Ghani Chemical Industries Limited ( Hereinafter referred to as "GCIL" or "the Company" was incorporated on November 23, 2015, as a Private Limited Company under the Companies Ordinance, 1984 (since repealed and replaced by the Companies Act, 2017). The Company was subsequently converted into a Public Limited Company on April 20, 2017, and its shares were listed on the Pakistan Stock Exchange on November 14, 2022. The registered office of the Company is located at 10‑N, Model Town Extension, Lahore. The Company operates manufacturing facilities at Phool Nagar, District Kasur, and within the Industrial Zone at Port Qasim, Karachi.

In July 2019, pursuant to a Scheme of Compromises, Arrangements, and Reconstruction approved within the Ghani Global Group, the manufacturing operations of Ghani Gases Limited, together with all related assets and liabilities, were transferred to Ghani Chemical Industries Limited. Following this restructuring, the Company operates as a subsidiary of Ghani Global Holdings Limited, formerly known as Ghani Gases Limited.

Ghani Chemical Industries Limited is engaged in the manufacturing, sale, and trading of medical and industrial gases, along with related chemicals. Its product portfolio encompasses liquid nitrogen, liquid oxygen, liquid argon, compressed medical oxygen, compressed nitrogen, compressed argon, and other high‑purity gases. These products are supplied to a diverse customer base across multiple end‑use sectors, including healthcare, oil and gas, chemicals and fertilizers, ship breaking and scrap cutting, pharmaceuticals, glass manufacturing, food and beverages, steel and iron mills, pulp and paper, as well as other industrial and commercial applications. The Company operates modern production facilities with an aggregate installed capacity of approximately ~710 tons per day (TPD). This scale enables GCIL to meet large‑volume demand while ensuring operational efficiency, consistent quality standards, and reliable supply across its served markets.

1) Oxygen is widely used in medical and chemical processing, general engineering, fabrication, steel manufacturing, welding, ship breaking, oxidation processes, and pulp and paper industries.

2) Nitrogen finds application in chemical processes, oil and gas exploration, blanketing, healthcare, and food freezing and storage. 

3) Argon is utilized in healthcare, deep‑sea environments, welding, food and beverage industries, cinematography, and lighting.

Through its diversified product range and strong operational base, GCIL plays a vital role in supporting Pakistan’s healthcare sector and industrial growth, while maintaining a focus on efficiency, reliability, and quality.

Company’s majority shareholding is held by its parent Company, Ghani Global Holdings Limited, which is primarily owned by the Ghani Family and holds ~49.07% of the Company’s issued share capital. The remaining shares are held by Ghani ChemWorld Limited (~12.27%), along with the Company’s directors and the general public.

The restructuring undertaken by the Ghani Group in 2020 marked a strategic realignment of the Company’s operational and governance framework. As part of this transformation, Ghani Gases Limited discontinued its role as a manufacturing entity and was repositioned as the Group’s holding Company, subsequently being renamed Ghani Global Holdings Limited. Following the restructuring, manufacturing operations were consolidated under dedicated operating subsidiaries, while the holding Company transitioned to a supervisory, strategic, and investment‑focused role. This reorganization reflects the Group’s long‑term vision to streamline operations, enhance corporate governance and oversight, and support future growth, expansion, and diversification through centralized management of its subsidiaries and investments.

The sponsors of GCIL bring an established legacy of entrepreneurial leadership, underpinned by more than five decades of diversified business experience across multiple industrial and commercial sectors. Their portfolio spans industries including industrial gases, engineering, mining, glass manufacturing, real estate, automobiles, and food, demonstrating a sustained ability to build, scale, and manage businesses across varied economic cycles. This extensive cross‑sector exposure has enabled the sponsors to develop strong capabilities in strategic planning, operational execution, and long‑term value creation. Their consistent focus on innovation, prudent expansion, and market adaptability reflects a deep understanding of industry dynamics and risk management. Collectively, this breadth of experience strengthens corporate governance, supports informed decision‑making, and provides a solid foundation for sustainable growth and resilience across the Group’s operations.

