JS Global Capital Limited was incorporated as a private limited company in the year 2000 and commenced its commercial operations in 2003. In line with its strategic growth trajectory and expanding market presence, the Company was subsequently converted into a public unquoted company. Thereafter, JSGCL achieved a key milestone by securing its listing on the Pakistan Stock Exchange in 2005, marking its transition into a publicly listed entity and reinforcing its commitment to transparency, governance, and long-term institutional development.

JS Global Capital Limited operates as a full service brokerage and financial services organization, offering a comprehensive range of services including Equity and Commodity Brokerage, Money Market operations, Corporate Finance advisory, and Research. The Company caters to a diversified client base structured across three principal segments comprising Foreign clients, Institutions and Corporates, and Retail and High Net Worth Individuals. This diversified operating portfolio and client mix enable JSGCL to maintain balanced revenue streams and a broad market presence across Pakistan’s capital markets.

JS Bank Limited is the principal shareholder of JS Global Capital Limited, holding an ownership stake of approximately 93 percent. The remaining shareholding is widely held by the general public and other market participants. JS Bank Limited operates as a subsidiary of Jahangir Siddiqui and Company Limited, a leading business conglomerate with a strong institutional presence in Pakistan’s financial sector. This ownership structure provides JSGCL with strategic alignment, financial backing, and long term stability.

Jahangir Siddiqui and Company Limited holds 71.21 percent of the shareholding in JS Bank Limited. The remaining shareholding is held by a diversified mix of banks and financial institutions, foreign investors, and local individual shareholders. The Bank’s ownership profile is expected to remain stable over the foreseeable future, supporting continuity in strategic direction and institutional strength.

Jahangir Siddiqui and Company Limited has established a significant presence across major sectors of Pakistan’s economy. Through its diversified portfolio of subsidiaries and associated companies, the Group is actively engaged in securities trading, strategic investments, investment advisory, brokerage, asset management, agency telecommunication, commercial banking, power generation, and other allied businesses. This broad operational footprint reflects strong business acumen, effective capital deployment, and a deep understanding of Pakistan’s financial and industrial landscape.

During 1HCY25, the Group reported a profit after tax of approximately PKR 325 million, reflecting sound earnings capacity and operating performance. The asset base expanded to PKR 34.8 billion, underscoring continued balance sheet growth and capitalization. In recognition of its financial profile and credit fundamentals, PACRA has assigned a long term credit rating of AA and a short term rating of A1+ to Jahangir Siddiqui and Company Limited, reflecting strong credit quality and a stable financial outlook.

The Board of Directors of JS Global Capital Limited comprises eight members, including three independent directors, four non executive directors, and one executive director in the capacity of Chief Executive Officer. The Board is currently chaired by Shahab Anwar Khawaja, an independent director, ensuring balanced leadership, effective oversight, and adherence to strong corporate governance standards.

All directors of JS Global Capital Limited are seasoned professionals with extensive and diverse experience across their respective fields. The Board collectively brings strong strategic, financial, and industry expertise required for effective oversight and sound decision making. The presence of independent directors further reinforces the governance framework by enhancing objectivity, transparency, and accountability in Board proceedings.

To ensure a strong control environment and compliance with applicable reporting and governance standards, JS Global Capital Limited has constituted four specialized Board Committees, comprising the Audit Committee, Risk Management Committee, Human Resource and Remuneration Committee, and the Digital Committee. Each committee is chaired by an independent director, which strengthens objectivity in oversight, reinforces accountability, and enhances the overall effectiveness of the Board’s governance and supervisory functions.

JS Global Capital Limited has appointed KPMG Taseer Hadi & Co. Chartered Accountants as its external auditors. The auditors have issued an unqualified opinion on the Company’s financial statements for CY24, reflecting the reliability and integrity of its financial reporting. The audit firm is also placed in Category A on the panel of the State Bank of Pakistan, further underscoring the strength of the Company’s transparency, disclosure standards, and compliance framework.

JS Global Capital Limited operates through a multi-tier organizational structure designed to ensure operational efficiency and strategic alignment. The core departments include Finance, Risk Management and Compliance, Information Technology, Equity Operations, Research, International Sales, Online Trading, Commodity Trading, Corporate Finance, and Internal Audit. To further streamline decision-making and enhance coordination, three senior management committees—the Management Committee, Investment Committee, and IT Digitization Committee—provide oversight, strategic guidance, and operational direction across the organization.

