PACRA Maintains the Entity ratings of Ghani Global Holdings Limited

The credit ratings of Ghani Global Holdings Limited ("GGHL" or "the Company") derive comfort from its well-diversified equity investment portfolio comprising four direct subsidiaries, i) Ghani Chemical Industries Limited (GCIL), ii) Ghani Global Glass Limited (GGGL), iii) Ghani Chemworld Limited (GCWL), and iv) the newly established G3 REIT Management Limited (G3RMC) spanning operations across industrial gases, chemical manufacturing, specialty glass tubing, and real estate asset management. GCIL remains the core growth catalyst for the Group, leveraging heightened operational efficiencies at its newly commissioned Hattar Air Separation Unit (ASU) plant. The subsidiary is executing a multi-front growth agenda, including a strategic joint venture with Mari Energies Limited to capture and process vent gas (LNG), a planned LPG storage and filling facility, and upstream gas processing initiatives across the Sono Lashari, Jandran, and Maiwand projects. Conversely, GGGL experienced temporary pressure on operating margins due to start-up costs tied to its new glass furnace, while simultaneously scaling its value-added ampoule and vial capacities and exploring international markets. GCWL continues in its early-stage operations, with financial performance predominantly underpinned by its share of profit from an associate company rather than commercial operations. Additionally, G3RMC incorporated as a wholly owned subsidiary to function as a licensed REIT Management Company (RMC) marks GGHL’s strategic foray into institutional real estate asset management. G3RMC is structured to manage proposed hybrid REIT schemes and unlock the intrinsic capital value of prime real estate assets held under Group Special Purpose Vehicles (SPVs), establishing a recurring, fee-based revenue stream for the holding company.
On the financial side, capital structure remains a primary rating strength, characterized by minimal leverage of 1.4% as of 9MFY26 (9MFY25: nil). However, profitability moderated in the absence of upstream dividend distributions from operating subsidiaries during the period resulting in PAT adjusting to PKR 15.4 million (9MFY25: PKR 144.9 million). Earnings during 9MFY26 were primarily sustained via markup income and corporate guarantee commissions.
The ratings remain anchored in the Group’s long-term strategic trajectory and management’s capacity to execute its expansion targets. Rating stability is contingent upon converting these multi-sector strategic investments into cash-generative operational performance, maintaining fiscal discipline at the standalone level, and preserving a robust liquidity buffer.

About the Entity
Ghani Global Holdings Limited ("GGHL" or "the Company") is a publicly listed holding company, incorporated in November 2007 as Ghani Gases Limited. The Company was renamed Ghani Global Holdings Limited on August 28, 2019, following the transfer of its manufacturing operations to its subsidiary, Ghani Chemical Industries Limited (GCIL). Consequently, GGHL transitioned to a holding company, with its principal activities comprising the strategic management of investments in its subsidiaries and associates, along with trading activities.