Ghani Global Glass Limited (Hereinafter referred to as ‘GGGL’ or ‘the Company’), established in 2007, is a Publicly Listed Company that was officially listed on the Pakistan Stock Exchange on December 12, 2014.

Ghani Global Glass Limited ("the Company") was incorporated in Pakistan as a Private Limited Company on October 04, 2007 as Ghani Tableware (Private) Limited under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The status of the Company was changed to Public unlisted Company and consequently, its name was changed to Ghani Tableware Limited on July 24, 2008. Name of the Company was further changed to Ghani Global Glass Limited on January 14, 2009. The Company was merged into Libas Textiles Limited, a listed Company and the Company became listed on Pakistan Stock Exchange on December 12, 2014 upon merger. The Company commenced its commercial operations with effect from April 01, 2016.

Ghani Global Glass Limited is principally engaged in the processing, manufacturing, and sale of glass tubes, glassware, vials, ampoules, and chemicals, as well as carrying on business as experts, technical advisors, and consultants. The Company’s registered office is located at 10-N, Model Town Extension, Lahore, while its state-of-the-art manufacturing facilities are situated at 52 K.M. Lahore-Multan Road, PhoolNagar, District Kasur.

Ghani Global Glass Limited is primarily owned by its parent Company, Ghani Global Holdings Limited, which holds ~50.098% of the shares. The remaining ownership is distributed among individual investors (~46.387%), joint stock Companies (~2.539%), provident and mutual funds (~0.485%), financial institutions (~0.008%), Modaraba companies (~0.041%), executives (~0.009%), and others (~0.450%).

The Ghani Group completed a strategic restructuring in which Ghani Gases Limited was reorganized from a manufacturing Company into the Group’s holding entity, now known as Ghani Global Holdings Limited. This change was made to simplify the Group’s overall structure and to place its various investments under a single management framework. By shifting to a holding-Company model, the Group can manage its different business interests—such as glass manufacturing, chemicals, and other industrial activities—more efficiently. Instead of operating each business independently, the holding Company structure allows for coordinated decision-making, centralized oversight, and clearer separation between operational activities and investment management. Ghani Global Holdings Limited acts as the Group’s main investment and management Company. It oversees the performance of its subsidiaries, ensures compliance and governance, and supports their long-term planning and development. This structure is intended to provide better clarity, control, and flexibility as the Group continues to manage and develop its diversified business portfolio.

The sponsors have over five decades of entrepreneurial experience across a range of sectors, including industrial gases, engineering, mining, glass, real estate, automobiles, and food. Their long-term involvement in these industries has contributed to the development and expansion of various business ventures within these sectors. Their experience provides the background for informed decision-making, operational understanding, and continuity in the businesses they oversee. This accumulated expertise supports the Group’s ability to manage diverse projects and adapt to changing industry conditions in a structured and sustainable manner.

The Ghani Global Group—which includes Ghani Global Holdings Limited, Ghani Global Glass Limited, Ghani Chemworld Limited and Ghani Chemical Industries Limited—reported total equity of PKR 15.1bn as of June 2025. This figure represents the accumulated net worth of the Group after accounting for assets and liabilities across its companies. A strong equity base provides the Group with financial flexibility, enabling it to manage operational needs, support subsidiaries during challenging periods, and invest in future growth initiatives. It also indicates an ability to absorb market fluctuations and maintain stability over the long term. Overall, the reported equity reflects the Group’s current financial position and its capacity to extend support to its companies when required.

The Company is governed by a seven-member Board of Directors, chaired by Mr. Hafiz Farooq. The Board comprises six male directors and one female director, ensuring diverse representation. The composition includes two independent directors, Sheikh Muhammad Saleem Ahsan and Ms. Saima Shafi Rana, who also fulfills the requirement for female representation on the Board. Additionally, there are four non-executive directors: Hafiz Farooq Ahmad, Mr. Abdullah Ahmad, Mr. Asim Mahmud, and Syed Sibtul Hassan Gilani. Mr. Atique Ahmad Khan serves as the executive director and CEO, providing strong leadership and maintaining a direct connection to the Company’s founding vision. The presence of members from the sponsoring family reinforces the Company’s strategic direction and commitment to its core values.

