PACRA Maintains Broker Management Rating of JS Global Capital Limited

JS Global Capital Limited (“JSGCL” or “the Company”) continues to exhibit a credible governance and management framework which aligns with its position among the leading brokerage houses in Pakistan. The Company delivers Equity and Commodity Brokerage, Money Market operations, Corporate Finance, Research, and Margin Financing services across a diversified client base. The active client count increased by 37 percent during 1HCY25 which highlights effective outreach, service quality, and operational execution. Institutional strength is reinforced through the ownership structure where JS Bank Limited holds approximately 93 percent stake under the broader Jahangir Siddiqui and Company Limited group which provides stability and strategic oversight. Governance is administered through a eight member Board including the CEO. Independent directors chair the Audit, Risk Management, Human Resource and Remuneration, and Digital Transformation Committees which enable enhanced fiduciary control, segregation of responsibilities, and transparency. Operational functions are well defined and span Finance, Compliance and Risk Management, IT, Equity Operations, Research, International Sales, Online Trading, Commodity Trading, Corporate Finance, and Internal Audit. Strategic alignment is maintained through the Management Committee, Investment Committee, and IT Digitization Committee which ensure coherence between business objectives, risk appetite, and regulatory expectations. During the first half of FY2025, market activity improved significantly, leading to higher trading volumes and contributing to an increase in the Company’s net operating revenue to PKR 749.96 million and a 65 percent rise in operating profit to PKR 318.37 million, while profit after tax increased by 55 percent to PKR 253.01 million. The proprietary book expanded to PKR 1,014 million representing 32 percent of equity. Liquidity and capitalization remain sound with current assets of PKR 8.831 million, current liabilities of PKR 6,566 million, equity of PKR 3,199 million, and liquid capital of PKR 1,326 million. The Company continues to strengthen processes, digital infrastructure, and internal oversight with two new branches being established to support operational depth.
Continuation of the rating relies on the Company’s ability to uphold a strong governance regime, preserve the depth and continuity of key management positions, and continuously strengthen risk management and compliance practices. Advancements in process automation, enhancement of digital controls, and development of human capital capabilities will remain fundamental to maintaining overall management quality and operational resilience.

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.