As of May 31, 2026, the Ghani Group—comprising Ghani Global Holdings Limited, Ghani Global Glass Limited, Ghani Chemical Industries Limited, and the recently incorporated Ghani ChemWorld Limited—reported consolidated equity of PKR 21.2 billion. This capital base reflects the Group’s established financial strength, diversified business presence, and prudent balance‑sheet management across its operating entities. The scale of equity provides a solid buffer against cyclicality and supports ongoing investments, capacity expansion, and strategic initiatives across the Group’s portfolio. Furthermore, the Group has demonstrated both the financial capacity and the strategic inclination to support GCIL, through its centralized holding‑Company structure and historical capital allocations. This ongoing support framework enhances financial flexibility, reinforces creditor comfort, and contributes to the Company’s operational stability and long‑term sustainability.

The Company is overseen by a seven‑member Board of Directors, chaired by Mr. Masroor Ahmad Khan. The Board comprises six representatives from the sponsoring family, including the Chief Executive Officer, ensuring continuity in leadership, alignment with the Group’s strategic vision, and effective oversight of operations. In addition, one director represents the Group’s employees, contributing operational insight and reinforcing internal alignment across management levels. To strengthen corporate governance and promote independent judgment, the Board includes two independent directors, and Mr. Hafiz Imran Latif. Their inclusion provides external perspectives, enhances checks and balances, and supports objective evaluation of strategic and operational matters. Overall, the Board’s composition reflects a balance between sponsor representation, independence, and sectoral experience, enabling the Company to maintain governance stability while supporting prudent decision‑making, transparency, and sustainable long‑term growth.

Mr. Masroor Ahmad Khan, Chairman of the Board, has been actively associated with the family’s business since 1985 and has played a central role in shaping its strategic direction over several decades. His extensive leadership experience and industry knowledge have contributed to the Company’s consistent growth and organizational development. Mr. Hafiz Farooq Ahmad is the Chief Executive Officer of GCIL, leading the Company with a visionary approach. With an exceptional academic background, he holds a Bachelor's degree in Engineering, reflecting his technical expertise. His career highlights include strategic growth initiatives and operational excellence within the group’s diversified portfolio.The majority of the Company’s directors have served on the Board since its inception, bringing with them diverse experience drawn from multiple industries. This continuity in Board composition supports institutional knowledge, informed decision‑making, and a comprehensive understanding of the Company’s operational and strategic priorities. Collectively, the Board’s long-standing tenure and experience provide stability and continuity, positioning GCIL to remain resilient, responsive to change, and well‑placed to pursue sustainable long‑term growth.

GCIL convenes its Board of Directors’ meetings on a quarterly basis, in compliance with the corporate governance requirements applicable to publicly listed companies. These meetings serve as a key forum for providing strategic oversight, reviewing operational and financial performance, and guiding long‑term strategic planning in line with the Company’s objectives. In order to ensure transparency, accountability, and regulatory compliance, detailed minutes of each meeting are properly recorded and maintained. This structured governance process supports effective decision‑making, reinforces internal controls, and fosters stakeholder confidence by ensuring alignment with the Company’s strategic vision and recognized best practices.

M/s ShineWing Hameed Chaudhri & Co., Chartered Accountants, has been appointed as the external auditor of GCIL. The firm is QCR‑rated and is included on the State Bank of Pakistan’s panel of approved auditors, reflecting compliance with applicable professional and regulatory standards. The auditors have issued an unqualified audit opinion on the Company’s financial statements for the financial year ended FY25, indicating that the financial statements present a true and fair view in accordance with the applicable financial reporting framework.

The Company operates through a well-structured framework comprising six key functional divisions, each led by a dedicated divisional head who reports directly to the Chief Executive Officer. This strategic organizational model fosters operational efficiency, enhances communication, and ensures cohesive alignment with the Company’s broader vision and objectives. By overseeing their respective domains, the divisional heads play a vital role in driving performance optimization, implementing innovative initiatives, and steering their departments toward sustainable growth. Their leadership contributes to a dynamic, well-coordinated operational environment, enabling the Company to navigate industry challenges while maintaining a competitive edge. This structured approach not only streamlines management but also reinforces accountability, collaboration, and strategic execution across all levels of the organization.