Mr. Hafiz Farooq Ahmad, Chairman and Business Director of Ghani Glass Limited since 2003, also serves as Director at Ghani Global Holdings Limited, Ghani Chemical Industries Limited, and Ghani Engineering Limited. His leadership since 2008 has been pivotal in advancing the Ghani Group’s strategic growth and diversification across various sectors. His deep industry knowledge and strategic vision continue to drive the Company’s success and long-term sustainability.

The Board of Directors meets quarterly in accordance with the requirements of the Code of Corporate Governance, allowing for regular oversight and timely review of the Company’s activities. These meetings provide a structured forum for evaluating performance, addressing operational and strategic issues, and making decisions based on available information and analysis. To further strengthen governance practices, the Board has established two committees: the Audit & Risk Management Committee and the Human Resources, Remuneration & Compensation Committee. These committees support the Board by providing focused oversight in their respective areas—such as financial reporting, internal controls, risk management, and human resource policies. Their work helps ensure that key governance matters are addressed in a systematic and informed manner, contributing to the overall effectiveness of the Board.

M/s. Crowe Hussain Chaudhury & Co., Chartered Accountants, are the external auditors of the Company. They issued an unqualified opinion on the Company’s financial statements for the year ended June 30, 2025. The firm is a QCR listed and is also included on the State Bank of Pakistan’s panel of approved auditors.

The Company’s operations are organized into six key functional divisions, each led by a divisional head who reports directly to the CEO. This structure supports clear reporting lines, enables timely communication, and facilitates coordinated decision-making across different areas of the business. By defining responsibilities at the divisional level, the Company is able to strengthen accountability and maintain operational efficiency. The framework also helps the organization respond effectively to changing market conditions by ensuring that each division can focus on its core functions while aligning with overall corporate objectives.

Mr. Atique Ahmad Khan, a qualified Mechanical and Electrical Engineer with over ~29 years of experience in sectors such as Glass, Textile, Industrial and Medical Gases, and Automobiles, serves as the CEO, providing strategic leadership and vision. Mr. Shahnawaz Zafar, the CFO, oversees the Company’s financial operations, bringing a wealth of expertise in financial planning and risk management. Together, they lead a strong management team composed of seasoned professionals with diverse backgrounds in glassware, engineering, manufacturing, and industrial gases. This team is dedicated to driving innovation, maintaining operational excellence, and executing the Company's strategic objectives effectively.

Ghani Global Glass Limited maintains a structured IT infrastructure supported by controls designed to ensure smooth operations and system security. Regular reports on IT performance are presented to senior management, keeping them informed of system status and any emerging issues. To support effective oversight, the Company has established dedicated management committees to address critical IT and operational concerns. These committees maintain detailed records of their discussions and decisions, promoting transparency and accountability in IT governance and decision-making processes.

The Company has implemented an advanced Oracle ERP system, enhancing the efficiency and reliability of its reporting processes. This system has streamlined operations, improved the accuracy and consistency of data, and provides real-time insights into business performance. As a result, management is better equipped to make informed, data-driven decisions that support the Company’s operational and strategic objectives.

The Company regularly provides Management Information System (MIS) reports to senior management to support operational and strategic decision-making. These reports include production and dispatch updates, which track production volumes, dispatch schedules, and inventory levels of gases. They also include target analysis reports, comparing budgeted versus actual sales and production performance, and collection analysis reports, which monitor outstanding receivables and collection efforts. The implementation of Oracle technology ensures timely access to accurate and relevant data, enabling management to make well-informed decisions efficiently. Additionally, the Board has established a robust internal audit function, either through an in-house team or by engaging qualified external professionals. This function ensures compliance with Company policies and procedures, strengthens internal controls, and provides independent oversight of operational and financial processes.

Pakistan's glass manufacturing sector comprises around 5-6 major players, along with numerous smaller competitors, offering a diverse range of products such as float glass, containers, and tableware. This sector caters to both direct consumer needs and various industries such as construction, pharmaceuticals, and food and beverages. The industry is divided into three primary segments: Float Glass, Tableware, and Containers, which include applications in food, beverages, and pharmaceuticals. The Pharmaceutical glass packaging sector in Pakistan, particularly for vials and ampoules, has been experiencing steady growth due to increasing demand from the local pharmaceutical industry for injectable drugs and vaccines. Key domestic players, such as Ghani Global Glass, MultiGlass, and Techno Ampoules, are expanding their production capacities to meet this rising demand, with investments in modern machinery and automated production lines. Despite the growth potential, the industry faces challenges including high production costs, strict quality standards such as USP Type-I glass, reliance on imported raw materials, and regulatory compliance requirements imposed by the Drug Regulatory Authority of Pakistan (DRAP). Economic factors, including energy costs and currency fluctuations, also affect the competitiveness of local manufacturers. On the positive side, the expanding pharmaceutical market, increasing focus on high-quality production, and opportunities for exports to regions such as the Middle East, Africa, and Latin America provide growth potential. Overall, while the industry must navigate cost and regulatory pressures, the glass vial and ampoule segment in Pakistan remains strategically important, supported by technological upgrades and rising demand for injectable pharmaceutical products.

