EcoPack Limited ("EcoPack" or the "Company") was incorporated as a Public Limited Company in 1992 and is listed on the Pakistan Stock Exchange.

The Company started commercial production in 1993. Over the years, the Company enhanced its production capacity of both PET Preforms and Bottles. EcoPack was the first Company to introduce PET bottles for the Carbonated Soft Drink (CSD) industry. In 2008, EcoPack consolidated all its production units into one facility in the Hattar Industrial Estate, KPK, while the head office is located at Main Street City Villas, near High Court Road, Rawalpindi.

The Company operates two product lines: i) PET Preforms, and ii) PET Bottles. During the year, one of the Preform division's machines was disposed of, resulting in a reduction in its production capacity from 728mln units per annum to 684mln units. In contrast, the Bottling division’s capacity increased with the installation of a new blowing machine with a capacity of 60 million units per annum. Consequently, the total production capacity of the PET Bottles division Increased from 327mln units to 387mln units per annum.

The majority of EcoPack’s ownership resides with the sponsors through the Jamil family (27.38%). Mr. Hussain Jamil holding a 18.07% stake in the Company, is the single largest stakeholder. Mr. Hussain Jamil has been leading the Company for several years.

Ownership of the business is seen as stable, as the major ownership is vested with the Jamil family.

The Jamil family has been in business with the plastic packaging business since 1969 and is well-versed with the dynamics of the industry. Their acumen in the industry is reflected in EcoPack's growth over the decades, as it has become one of the leading players in the industry.

EcoPack is a financially stable business with a well-established operational track record. The sponsors demonstrate robust financial capabilities, underscored by their strong business profile and unwavering commitment to supporting EcoPack’s growth and operational expansion. Their continued financial backing reinforces the company’s stability and long-term viability.

EcoPack’s Board consists of seven members, ensuring an appropriate balance of oversight and governance. The board composition includes two independent directors, one executive director, and four non-executive directors. Notably, two of the directors are female, further enhancing diversity. The structure adheres to the Code of Corporate Governance, reflecting strong governance practices through independent oversight and a well-defined board framework.

The Board of Directors of the Company reflects a diverse mix of qualifications and extensive experience, supporting sound governance practices. Mr. Asad Ali Sheikh, the current Chairman and a Non-Executive Director, brings over 40 years of experience and serves on the Audit Committee. The board includes Independent Directors, Mr. Ameen Jan with 26 years of experience and Mr. Zohair Ashir with 31 years of experience, both serving on key committees. Non-Executive Directors, Mr. Ali Jamil with 49 years of experience, Ms. Sonya Jamil with 9 years of experience, and Ms. Laila Jamil with 21 years of experience, provide additional oversight. Mr. Hussain Jamil, CEO and Sponsor Director with 51 years of industry expertise, leads the executive team while serving on the HR Committee. This well-structured board ensures effective corporate governance through its collective experience and diversity.

The Board met six times during FY25 to discharge its duties, with the majority of members attended all meetings. The Board ensures effective governance through two committees, namely i) the Audit Committee, and ii) Human Resource and Remuneration Committee. Both committees are chaired by independent directors.

To ensure operational efficiency, the Company has established a co-sourced internal audit function with BDO Ebrahim & Co. The Audit Committee reviews the financial statements and ensures that the accounts fairly represent the financial position of the Company. It also ensures the effectiveness of internal controls. EcoPack’s external auditors, M/s A.F. Ferguson & Co, have expressed an unqualified opinion on the financial reports for FY24. 

EcoPack's production function is divided into two divisions, namely i) PET Preforms, and ii) PET Bottles. EcoPack maintains a streamlined management structure with the CEO overseeing all operations. The COO leads daily operations, including technical and commercial functions, while the CFO independently manages finance. All divisional heads report through this clear hierarchy, supported by an experienced leadership team.

The Company’s management team comprises seasoned professionals with long-standing association and a deep-rooted understanding of the business. Mr. Hussain Jamil, Chief Executive Officer and a graduate of the University of Karachi, leads EcoPack's management team with over 51 years of industry experience, including 32 years with the Group. Supporting him is Mr. Mohammad Raza Chinoy, Chief Operating Officer and IBA graduate, who brings 21 years of professional experience with 17 years at the company. Financial operations are overseen by Mr. Muhammad Ali Adil, the PIPFA-qualified Chief Financial Officer with 28 years of experience, including 21 years at EcoPack. Technical and commercial functions are managed by Mr. Zamir Ul Hassan, an MUET engineering graduate with 37 years of expertise, while Mr. Shahan Ali Jamil, a Cornell University graduate and ED Business Development & Chief Information Officer, contributes 14 years of specialized knowledge. This highly experienced leadership team ensures strong governance and operational excellence. The long tenures and diverse expertise of the senior management team reflect strong institutional continuity and leadership stability.