Mr. Hafiz Farooq Ahmad serves as the Chief Executive Officer of GCIL, steering the Company with visionary leadership and a commitment to excellence. Under his guidance, the management team consists of highly skilled and experienced professionals, each bringing deep expertise not only in the industrial gases sector but also across various other industries. This dynamic and diverse leadership team plays a crucial role in shaping the Company's strategic direction, optimizing operational efficiency, and driving sustainable growth. Their collective knowledge and strategic insights enable the Company to navigate industry challenges effectively, seize emerging opportunities, and maintain its competitive edge in an evolving market landscape. Through innovation, collaboration, and a results-driven approach, the leadership continues to strengthen the Company’s foundation for long-term success.

GCIL upholds a strong and secure IT infrastructure, equipped with comprehensive controls to ensure seamless system operations and data security. The Company prioritizes technological integrity, implementing advanced measures to safeguard critical information and optimize efficiency across its digital platforms. To maintain informed leadership and promote strategic decision-making, regular reports are presented to senior management, providing insights that drive data-driven business strategies. Additionally, specialized management committees are established to oversee key operational challenges, ensuring that relevant issues are addressed proactively. The meticulous documentation of meeting minutes reinforces transparency, accountability, and regulatory compliance, strengthening the organization's governance framework. This structured approach enables the Company to remain agile, resilient, and well-positioned for future advancements in the digital landscape.

The Company has implemented an advanced Oracle ERP solution, significantly enhancing the quality and efficiency of its reporting system. This integration has streamlined operations, improved data accuracy, and provided management with real-time insights for better decision-making and strategic planning. Additionally, the ERP system supports seamless communication and collaboration across various departments, contributing to the overall effectiveness of the Company's business processes.

Management Information System (MIS) reports play a vital role in GCIL's operational oversight, covering critical areas such as inventory management, finance, production, sales, and overall business operations. These reports are regularly presented to senior management, ensuring data-driven decision-making that enhances efficiency and strategic direction. To further strengthen its technological capabilities, the Company has integrated Oracle technology into its database system. This integration ensures the timely availability and accessibility of essential business information, facilitating seamless workflows and informed leadership decisions. By leveraging advanced data management tools, GCIL optimizes operational effectiveness, improves financial planning, and enhances long-term business sustainability. This robust digital infrastructure reinforces the Company's commitment to innovation, efficiency, and strategic excellence.

Pakistan’s industrial gases sector continues to demonstrate steady growth, driven by rising demand from key end‑user industries such as healthcare, manufacturing, metallurgy, and infrastructure development. However, the sector’s close linkage with Large‑Scale Manufacturing (LSM) meant that the slowdown in LSM during FY25 (contracting by ~0.73%) translated into softer revenue growth. Sector revenues decelerated from ~27.4% in FY24 to ~14.6% in FY25, reaching PKR ~25,961 million (FY24: PKR ~22,655 million). The country’s total installed production capacity for industrial gases stood at approximately 1,300 tons per day (TPD) in FY25, with demand primarily emanating from LSM and healthcare. Notably, two leading players dominated the market, contributing nearly ~90% of sector revenues. Their combined revenue rose ~19.5% year‑on‑year to PKR ~23.3 billion. While overall LSM contracted, certain industries—including automobiles, food and beverages, pharmaceuticals, and construction—registered strong growth, sustaining demand for industrial gases. Core gases such as oxygen, nitrogen, and carbon dioxide remain indispensable inputs across steel production, food processing, energy applications, and medical treatments. The healthcare sector, particularly hospitals and pharmaceutical manufacturers, continues to be a major consumer, underpinned by persistent demand for oxygen and nitrogen. Simultaneously, ongoing industrial expansion, infrastructure projects, and energy‑related developments are fueling demand for specialized gases. Industry dynamics are increasingly shaped by sustainability and operational efficiency. Companies are investing in advanced production, separation, and distribution technologies to enhance efficiency and minimize environmental impact. Pricing trends are influenced by energy costs, fluctuations in oil and natural gas prices, gas purity and quality, and the degree of product customization required by end‑users. Capacity remains concentrated among a few large players. Pakistan Oxygen Limited, the market leader, has an installed capacity of ~533 TPD, with ~430 TPD currently operational. The Pak Oxygen Limited has announced expansion initiatives to strengthen supply reliability and meet future demand. Ghani Chemical Industries Limited follows with ~710 TPD of installed capacity. The sector’s concentrated structure, high capital intensity, and technical requirements create moderate entry barriers, contributing to relatively stable competitive dynamics.

