Zarea Limited ("ZAL" or the "Company") commenced operations as Vision 2A (Private) Limited on September 16, 2020, rebranded in August 2022, converted into a public limited company on April 15, 2024 and was listed on the Pakistan Stock Exchange on February 28, 2025. ZAL is a tech-enabled B2B e-commerce platform digitizing Pakistan's fragmented industrial and agricultural supply chains. The Company has executed more than 22,000 transactions across 50+ cities and secured long-tenor offtake agreements with blue-chip corporates, supported by a proprietary 10-year commodity data repository and real-time order tracking. The Company's registered office is located at Delta 6, Office No. 6011, NASTP, Abid Majeed Road, Lahore Cantt. The Company operates through two subsidiaries, Zarea Agri-Tech (Private) Limited (75% owned) and Zarea Commerce FZCO, a wholly-owned Dubai-based subsidiary incorporated in July 2025 to support regional expansion, which commenced operations in FY26.

As at June 30, 2026, Mr. Ali Alam Qamar, the Founder and Chief Executive Officer of Zarea Limited, maintains a controlling interest with an approximate ~41.5% equity stake in the company. Additionally, M/S Goldfinger Private Limited, a prominent institutional shareholder, holds a substantial ~34.3% ownership, which is ultimately beneficially owned by Mr. Ali Alam Qamar. This consolidated ownership structure results in an effective combined stake of approximately 76%, underscoring strong promoter alignment with the Company's strategic direction. The remaining ~24.2% of the shareholding comprises the Chairperson's holding (~0.4%) and ~23.8% disseminated among the general public and other investors, ensuring broad-based market participation. Notably, several reputable financial institutions, including National Bank of Pakistan (NBP), Bank Alfalah, ABL Asset Management, and JS Investments, are among the shareholders, underscoring institutional confidence in ZAL's business model, governance, and growth potential.

The Board of Directors (BoD) of Zarea Limited (ZAL) consists of seven experienced professionals, including CEO Mr. Ali Alam Qamar and Chairperson Mrs. Misbah Momin. The board includes two executive and five non-executive members, including two independent directors. Among them, Mr. Sohail Wajahat Siddiqui, former Federal Minister and ex-MD of Siemens Pakistan, brings over 30 years of leadership in the energy sector; Mr. M. Afzal Chaudhry, a veteran banker with more than four decades of experience, provides deep expertise in credit and risk management; and Mr. Juneid Akram, former senior FBR official, contributes valuable insights in fiscal policy, compliance, and governance. Together, they complement the executive leadership with diverse backgrounds spanning corporate, financial, regulatory, and development sectors. ZAL maintains a sound governance framework with a well-structured Board that demonstrates oversight through regular meetings and proper documentation (four Board meetings were held during FY26). The Board has established two key committees, the Audit Committee and the HR & Remuneration Committee, both chaired by independent directors to ensure objective oversight of financial reporting, internal controls, and executive compensation matters; nomination and risk management functions are discharged by the Board and the Audit Committee respectively. Board meetings are conducted with due diligence, where discussions are properly minuted and decisions are formally recorded, reflecting adherence to corporate governance practices. The external auditor, Naveed Zafar Ashfaq Jaffery & Co. Chartered Accountants, has issued an unmodified opinion on the FY26 financial statements.

ZAL operates through a well-structured functional framework comprising Management, Operations, Sales & Marketing, Accounts & Finance, Supply Chain, and Technology, each led by heads reporting directly to the CEO. This streamlined hierarchy promotes agility, accountability, and efficient strategy execution. The Company is led by Founder & CEO Mr. Ali Alam Qamar, a Cambridge- and Harvard-qualified finance professional, supported by a management team including Mr. Muhammad Usman Ameer (CFO), Mr. Usman Iftikhar (CIO), Mr. Muhammad Shehzad (CTO), and Mr. Syed Muhammad Akram (Company Secretary). Departmental heads bring over a decade of expertise from leading organizations such as Engro, Packages Group, Bestway Cement, and Bank Alfalah. The team's blend of entrepreneurial vision and technical expertise has delivered strong outcomes.