Cross-functional management committees increase efficiency as they assist in interdepartmental coordination. EcoPack has two functional committees, which increases management effectiveness. The committees are (a) Waste Sale Committee: To look after the waste sales-related matters headed by Director C&T, (b) SAP Steering Committee: To look after the ERP-related matters headed by the CFO.

EcoPack leverages advanced SAP ERP solutions to ensure seamless information flow across all operational units, including its Plant, Head Office, and Regional Offices. The system’s real-time dashboards provide live data integration, enabling daily performance tracking and end-of-day summary reports for informed decision-making. This technological advancement enhances operational efficiency, transparency, and process automation, allowing management to monitor key metrics effectively. By harnessing these capabilities, EcoPack maintains smooth operations, optimizes resource allocation, and drives continuous improvement across its business functions..

EcoPack has a sound control environment, supported by active oversight from its Board and management. The Company has well-established internal controls and policies in place, supplemented by a functioning internal audit department reporting to the Audit Committee. External audits are conducted by reputed audit firms, with no major qualifications observed. The Company also demonstrates adherence to regulatory requirements and maintains an adequate risk management framework.

The packaging industry remains semi-seasonal, with peak demand during the summer months driven by beverage consumption. While raw material costs are partially linked to crude oil prices, recent stability in the PKR/USD exchange rate has provided some relief to input cost pressures. The sector continues to benefit from steady demand for packaged goods, particularly in the food and beverage segment. Companies with efficient operations and strong customer relationships are well-positioned to capitalize on these stable market conditions while managing material cost volatility.

EcoPack holds a moderate market share of ~9% in the preform segment, whereas in the bottle segment, the Company has a market share of ~34%.

EcoPack generates revenue from two divisions, namely i) PET Preforms (Injection) Division and ii) PET Bottling (Blowing) Division. During 9MFY25, the topline of the Company increased by 22.0% to stand at PKR ~5.0bln (9MFY24: PKR ~4.1bln) with a major contribution of PET Bottles clocking in at 64% followed by PET Preforms clocking in at 36%. The increase in topline is attributable to an increase in volumetric sales of products and sale prices during the period.

During 9MFY25, the gross margin of the Company inclined to 15.8% (9MFY24: 9.1%) owing to enhanced revenues. The operating margin of the Company witnessed a similar trend clocking in at 9.8% (9MFY24: 3.8%). The finance cost of the Company decreased to PKR 152mln (9MFY24: PKR 181mln), and the net profit of the Company was recorded at PKR 210mln (9MFY24: PKR -30mln). While the net margin of the Company improved by 4.2% (9MFY24: -0.7%).

EcoPack maintains a strong competitive position through continuous operational improvements and sustainable investments. The Company is inclined towards installing a 2MW solar energy expansion, which will significantly reduce production costs while lowering its environmental footprint. Recent upgrades include state-of-the-art blowing machines, adding 60 million bottles to annual production capacity, and enhancing both output and efficiency. These strategic initiatives, combined with a robust customer base and rigorous facility monitoring, allow EcoPack to optimize margins despite industry cost pressures. By balancing capacity expansion, the Company demonstrates its commitment to sustainable growth while strengthening long-term profitability.

As of Mar’25, the Company’s working capital cycle showed a moderate increase, with gross working capital days at 69 (Mar’24: 67) and net working capital days rising to 58 (Mar’24: 45), indicating some elongation. Equity also grew to PKR 1.4bln (Mar’24: PKR 1.3bln), highlighting internal funding support and reduced reliance on short-term borrowings, thereby enhancing the Company’s financial stability.

During 9MFY25, the free cash flows declined to PKR 575mln (9MFY24: PKR 196mln). The Company's finance costs for 9MFY24 stood at PKR 181 million, reflecting the impact of previously high interest rates. However, with the recent downward revision in policy rates, borrowing costs have declined to PKR 152 million. This reduction demonstrates the Company's ability to benefit from favorable monetary policy shifts while maintaining stable financial performance. Hence, at end-Mar25, the interest coverage of the Company declined to 4.0x (end-June24 2.5x) and the debt coverage also declined to 3.1x (end-June24: 1.6x).

The Company's leverage ratio improved to 45.0% at end-Mar25 (compared to 47.1% at end-Jun24), reflecting an improvement in its capital structure. This reduction was driven by a combination of factors, including the partial repayment of long-term debt, a slight increase in short-term debt to support business operations, and, as of Mar`25 a stronger equity base, which expanded to PKR 1,435mln (Jun`24: PKR 1,297mln) due to improved profitability and retained earnings. Total borrowings remained stable at PKR 1,202mln end-Mar25 (Jun`24: PKR 1,172mln), indicating prudent debt management. The decline in leverage underscores the Company’s sustainable financial strategy, supported by growing business operations and a reinforced equity cushion.