Ghani Global Holdings Limited

CREDIT RATING REPORT | Oct-25

Logo
Rating History
Dissemination Date Long-Term Rating Short-Term Rating Outlook Action Rating Watch
21-Oct-25 A- A2 Stable Maintain -
01-Nov-24 A- A2 Stable Maintain -
22-Nov-23 A- A2 Positive Maintain -
22-Nov-22 A- A2 Positive Maintain -
22-Nov-21 A- A2 Positive Initial -
About the Entity

Ghani Global Holdings Limited (GGHL) is a publicly listed holding company that was originally incorporated in November 2007 as Ghani Gases Limited. Its name was formally changed to Ghani Global Holdings Limited on August 28, 2019. This transition followed the segregation of its manufacturing facilities, which were transferred to its subsidiary, Ghani Chemical Industries Ltd. (GCIL), and redefined the company's core directive. GGHL's principal activity is now the strategic management of investments in its Subsidiary/Associated Companies and trading activities. The company holds controlling stakes in key subsidiaries, including Ghani Chemical Industries Ltd. (GCIL) (55.96% shareholding) and Ghani Global Glass Limited (GGGL) (50.10% equity). The company is headed by CEO Mr. Masroor Ahmad Khan, and its ownership is majority held by the sponsoring family (~43%), with the general public holding approximately 49% of the shares.

Rating Rationale

The assigned long-term rating of ‘A-’ and the short-term rating of ‘A-2’, with a ‘Stable’ outlook, are firmly rooted in the enhanced role of Ghani Global Holdings Limited (GGHL) as the strategically positioned parent entity within the diversified Ghani Global Group This high credit quality assessment is supported by the Group's conservative financial discipline—highlighted by a 100% equity-based capital structure—and the robust operational performance of its core, publicly listed subsidiaries, which operate in strategically vital sectors. GGHL's standalone financial health has shown a pronounced improvement, with Profit After Tax soaring by over 500% for the nine-month period ending March 31, 2025, primarily driven by a substantial increase in 'Other Income,' including a dividend received from a subsidiary. The Group’s defensive and growth-oriented profile is built upon its two main subsidiaries: i) Ghani Chemical Industries Limited (GCIL): GGHL holds a 55.96% controlling share in GCIL, which operates the largest manufacturing setup in Pakistan for industrial and medical gases. GCIL has significantly bolstered its efficiency and capacity with the formal commissioning of its 5th Air Separation Unit (ASU) at the Hattar Special Economic Zone (SEZ). This new unit, now the largest in Pakistan, provides critical cost advantages, including an estimated 30% reduction in electricity consumption and a valuable 10-year tax exemption due to its SEZ location. Further underpinning this segment's growth is the forthcoming Calcium Carbide project, a significant import substitution initiative expected to capture up to 100% of the domestic market demand, ii) Ghani Global Glass Limited (GGGL): GGHL maintains a control stake of 50.10% in GGGL. Specializing in the production of USP Type I Boro-silicate neutral glass—essential for pharmaceutical injectables—GGGL achieved exceptional operational metrics, reporting a 20.67% increase in sales and a dramatic 519% surge in exports for the nine months under review. GGGL is proactively investing in its value-added capacity, acquiring high-tech European machinery to cement its position as the market leader in ampoules and vials, targeting a production capacity of 55 million plus units monthly. These strategic, capital-intensive investments solidify the Group’s positioning in high-barrier-to-entry industries and, despite the subsidiaries being in a pre-dividend-yielding phase in the past, their demonstrated profitability and aggressive capacity expansion provide a strong foundation for sustainable future dividend streams, thus continuously stabilizing the parent company's income profile.

Key Rating Drivers

The ratings are anchored in the Company’s strategic trajectory and the management’s ability to actualize growth objectives. Sustained ratings depend on the successful conversion of strategic initiatives into profitable outcomes, with particular emphasis on strong subsidiary performances, optimized financial management, and maintained liquidity buffer.