The sector is organized and concentrated within two major players, i.e., Pakistan Oxygen Limited and Ghani Chemicals Indutries Limited. Other companies include Multan Gases, Sharif Gases, Agha Gas, Sultan Oxygen, and MediGas. GCIL is among the leading participants in Pakistan’s industrial gases sector, ranking as the second‑largest producer with a substantial market presence. The sector is currently led by Pakistan Oxygen Limited, which holds an estimated market share of ~40% and benefits from a comparatively broader operational footprint. GCIL follows closely with an estimated market share of around ~34%, supported by its established production base, diversified product portfolio, and strong positioning across key demand centers. While Pakistan Oxygen maintains leadership in terms of scale, GCIL has demonstrated consistent capacity expansion and operational execution, which has strengthened its competitive standing over time. The Company’s ongoing investments in large‑scale air separation facilities are expected to further enhance its supply capabilities and market relevance. Overall, GCIL maintains a solid competitive position in a market characterized by high entry barriers, stable demand from core industries, and a limited number of large‑scale producers.

The Company’s revenue is primarily driven by its industrial gases segment, with Liquid Oxygen and Liquid Nitrogen being the key contributors. During 9MFY26, the Company recorded net sales of PKR 5,987mln, demonstrating growth compared to the corresponding period last year (FY25: PKR 7,435mln). This performance was supported by steady demand from core end‑user sectors, including healthcare, manufacturing, and energy, where consumption of industrial gases remained resilient. Revenue growth was further supported by enhanced operational efficiency, driven by improved capacity utilization and production optimization initiatives. These measures enabled the Company to meet customer requirements effectively and maintain reliable supply. Overall, the combination of sustained demand and operational improvements contributed to stable revenue performance and strengthened the Company’s competitive position within the industrial gases market.

The Company reported an improvement in profitability metrics during 9MFY26, with gross margins increasing to ~54%, compared to around ~46% in FY25. This improvement reflects more favorable pricing dynamics and improved cost absorption. Net margins also strengthened, reaching ~32% in 9MFY26 versus about ~27% in FY25, mainly supported by controlled operating costs and enhanced operational efficiencies. Overall, the improvement in margins indicates better earnings quality, while maintaining competitiveness within the operating environment.