GGGL is involved in the production and sale of glass tubes, ampoules, and vials, primarily catering to the pharmaceutical industry. As the leading domestic manufacturer of pharmaceutical-grade glass tubes in Pakistan, GGGL plays a key role in meeting national demand, with the remainder fulfilled through imports. Following recent capacity expansions, the Company’s annual production capacity for ampoules and vials stands at approximately ~55mln units, placing it among the notable manufacturers in the country. Despite this scale, GGGL operates in a competitive landscape, facing internal-use competition from pharmaceutical firms such as Sami, Bosch, and Indus, as well as from commercial producers like Friends Glass and Techno Glass. The recent commissioning of a new furnace, with a daily melting capacity of around 18.5 tons, has enhanced GGGL’s manufacturing capabilities and supports its efforts to address both domestic and export market requirements.

The Company generates the majority of its revenue from the Pharmaceuticals and Industrial segments. In FY25, net sales increased to PKR 2,932mln, representing a growth of ~20.2% compared to PKR 2,440mln in FY24. This growth was primarily driven by an uptick in sales prices in period under review.

In FY25, the Company’s gross margin increased to ~25.8%, compared to 22.5% in FY24, despite continued cost pressures—mainly from higher energy expenses. While rising input costs presented challenges, the Company managed to offset these through cost control measures and operational efficiencies. Net profit margin also improved, reaching around ~10.3% in FY25, up from ~5.9% in the previous year. This reflects the impact of financial discipline and strategic efforts to maintain profitability amid a difficult macroeconomic environment.

The impact of the expansion on revenue and gross margins has yet to materialize. However, several new contracts are currently in the pipeline, which are expected to strengthen the Company’s financial position in the near future. These contracts, along with the strategic expansion efforts, are anticipated to drive sustained growth, enhance market presence, and improve profitability over the coming periods. The management remains confident in its financial outlook, supported by robust data analysis and market insights. They project consistent revenue growth, improved operating efficiency, and steady margin expansion, reflecting prudent financial projections and a strong focus on executing strategic initiatives effectively.

In FY25, the Company’s net working capital days improved to ~176 days, down from ~193 days in FY24. This reduction suggests better efficiency in managing receivables, payables, and inventory. The Company also maintained a strong liquidity position, as reflected in a current ratio of around ~6.7x (FY24: 7.3x). While slightly lower than the previous year, this ratio remains well above standard benchmarks, indicating the Company’s continued ability to meet short-term obligations without financial strain. Together, these indicators reflect sound working capital management and a stable financial footing.

The Company’s Free Cash Flow from Operations (FCFO) increased to PKR 658mln in FY25, compared to PKR 621mln in FY24. This improvement reflects enhanced operational efficiency, particularly in working capital management, and stronger cash generation from core business activities. Despite an increase in finance costs, the Company maintained a stable interest coverage ratio of ~1.9x in FY25 (FY24: 3.6x). While the ratio has declined year-over-year, it continues to indicate the Company’s ability to comfortably service its interest obligations. This stability in interest coverage, amid rising borrowing costs, underscores the Company’s disciplined financial management and resilient operating performance. These factors have collectively supported the Company’s ability to maintain a sound financial position despite ongoing macroeconomic challenges.

During FY25, the Company’s leverage ratio increased modestly to ~34%, compared to ~30.4% in FY24, reflecting a stable yet slightly more leveraged capital structure. This uptick in leverage is primarily attributed to an increase in both short-term and long-term borrowings. Short-term borrowings rose to PKR 751mln, FY24: PKR 730mln, largely driven by heightened working capital requirements. Simultaneously, long-term borrowings increased to PKR 505mln, up from PKR 306mln in FY24. This financing pattern indicates a strategic focus on short-term funding to manage operational liquidity more effectively. Overall, the Company continues to manage its capital structure with a focus on liquidity and financial stability.