Ghani Global Holdings Limited ("GGHL” or “the Company"), previously Ghani Gases Limited, is a publicly listed company incorporated in Pakistan on November 19, 2007. It became a public company on February 12, 2008, and rebranded in August 2019 to reflect its focus on managing investments in subsidiaries and associated companies, following a strategic shift toward portfolio management.

The Company's long-term investments are concentrated in four key subsidiaries: Ghani Global Glass Limited (GGGL), Ghani Chemical Industries Limited (GCIL), Ghani Chemworld Limited (GCWL), and G3 REIT Management Limited. GGGL, a listed entity on the Pakistan Stock Exchange, is primarily engaged in the manufacturing and sale of glass tubes, glassware, vials, and ampoules; GCIL focuses on the manufacturing, sale, and trading of medical and industrial gases as well as chemicals; GCWL is involved in the manufacturing, sale, distribution, import, and export of import-substitute chemicals and allied products; while G3 REIT Management Limited, incorporated during the period, is set to manage investments in the commercial and residential real estate sector.

As at June 2026, the sponsoring family, comprising the Company’s Directors, CEO, and their respective spouses and children, held the single largest stake in the Company at 36.82%, followed by individuals at 41.25% and executives at 14.43%. The remaining shareholding was held by joint stock companies (5.94%), provident and mutual funds (1.07%), financial institutions (0.14%), government institutions (0.04%), investment companies (0.03%), modarabas (0.02%) and others (0.26%).

The Company benefits from a stable ownership structure, with the majority stake held by the founding family. The successful Integration of the second generation into the business further reinforces continuity, ensuring a seamless transition of leadership.

The sponsors bring decades of experience across multiple sectors. Ghani Global Group operates in glass, chemicals, and industrial gases. Over time, the Group has established itself among the leading players in the country's glass and gases segment.

The Group demonstrates solid financial resilience, with a proven track record of both capability and commitment to providing support to the Company when required. This readiness reinforces the Company's financial stability and strategic backing.

The Company's Board of Directors comprises of seven members, including one Executive Director, four non-Executive Directors and two Independent Directors.

The Board is chaired by Mr. Atique Ahmad Khan, a qualified electrical and mechanical engineer with over 35 years of experience across the glass, textile, and gas industries. His industry exposure, including participation in national and international business forums, is complemented by strong entrepreneurial and management expertise, supporting the Board’s technical and strategic oversight. Complementing the Board’s leadership, Executive Director Mr. Masroor Ahmad Khan brings 38 years of diverse industry experience. After completing his bachelor’s degree in 1985, he joined the family business and led key salt, coal, and silica sand mining projects under the Ghani Group. He subsequently co-founded Ghani Global Group with his brothers and oversaw the establishment of an industrial and medical gases manufacturing facility under Ghani Gases Limited.

The Board’s governance framework is supported by three sub-committees: the HR & Compensation Committee, which oversees matters relating to talent management, leadership development, and remuneration; the Audit & Risk Management Committee, which provides oversight of financial reporting, internal controls, and risk management; and the Nomination Committee, which is responsible for matters pertaining to Board composition, appointments, and succession planning. The HR & Compensation Committee and Audit & Risk Management Committee are chaired by independent Directors, providing an added layer of independent oversight. The Nomination Committee is chaired by a non-independent Director. Board meeting minutes are duly maintained, providing a formal record of deliberations, decisions, and follow-up actions.

The Company's external auditors, ShineWing Hameed Chaudhri & Co. Chartered Accountants, issued an unqualified opinion on the FY25 financial statements. The firm holds a QCR rating and is classified under Category 'B' on the State Bank of Pakistan's panel of auditors.

The Company has instituted a well-designed organizational structure to cater to its needs as a HoldCo. All Divisional Heads report to the Company's CEO, who reports to the Board. However, Head of Internal Audit and Human Resource report administratively to the CEO and functionally to the Board's Audit Committee, HR and Remuneration Committee, respectively.

The Company’s senior management is led by Mr. Masroor Ahmad Khan, CEO, who brings over three decades of leadership experience across the glass, textiles, and mining sectors. Following completion of his bachelor’s degree in 1985, he joined the family business and subsequently led key projects in salt, coal, and silica sand mining under the Ghani Group. He later co-founded Ghani Global Group with his brothers and oversaw the establishment of a state-of-the-art industrial and medical gases manufacturing facility. The management team is further supported by Mr. Zubair Siddiqui, President, who oversees key business operations, and Mr. Asim Mehmud, CFO and Group Director of Finance, a Fellow Chartered Accountant (FCA) with nearly 27 years of experience, who provides financial stewardship and strategic insight. Mr. Farzand Ali, GM Corporate / Company Secretary, further supports the Group’s corporate and governance functions.

Currently, the organization has no management committees. However, plans are in place to implement a formal review mechanism for subsidiary performance. An Oracle ERP system has also been deployed at the Group Level to enhance management efficiency.

The Company has established an internal audit function in conjunction with the Board's Audit Committee to facilitate the implementation of its policies and procedures.

The Company's investment decisions are made by a management-level investment committee comprising the CEO, two Directors, the CFO, and the General Manager of Corporate. This structure ensures that investment strategies are aligned with the Company's overall objectives.