The management team of JS Global Capital Limited comprises seasoned professionals with strong educational credentials and extensive expertise in their respective domains. Mr. Muhammad Khalil Ullah Usmani has been appointed as the Chief Executive Officer following the resignation of Mr. Imtiaz Gadar. Prior to his appointment, Mr. Usmani served as the Country Head of Sales at JSGCL and brings over 20 years of experience in capital markets, having previously worked with Optimus Securities Pakistan, a well-recognized firm in the sector. His leadership underscores the Company’s commitment to strategic growth, operational excellence, and market expansion.

JSGCL employs a fully integrated front and back-end software system sourced from an approved vendor, ensuring seamless operational functionality. The platform is designed to generate real-time management information reports (MIS) covering order placements, trade execution, risk management, and regulatory compliance, thereby enabling informed decision-making, operational efficiency, and robust oversight across the organization.

JSGCL maintains a strong control environment, underpinned by a dedicated internal audit function performed at the group level and reporting directly to the Audit Committee. Separate and specialized heads of department for Risk Management and Compliance further reinforce the governance framework, ensuring effective oversight, robust risk management, and adherence to regulatory requirements across all business operations.

In the first half of CY25, Pakistan’s brokerage industry experienced strong market activity, with the KSE-100 Index repeatedly hitting record highs, boosting trading turnover and supporting commission income. Improved liquidity and stability in the banking sector strengthened confidence among both institutional and retail investors. However, brokerage margins remained under pressure due to intense competition and rising operating costs. Market participation was uneven, with financials and select sectors driving most trading activity, while other sectors lagged, limiting broad-based interest.

JS Global Capital Limited is positioned among the leading brokerage houses in Pakistan, with a market share of 9 percent during 1HCY25. The Company has strengthened its relative standing in the equity segment and continues to demonstrate significant growth potential in corporate finance and advisory services, reflecting its competitive capabilities and strategic market positioning.

During the first half of 2025, the Company reported strong financial performance, with net operating revenue rising to Rs. 749.96 million, reflecting a 44% year-on-year increase from Rs. 519.69 million in the same period last year. Operating profit grew by 65%, reaching Rs. 318.37 million, while profit after tax advanced by 55% to Rs. 253.01 million. The growth was primarily driven by higher trading volumes and capital gains on investments, alongside a lower finance cost-to-revenue ratio and effective cost management despite inflationary pressures. Overall, both the top and bottom lines demonstrated sustainable improvement, supported by diversified income streams across brokerage, margin financing, and investment activities. However, the sustainability of this momentum remains sensitive to fluctuations in capital market conditions.

During 1H CY25, the Company’s administrative and operating expenses stood at PKR 718 million, reflecting a 37% increase over the corresponding period last year (PKR 522 million). The rise mainly stemmed from higher employee-related costs and operational outlays amid business expansion. Despite the increase, the cost-to-income ratio improved, supported by strong revenue growth of over 44%. Finance costs remained contained at PKR 57.9 million, primarily on account of mark-up on borrowings and lease liabilities. Overall, the Company continues to demonstrate effective cost management, balancing expense growth with expanding revenue streams.

Going forward, JSGCL intends to further strengthen its presence in the retail segment as part of its long-term growth strategy. The launched Zindagi app has served as a key enabler in expanding the Company’s retail outreach and enhancing client engagement, supporting sustainable business development.

The Company has developed and implemented risk management policies and guidelines whereby clients are provided trading limits according to their worth and proper margins are collected and maintained from the clients. The management continuously monitors the credit exposure of the clients.

The investment portfolio of JS Global Capital Limited is primarily concentrated in bank placements, Reverse Buy-Back Financing Securities (RBFS), and other low-risk instruments, while the Company maintains exposure in  proprietary trading which is 32% of the total equity base.

As of June 30, 2025, JS Global maintained an adequate liquidity position, with cash and bank balances of PKR 1.8 billion and short-term investments of PKR 1.0 billion. The decline in cash from December 2024 mainly reflects higher working capital use. Short-term borrowings rose slightly to PKR 0.76 billion, while current liabilities stood at PKR 6.6 billion, dominated by trade creditors. Despite increased obligations, liquidity coverage remains comfortable, supported by strong banking lines and a liquid asset base.

JS Global Capital Limited maintains a strong capitalization profile, underpinned by a total equity base of PKR 3.2 billion, up from PKR 2.95 billion at end-2024, primarily driven by profit retention. The Company’s liquid capital balance (LCB) stood at PKR 1.3 billion, reflecting a healthy capital buffer to support ongoing operations and strategic initiatives.