial functions. The Company can further benefit from establishing a dedicated internal audit and compliance review mechanism that reports to top management or a future audit committee.

According to international monitoring firm IQVIA, Pakistan’s pharmaceutical sector recorded a 21.79% growth in calendar year 2024 compared to the previous year, reaching a market value of Rs. 962.5 billion. This growth has largely been driven by a deregulatory policy introduced earlier in the year, which allowed pharmaceutical companies to adjust prices for non-essential medicines in response to rising production costs. The revenue surge was primarily the result of price adjustments, rather than a significant increase in unit sales. The industry remains heavily dependent on imported active pharmaceutical ingredients (APIs), making it vulnerable to supply chain disruptions and foreign exchange volatility, particularly due to the depreciation of the Pakistani Rupee (PKR). This has constrained the industry's ability to pass on costs, especially in the essential medicines segment, where pricing remains regulated. Over the past year, the sector sold 3.7 billion units, reflecting a modest volume growth of 2.27%, while revenue growth was largely price-driven.

Hoora Pharma (Pvt.) Ltd. has secured authorised and non-exclusive partnerships with globally renowned manufacturers in the healthcare and diagnostic sectors, including Siemens Healthineers and Shimadzu. These strategic alliances allow the Company to offer cutting-edge technologies across segments such as In Vitro Diagnostics, Medical Imaging, Ultrasound, and Blood Technology. As a result, Hoora Pharma (Pvt.) Ltd. has positioned itself in the top quartile of the domestic healthcare distribution industry, supported by a specialized product portfolio and established institutional clientele.

Currently, the gradual transition of business from Hoora Pharma (AOP) to Hoora Pharma (Pvt.) Limited is underway and expected to be completed by FY26. During FY24, the revenue of the Company was recorded at ~PKR 3.9bln (FY23: ~PKR 2.1bln). Key institutional customers include Pir Syed Abdul Qadir Shah Jeelani Institute of Medical Sciences, Dow University of Health Sciences, and Mayo Hospital—highlighting the company’s strong presence in the public healthcare procurement space.

The Company sustained adequate profitability in FY24 with a gross margin of 23.4% (FY23: 25.2%), supported by product pricing strategies and improved cost control. The net profit margin rose to 10.2%, compared to 6.9% in FY23, with net profit reaching PKR 405 million (FY23: PKR 144 million). This margin improvement reflects operational scalability and growing market penetration in high-margin segments.

Hoora Pharma (Pvt.) Ltd. has business partnerships with world’s top tier players in Diagnostic segment including Siemens Healthineers, Shimadzu, etc. Recently, the Company has been qualified as an authorized distributor of Johnson & Johnson’s wound closure product portfolio and projects an additional sizeable revenue stream. The Company do have clear visionary prospects to be the leading supplier of medical diagnostics & healthcare products in the country as top solution provider. Restructuring the organization to meet MNC standards. The upper management regularly overseas the company’s financial budgeting and projections.

Hoora Pharma (Pvt.) Ltd. operates with a stretched working capital cycle, largely due to its credit-based sales model and the need to maintain buffer inventory of sensitive diagnostic equipment. The net working capital cycle remained elevated at 111 days in FY24 (unchanged from FY23). Nonetheless, the company’s current ratio improved to 1.5x (FY23: 1.2x), indicating better short-term liquidity management.

The Company generated Free Cash Flow from Operations (FCFO) of PKR 491 million in FY24 (FY23: PKR 199 million), reflecting enhanced operating performance. However, rising interest rates led to an increase in finance costs to PKR 118 million (FY23: PKR 38 million), which impacted coverage metrics. The interest coverage ratio declined to 4.5x (FY23: 7.0x), and the debt payback ratio stood at 2.7x (FY23: 3.1x), indicating a moderate reduction in debt-servicing capacity despite improved cash flows.

As of FY24, the Company’s total borrowings slightly decreased to PKR 445 million (FY23: PKR 536 million), with short-term borrowings making up 100% of the total debt mix. With this decline, the leverage ratio stands at 29.8%% (FY23: 45.4%). This indicates reliance on debt financing to support business growth, which may require optimization as the company scales further.