Maaksons Engineering Corporation Limited (“Maaksons” or “the Company”) was incorporated as a Private Limited Company in 1984 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The registered office of the Company is located in Garden Town, Lahore.

The Company was established in 1951 by Mr. M. A. Aleem Khan and was converted into a private limited company in 1984. Since 1951, Maaksons has been engaged in the construction business, delivering numerous Public Works Development Projects. Over the years, the Company has successfully completed various strategic water management and irrigation projects, and subsequently expanded into infrastructure, commercial, and institutional construction. It has consistently demonstrated the ability to undertake large, complex projects and deliver them on time, within budget, and to the highest quality standards—often achieving early completions—earning recognition and awards from various authorities.

MAAKSONS specializes in a diverse range of construction projects, including roads and highways, bridges and overhead bridge structures, underpasses, mixed-use high-rise buildings, residential and commercial buildings, canals, tunnels, water, irrigation, dams and flood systems, oil and gas pipelines, industrial and prefabricated buildings, and workshop mill query system. The Company holds a “no limit” C-A license from the Pakistan Engineering Council, which allows it to undertake projects of any scale. Some of its notable achievements include the construction of the Community Center, Penta Square Appartments and Prism-9 at DHA Lahore, recently started Lake City Medows project, NSIT - CBD project,  the Signal Free Corridor on Islamabad Highway and in DHA Lahore, the Metro Bus Corridor in Lahore, the Underpass at Bedian Road, Lahore, Widening & Improvement of Main Sheikhupura Road and Sharaqpur Road, Constr. & Rehabilitation of Islamabad Expressway from Faizabad Interchange to Koral Chowk, the 29-Storey Telecom Tower in Islamabad, Construction of 165 Bedded Integrated Medical Care Hospital, DHA, Construction of 12 Storey Park & Ride Parking Plaza, Liberty Market, Lahore, Design & Built Access Command, Control Center and Infrastructure Development for Diplomatic Enclave, Islamabad, Thermal the 3x210 MW Power Station in Muzaffargarh, and the Chashma Canal, among others. After exploring real estate development, the Company has refocused on its forte: infrastructure-based construction projects.

Maaksons is entirely a family-owned business where the third generation has also joined in recent years. Mr. M. Aleem Khan was the founder of the Company, and after his demise, his eldest son, Mr. Waseem, has emerged as the man at the last mile. The shareholding structure is divided among Mr. M. Aleem Khan's sons, their wives, and his grandsons. Specifically, 5% of Mr. M. Aleem Khan's shares were equally distributed among his sons, increasing their individual stakes to 17.5% each. The wives of the sons each hold 2.5%, while the four grandsons have 15% ownership each. The Company’s hierarchy maintains clear lines of authority, with Mr. Aleem Khan’s sons and grandsons overseeing their respective areas of responsibility.

Ownership has remained with the sponsoring family since the Company’s inception, and no changes are anticipated in the near future. Although there is no formal succession plan in place, a verbal understanding and the clear division of responsibilities among family members contribute to stability in the ownership structure. Currently, Mr. Wasim, the CEO, oversees all matters with support from Mr. Ahsan in the next tier.

The sponsoring family has been in the construction industry for many decades. The sponsors possess a comprehensive understanding of the business, as they are actively involved in the day-to-day operations.

MAAKSONS has a sound financial profile, supported by several subsidiaries, including MAAKCRETE, MAAK Asphalt, and MAAK Gas, which primarily serve the parent organization. The Company also holds strategic investments in Lake City Meadows and Garden Square, while the sponsors, both independently and through the Company, maintain a substantial property bank across various locations, providing further strength and stability to the financial profile.

The overall control of the Company rests with a six-member board, which includes two senior directors: Mr. Waseem Khan and Mr. Nadeem Khan, both sons of the late Mr. M. Aleem Khan. The four grandsons of Mr. Aleem Khan serve as executive directors.

