PACRA Maintains Broker Entity Ratings of JS Global Capital Limited

JS Global Capital Limited ('JSGCL' or ' the Company) is a leading participant in Pakistan’s equity brokerage sector, providing Equity and Commodity Brokerage, Money Market operations, Corporate Finance, Research, and Margin Financing services to Foreign, Institutional and Corporate, and Retail and High Net Worth clients, and during 1HCY25 its client base expanded by 37 percent, reflecting growing market acceptance. In terms of ownership, JS Bank Limited holds approximately 93 percent shareholding in the Company and operates as a subsidiary of Jahangir Siddiqui and Company Limited, which provides strategic continuity and institutional strength. From a governance perspective, the Company is overseen by a eight member Board of Directors including the Chief Executive Officer Mr. Muhammad Khalil Ullah Usmani, with Audit, Risk Management, Human Resource and Remuneration, and Digital Committees chaired by independent directors to strengthen oversight and compliance. Operationally, JSGCL functions through a multi tier structure covering Finance, Risk Management and Compliance, IT, Equity Operations, Research, International Sales, Online Trading, Commodity Trading, Corporate Finance, and Internal Audit, supported by the Management, Investment, and IT Digitization Committees at the senior level. Within this framework, and amid favorable market conditions during the first half of FY2025, market activity improved significantly, leading to higher trading volumes. This contributed to an increase in the Company’s net operating revenue to PKR 749.96 million, a 65 percent rise in operating profit to PKR 318.37 million, and a 55 percent growth in profit after tax to PKR 253.01 million, driven by higher trading volumes, investment gains, and effective cost management. As of June 2025, the proprietary investment portfolio increased to PKR 1,014 million representing 32 percent of equity, while financial strength remained sound with current assets of PKR 8.831 million against current liabilities of PKR 6,566 million, equity of PKR 3,199 million, and liquid capital of PKR 1,326 million. With an adequate capital base, sound governance practices, and two new branches under establishment, the Company remains well positioned to sustain growth and capitalize on emerging opportunities in Pakistan’s evolving capital markets.
Going forward, key drivers for strengthening the rating outlook include sustained improvement in core income, the management’s ability to preserve and expand its market share, and further enhancement in the scale and diversification of revenue streams to reinforce the Company’s competitive position within the brokerage industry. At the same time, the continued maintenance of strong internal controls, retention of key management personnel, and rigorous risk oversight will remain critical to sustaining overall performance and stability.

About the Entity
JS Global Capital Limited was incorporated in 2000 and listed on the Pakistan Stock Exchange in 2005, emerging as a prominent participant in Pakistan’s capital markets with diversified brokerage and financial advisory services. JS Bank Limited, the major shareholder with a 93 percent stake, is part of the Jahangir Siddiqui Group, a leading conglomerate active across financial services, commercial banking, power generation, and other sectors. The Company is governed by eight Board of Directors, including three independent directors, four non-executive directors, and the CEO. The Board is chaired by Mr. Shahab Anwar Khawaja, an independent director. This governance framework ensures effective oversight, regulatory compliance, and alignment best practices. The Company’s external auditor is KPMG Taseer Hadi & Co. Chartered Accountants, a firm of chartered accountants that is included on the A-rated panel of State Bank of Pakistan.