The Company has not yet established a formal investment policy; however, it currently maintains strategic investments in four of its subsidiaries: (i) Ghani Chemical Industries Limited (GCIL), which is principally engaged in the manufacturing, sale, and trading of medical and industrial gases and chemicals; (ii) Ghani Global Glass Limited (GGGL), which operates in the manufacturing and sale of glass tubing, ampoules, and vials; (iii) Ghani Chemworld Limited (GCWL), which is involved in the manufacturing, sale, distribution, import, and export of import substitute chemicals and allied products; and (iv) G3 REIT Management Limited, incorporated during the period to manage investments in the commercial and residential real estate sector.

The Company currently lacks formal investment guidelines; however, management meetings are held on an as­ needed basis to facilitate investment decision-making.

The Company's investment portfolio comprises three long term strategic holdings, GGGL, GCIL and GCWL, spanning two sectors, glass and industrial gases and chemicals. The market value of equity investments stood at PKR 10.5 billion in 9MFY26 (9MFY25: PKR 11.1 billion), against an unchanged book value of PKR 3.6 billion. Concentration in the largest holding, GCIL, moderated to 71.1% of the portfolio at market value (9MFY25: 85.7%), but remains high. Investment income was entirely derived from related parties, shifting from a PKR 168 million dividend from GCIL in 9MFY25, constituting about 88% of investment income, to markup and guarantee commission in 9MFY26, with markup on lending to a subsidiary accounting for about 57%. Subsequent to the period end, the Company incorporated G3 REIT Management Limited as a wholly owned subsidiary to pursue opportunities in the real estate sector.

The portfolio consists entirely of core holdings in the Company's subsidiaries, with no marketable investments, and the blended asset quality assessment moderated to 54.2% (9MFY25: 57.1%). GCIL, the largest holding, increased net sales to PKR 6.0 billion (9MFY25: PKR 5.3 billion) and profit after tax to PKR 1.9 billion (9MFY25: PKR 1.2 billion), supported by higher efficiency at its new Hattar plant, and is pursuing a joint venture with Mari Energies Limited for vent gas processing at a project cost of PKR 14 billion along with a 450 MT LPG storage and filling plant at Phool Nagar. GGGL reported lower net sales of PKR 2.0 billion (9MFY25: PKR 2.1 billion) and profit after tax of PKR 71 million (9MFY25: PKR 243 million), as the Afghan border closure, floods, higher raw material prices and start up costs of a new glass furnace weighed on margins, while ampoule capacity has increased to 55 million units per month. GCWL, at a start up phase, reported profit after tax of PKR 200 million, driven by a PKR 235 million share of profit from an associated company, and expects to begin production of precipitated calcium carbonate in the coming months.

Total investment income declined to PKR 38 million in 9MFY26 (9MFY25: PKR 192 million), as no dividend was received against PKR 168 million from GCIL in 9MFY25. Income comprised markup of PKR 21.4 million on lending to a subsidiary (9MFY25: PKR 13.8 million) and commission of PKR 10.1 million on corporate guarantees (9MFY25: PKR 8.6 million). Profit after tax was PKR 15.4 million (9MFY25: PKR 144.9 million), translating into earnings per share of PKR 0.04 (9MFY25: PKR 0.41) and an annualised return on equity of 0.5% (9MFY25: 5.0%).

Total cash flow (TCF) stood at PKR 18 million in 9MFY26, a turnaround from negative PKR 28 million in 9MFY25, when the dividend from GCIL was classified under investing rather than operating activities. Finance cost was PKR 4 million in 9MFY26, taking TCF to finance cost coverage to 4.9 times and TCF to finance cost plus current maturity of long term borrowings to 1.3 times, both an improvement from negative coverage in 9MFY25. Loan to value remained negligible at 0.5%. Debt servicing capacity at the standalone level continues to rest on inflows from subsidiaries in the form of dividend, markup and guarantee commission, rather than on recurring trading cash flow.

The Company's capital structure remains conservative, with leverage confined to a nominal level. The Company availed long term finance of PKR 57 million during 9MFY26 (9MFY25: nil), of which PKR 13 million falls due within the next twelve months, taking leveraging to just 1.4% (9MFY25: nil). Shareholders' equity, meanwhile, stood at PKR 3,976 million (9MFY25: PKR 3,956 million). Off balance sheet exposure is more material: the Company has extended corporate guarantees of PKR 3,288 million for GCIL and PKR 465 million for GGGL, together equivalent to about 94% of standalone equity, against which the subsidiaries have provided demand promissory notes to the Company.

Consolidated net sales increased 8.6% to PKR 8.1 billion in 9MFY26 (9MFY25: PKR 7.4 billion), with gross margin improving to 46.4% (9MFY25: 41.1%), while profit after tax rose to PKR 1.9 billion (9MFY25: PKR 1.4 billion) and free cash flow from operations (FCFO) to PKR 3.1 billion (9MFY25: PKR 2.5 billion). Finance cost increased 28.8% to PKR 565 million as consolidated funding rose to PKR 7.5 billion (9MFY25: PKR 6.0 billion). FCFO covered finance cost 5.5 times (9MFY25: 5.8 times), coverage of finance cost, current maturity and excess short term borrowings by EBITDA and par cash eased to 2.3 times (9MFY25: 3.9 times), and consolidated leveraging increased to 31.1% (9MFY25: 29.5%).