Mr. Waseem Khan and Mr. Nadeem Khan have had a long-standing association with the Company. Their elder sons, Mr. Ahsan Aleem Khan and Mr. Zunair Aleem Khan, bring extensive experience in the construction industry, while the younger sons, Mr. Shazer Aleem Khan and Mr. Shahnawaz Aleem Khan, are relatively new to the field.

The Board members are actively involved in the planning and execution of the business projects and overseeing the operations on a regular basis. All six male family members hold executive roles within the Company. The board structure could benefit from the addition of independent members to enhance oversight and governance.

M/s. Kamran & Co. Chartered Accountants serve as the external auditors for the Company. They issued an qualified audit opinion with an emphasis of matter paragraph on the financial statements for the year ended June 30, 2025.

The Company's operations are divided into two regions: Islamabad and Lahore, each operating independently. The head office is located in Lahore, while the regional office is in Islamabad. Business related to the Lahore region is managed by Mr. Waseem Khan and his two sons, while the Islamabad region is overseen by Mr. Nadeem Khan and his two sons. This structure clearly demarcates the responsibilities between the regions. Accounts for both regions are maintained separately and consolidated at the MAAKSONS level.

The board members are supported by an experienced team. Mr. Waseem Khan serves as the CEO of the Company. Descending tier, the team includes Mr. Aamir Chaudhry, General Manager of Construction; Mr. Anwar Cheema, Head of the QS (Quantity Surveying) Section; Mr. Saad Ahmed Farooqi, Regional Manager; Mr. Hamza Mehmood, Manager of Contracts & Operations; and Mr. Iqbal Gabol, Chief Financial Officer. All these department heads are supervised by Directors Mr. Ahsan Aleem Khan and Mr. Zunair Aleem Khan in their respective regions.

The management functions are clear and well-defined, ensuring the effective achievement of the Company's goals and objectives. The board members closely oversee the team to ensure successful execution. Additionally, the board plays an active role in preparing project bids, with detailed meetings held for this purpose. The management holds regular meetings to discuss Company affairs, though the documentation of these meetings is not formalized.

MAAKSONS currently uses the Axiom ERP System to generate daily reports and track project-specific progress. This web-based system is accessible to all staff working on the projects and provides reports on various aspects such as suppliers, procurement, inventory, and more.

MAAKSONS adheres to strict quality control standards, recognizing their importance in the construction industry. The Company maintains a comprehensive Management Information System (MIS) to enable the management to track activities across various project sites. While a system of internal control is in place, continuous review by an internal audit department would further improve the effectiveness of the management.

Pakistan's construction sector is exhibiting a gradual recovery, with the Public Sector Development Programme (PSDP) remaining the major demand driver, followed by private investment. The proposed FY27 PSDP stands at PKR 1,126 billion, marking an increase of approximately 34.5% YoY over the revised FY26 allocation of PKR 837.2 billion. Under the proposed FY27 PSDP, Infrastructure has been allocated PKR 729.9 billion, representing approximately 65% of the total outlay, with Transport & Communication receiving the largest share at PKR 408.9 billion, followed by Water at PKR 140.4 billion and Energy at PKR 135.6 billion. Despite continued constraints on non-PSDP development spending due to tight fiscal policy and IMF commitments, prioritized infrastructure projects continue to offer selective opportunities for construction firms. Construction sector activity remained resilient, recording growth of 5.73% in FY26 compared with overall GDP growth of 3.7%, supported by private-sector activity and government spending, while cement demand, a key indicator of construction activity, rose approximately 10% YoY.Over the medium term, supported by urbanization, population growth, CPEC-related infrastructure development, improving demand for cement and steel, and gradual macroeconomic stabilization, the construction sector is expected to maintain a stable growth trajectory, although its performance will remain dependent on continued public infrastructure investment and easing fiscal and geopolitical pressures.