ZAL has demonstrated strong growth in FY26, with revenue rising ~105% YoY to PKR 2,758 million (FY25: PKR 1,343 million) and net profit ~105% YoY to PKR 1,379 million, largely driven by tech-enabled agri-commodity trading (revenue up ~141% to PKR 2,304 million) alongside Platform Usage Fees (up ~17% to PKR 454 million). The revenue mix has consequently shifted towards direct commodity trading (~84% of revenue vs. ~71% in FY25), and gross profit margin moderated to ~32% (FY25: ~33%), reflecting higher costs in physical procurement, logistics, and platform expansion, while operating margin improved to ~23% (FY25: ~22%) as selling and administrative expenses declined to ~9% of revenue (FY25: ~11%). Heavy reliance on tech-enabled agri-commodity trading exposes the Company to volatility in commodity prices and supply chain disruptions. Moreover, other income of PKR 873 million (~61% of profit before levy), mainly realized gains (PKR 516 million) and dividends (PKR 318 million) on the PKR 2.6 billion short-term investment portfolio, remains a significant contributor to earnings and is exposed to equity market and fund NAV movements (a 5% change in portfolio value equates to ~PKR 129 million). Although ZAL benefits from operating leverage, a tech-centric cost base, and a 10-year STZA tax exemption, sustaining profitability will depend on effective cost management as the Company scales into logistics (PKR 336 million invested in property and equipment during FY26, mainly a logistics fleet), agri-processing, wheat procurement under the Punjab Wheat Policy 2026, and regional markets via its UAE subsidiary.

ZAL maintains a low financial risk profile, supported by continued working capital efficiency, strong cash flows, and a demonstrated ability to service capital-market obligations in full and on time. Trade receivable days improved further to ~48 (Jun-25: ~127), compressing the working capital cycle and strengthening liquidity and cash conversion. Payables increased to PKR 295 million (Jun-25: PKR 89 million) but remain modest relative to purchases of PKR 2,213 million, reflecting upfront settlement aligned with its digital-first model. Cash flow before working capital changes rose to PKR 995 million in FY26 (FY25: PKR 310 million), underscoring strong internal cash generation; reported operating cash flow was negative PKR 136 million as PKR 1,241 million was net deployed in short-term investments. At the June 30, 2026 balance sheet date, the still-outstanding first Sukuk (PKR 1,000 million issued on January 23, 2026 at 12.74% p.a.) stood at ~PKR 1,054 million including accrued profit, alongside ~PKR 28 million in bank debt, taking total borrowings to ~PKR 1,081 million, the gearing ratio (total borrowings/(total borrowings+equity)) to ~24.2% (Jun-25: ~1.8%) and the equity-to-asset ratio down to ~71% (Jun-25: ~94.5%). This was a temporary, maturity-driven peak rather than a structural shift: the first Sukuk was fully redeemed along with the related profit on July 23, 2026, which on a pro forma basis restores gearing to ~0.8% and the equity-to-asset ratio to ~91% (assuming redemption from existing liquid resources and before the proposed dividend of PKR 262.5 million). Liquidity remains strong, with cash and short-term investments of ~PKR 2.9 billion (~61% of total assets; current ratio ~3.0x) covering the maximum Sukuk issue size of PKR 2.0 billion ~1.5x, although ~88% of this is held in listed shares (PKR 1,797 million) and money-market funds (PKR 788 million) and is therefore subject to market valuation risk. ZAL's capital-light model and internal cash generation continue to reduce exposure to financing risk, though the move to a larger, repeat Sukuk programme increases reliance on continued capital-market access, which warrants ongoing monitoring.

The Sukuk is a Shariah-compliant, privately placed, unsecured, short-term facility structured under Wakala-tul-Istithmar with an issue size of up to PKR 2,000 million, inclusive of a green shoe option of PKR 1,000 million. The tenor is up to six months from the Issue Date, with the profit rate referenced to six-month KIBOR plus 250 basis points. Profit and principal are scheduled for realization in a single settlement at maturity as a bullet payment. Structural protections include a Sukuk Payment Account, requiring staged pre-funding of principal in four equal weekly tranches prior to maturity.

The issue is unsecured, privately placed short-term Sukuk structured under Wakala-tul-Istithmar.

The Instrument is not secured but structured, which provides comfort against the risk of non-payment. Furthermore, the Company shall designate and maintain a dedicated Sukuk Payment Account (SPA) with an Islamic Commercial Bank. In the final month of the Sukuk tenor, the Company will deposit one-fourth (1/4th) of the total principal amount into the SPA on a weekly basis, in the first, second, and third weeks. In the fourth and final week, the Company shall deposit the remaining one-fourth of the principal amount along with the final profit payment. This ensures that the entire principal is deposited in four equal weekly tranches, with the profit payment made alongside the final installment, all prior to the Sukuk's Maturity Date. The Company shall not be allowed to operate the SPA during the Sukuk tenor and will provide irrevocable standing instructions to the account bank to this effect.