The Company has entered into a Joint Venture Agreement with Mari Energies Limited and, in January 2026, made an initial equity investment of PKR 98mln, representing its ~49% share, in GHG Emission Mitigation Limited—a newly incorporated project Company. The project is designed to capture and process cold-vent and exhaust gases from the Sachal Gas Processing Complex. This initiative represents a first-of-its-kind undertaking in Pakistan, with planned production capacities of 80,000 tons per annum of liquefied natural gas (LNG) and 55,000 tons per annum of industrial- and food-grade carbon dioxide (CO₂). The total project cost is estimated at PKR 14bn. Upon commercialization, the project is expected to generate annual revenues of approximately PKR ~17bn, with profitability anticipated to strengthen over the medium to long term, subject to successful execution and prevailing market conditions. The Company has entered into an exclusive agreement with Precision UK, a well‑established United Kingdom–based entity with operations in over 100 countries and a significant presence covering approximately 90% of the UK market. Precision UK is engaged in the manufacture and marketing of medical gas pipeline systems and equipment under the CPX brand. Under this collaboration, Precision UK and the Company will jointly market and install Medical Gas Pipeline (MGP) systems and equipment within Pakistan’s healthcare sector. The agreement was formally executed at a ceremony in Lahore, attended by representatives from both public and private hospitals across the country. The medical gas pipeline systems and equipment segment is receiving increased strategic focus, supported by the rollout of multiple healthcare projects nationwide and a growing pipeline of new developments. This partnership is expected to contribute to revenue growth over the medium term, while complementing the Company’s existing medical and industrial gases portfolio. In addition to the above, the Company has initiated diversification into adjacent business areas through the establishment of a 450‑metric‑ton capacity LPG storage and filling plant at Phool Nagar, District Kasur. The project will be executed through a wholly owned subsidiary of GCIL to support operations across the country. The required license for the project has been obtained from the Oil and Gas Regulatory Authority (OGRA), Islamabad. Following the completion of requisite regulatory and procedural formalities, construction of the facility is expected to commence in due course. This initiative reflects the Company’s focus on expanding its operational footprint and strengthening long‑term growth prospects through business diversification. The Company is also proactively pursuing several new contracts, which are currently in the negotiation and development stages. These agreements are expected to play a crucial role in strengthening financial stability by ensuring steady revenue streams and enhanced profitability. Additionally, securing long-term partnerships will help mitigate risks associated with fluctuating demand and provide a solid foundation for sustained growth. While short-term financial gains may take time, these strategic efforts demonstrate a forward-looking approach, ensuring the Company is well-positioned for future expansion and operational efficiency.

In 9MFY26, the Company’s inventory days improved to ~4 days from around ~6 days in FY25, reflecting efficient inventory management and a streamlined operating cycle. However, trade receivable days increased to about ~125 days compared to ~104 days in FY25, largely attributable to extended credit terms and slower collections from certain customers. Consequently, gross working capital days rose to around ~129 days from ~110 days in FY25. Trade payable days increased to ~22 days in 9MFY26 from about ~9 days in FY25, indicating relatively longer settlement periods with suppliers, potentially as part of routine cash flow management. Overall, net working capital days stood at ~106 days in 9MFY26, compared to around ~101 days in FY25. While the working capital position remains manageable, the increase in receivable days underscores the importance of maintaining effective collection mechanisms to support liquidity and sustain cash flow efficiency.

In 9MFY26, the Company reported free cash flows from operations (FCFO) of PKR 2,655 million, compared to PKR 1,835 million in FY25. This improvement reflects stronger operating performance and better cash generation from core activities. The interest coverage ratio also strengthened, rising to ~6.2x in 9MFY26 from ~4.3x in FY25, indicating that the Company’s earnings before interest and taxes (EBIT) are now more comfortably covering its interest obligations. This is a positive signal of enhanced profitability and reduced short‑term financial risk. On the other hand, the debt coverage ratio weakened to ~0.7x in 9MFY26 from ~1.3x in FY25. This suggests that despite higher operating cash flows, the Company is facing relatively greater pressure in meeting debt servicing requirements, likely due to increased financing costs and restructuring initiatives. Overall, these indicators highlight the short‑term financial impact of strategic restructuring and higher borrowing costs. While such measures may support long‑term growth and capacity expansion, disciplined cash flow management will remain essential. Strengthening liquidity buffers and improving debt servicing capacity will be critical to ensure financial stability and sustain growth momentum.

In 9MFY26, Company's leverage ratio remained largely unchanged at ~34%, compared to around ~33.9% in FY25, indicating stability in the Company’s overall capital structure. However, a change was observed in the composition of borrowings, as short-term financing accounted for about ~60% of total borrowings in 9MFY26, compared to ~62% in FY25. This adjustment suggests a recalibration of the debt mix, potentially reflecting management’s approach to aligning financing sources with operational cash flow requirements and prevailing market conditions. While short-term borrowings may support flexibility and working capital management, they also require effective liquidity planning to mitigate refinancing and interest rate exposure. Overall, the shift appears to reflect routine balance sheet management rather than a material change in financial risk profile.