MAAKSON benefits from its sponsors' ventures into related businesses within the construction and real estate development sectors. This diversification provides a strategic edge over its peers, as the Company can efficiently utilize in-house resources, optimize costs, and generate steady income streams. This integrated business model not only enhances MAAKSON’s operational efficiency but also contributes to sustained financial performance.

MAAKSON’s revenue stood at PKR 5,273mln during 10MApr-26, compared to PKR 5,466mln in FY25 and PKR 6,789mln in FY24. While the topline remained relatively moderate during the period under review, the Company reported a notable improvement in profitability, with net income reaching PKR 1,312mln during 10MApr-26, compared to PKR 460mln in FY25 and PKR 318mln in FY24. The improvement in earnings is attributable to the Company's focus on executing projects with relatively stronger margins and improved operational efficiency.                                                                                                                                                                                                                                     As apprised by the management, MAAKSON continues to undertake infrastructure and real estate development projects across key locations while maintaining a selective bidding strategy focused on projects offering favourable cash flow characteristics. The ongoing project pipeline, together with recently secured contracts, is expected to support business activity and provide visibility to the Company's revenue base over the medium term.

According to the 10MApr-26 financials, MAAKSON recorded a gross margin of 34.9%, reflecting a significant improvement compared to 10.6% in FY25 and 10.9% in FY24. Net profit margin also strengthened to 24.9% during 10MApr-26, compared to 8.4% in FY25 and 4.7% in FY24. The improved profitability reflects the Company's disciplined project selection strategy and efficient execution of ongoing contracts. Management continues to remain selective in project acquisition, with emphasis on ventures offering healthy margins, efficient execution and timely cash conversion, thereby supporting sustainable profitability and overall financial performance.

Management is optimistic about securing a significant share of projects funded under the Public Sector Development Program (PSDP) and the Infrastructure Development Authority of Punjab (IDAP), which could further strengthen the project pipeline. Furthermore, several large projects are currently in the pre-qualification phase, with management expressing confidence in securing these contracts. However, the successful awarding and timely execution of these projects will be crucial for sustaining revenue growth and protecting profit margins, ensuring long-term financial stability and operational success.

MAAKSON relies primarily on internally generated cash flows and available short-term borrowing facilities to meet its working capital requirements. The Company maintains adequate access to funded credit lines, which are utilized as required to support operational needs. In terms of operational efficiency, MAAKSON reported net working capital days of 42 days in 10M Apr-26, compared to 9 days in FY25 and 7 days in FY24, mainly reflecting higher trade receivables associated with the execution of ongoing projects. As the Company's project portfolio continues to expand, efficient management of working capital and prudent utilization of available banking facilities will remain important to support operational stability and sustain future growth.

In 10MFY26, MAAKSON demonstrated continued strengthening in financial performance, with free cash flows (FCFO) reaching PKR 1,350 million and EBITDA recorded at PKR 1,766 million, both considerably higher than the PKR 160 million and PKR 511 million reported in FY25. This reflects the Company's enhanced operational efficiency and improved profitability. The interest coverage ratio rose further to 26.3x in 10MFY26, compared to 5.8x in FY25 and 5.2x in FY24, driven by higher core operating profits alongside a decline in finance costs, which reduced to PKR 69 million in 10MFY26 from PKR 91 million in FY25 and PKR 131 million in FY24. This continues to indicate MAAKSON's strengthened ability to meet interest obligations, reflecting improved financial stability.

MAAKSON’s equity base has shown steady growth, increasing from PKR 4.9bln in FY24 to PKR 5.6bln in FY25 and further to PKR 6.9bln in 10MApr-26. This upward trend in equity reflects the Company's strengthened financial foundation and accumulation of retained earnings. Total borrowings, including lease liabilities, stood at PKR 623mln in 10MApr-26, compared to PKR 899mln in FY25, PKR 596mln in FY24, and PKR 539mln in FY23. The debt-to-debt plus equity ratio declined to 8.3% in 10MApr-26, compared to 13.9% in FY25 and 10.8% in FY24. The Company's borrowings continue to be primarily composed of short-term borrowings.