REPORT CONTENTS
  1. Rating Analysis
  2. Financial Summary
  3. Rating Scale
  4. Regulatory Disclosure

Ghani Global Holdings Limited

rating analysis

Logo
Profile
Background

Ghani Global Holdings Limited (GGL), previously Ghani Gases Limited, is a publicly listed company incorporated in Pakistan on November 19, 2007. It became a public company on February 12, 2008, and rebranded in August 2019 to reflect its focus on managing investments in subsidiaries and associated companies, following a strategic shift toward portfolio management.


Structural Analysis

The Company’s long-term investments are focused on two subsidiaries: Ghani Global Glass Limited (50.1% stake),and Ghani Chemical Industries Limited (55.96% stake). Global Glass, a listed company of the Pakistan Stock Exchange, is principally engaged in the manufacturing and sale of glass tubes, glassware, vials, ampules, and chemicals under an import substitution model, while Ghani Chemicals is principally engaged in the manufacturing, sale, and trading of medical & industrial gases and chemicals. Kilowatt Labs, previously held 99.99% stake, has been sold in FY25.


Ownership
Ownership Structure

The sponsoring family, comprising Directors, the CEO, and their spouses and children, holds 34.92% of the company's shares. The rest is distributed among Executives (14.429%), Government Institutions (0.038%), Financial Institutions (0.127%), Investment Companies (0.008%), Insurance Companies (0.396%), Modaraba Companies (0.011%), Provident & Mutual Funds (0.259%), Joint Stock Companies (4.067%), Individuals (45.617%) and Others (0.127%).


Stability

The Company benefits from a stable ownership structure, with the majority stake held by the founding family. The successful integration of the second generation into the business further reinforces continuity, ensuring a seamless transition of leadership.


Business Acumen

The sponsors bring decades of experience across multiple sectors. Ghani Global Group operates in glass manufacturing, chemicals, industrial gases, mining, and automobiles. Over time, the Group has established itself and now holds the highest market share in the country’s glass and gases segment.


Financial Strength

The Group demonstrates solid financial resilience, with a proven track record of both capability and commitment to providing support to the Company when required. This readiness reinforces the Company's financial stability and strategic backing.


Governance
Board Structure

The Company’s Board comprises of seven members, including one Executive Director, four non-Executive Directors, and two Independent Directors.


Members’ Profile

The Board, chaired by Mr. Atique Ahmad khan, has over 35 years of experience in glass, textile, and gas industries and is a qualified electrical and mechanical engineer, enhancing the Board's technical expertise. Mr. Atique has seasonal personality and participated in so many international and national fairs, business conferences and seminars. He has excellent entrepreneurial skills and management qualities. Executive Director Mr. Masroor Ahmad Khan adds 38 years of diverse experience. After Bachelor during 1985, he joined family business and took the responsibility of salt mining, coal mining and silica sand mining projects of Ghani Group. Mr. Masroor along with his brothers formed Ghani Global Group and setup a state of the art industrial and medical gases manufacturing project near Lahore in the name of Ghani Gases Limited.


Board Effectiveness

There were five Board meetings held during FY24, with majority attendance. The minutes of the meetings are adequately maintained. The Board is supported by two sub-committees: the HR & Compensation Committee, which convenes annually, and the Audit & Risk management committee, which meets quarterly. Both sub-committees are chaired by Independent Directors.


Transparency

External auditors of the Company, ShineWing Hameed Chaudhri & Co., Chartered Accountants, issued an unqualified audit opinion on the FY24 financials. The firm comes under the category ‘B’ of SBP’s panel of auditors.


Management
Organizational Structure

The Company has instituted a well-designed organizational structure to cater to its needs as a HoldCo. All Divisional Heads report to the Company’s CEO, who reports to the Board. However, Head of Internal Audit and Human Resource report administratively to the CEO and functionally to the Board's Audit Committee, HR and Remuneration Committee, respectively.


Management Team

Mr. Masroor Ahmad Khan, the CEO and director of the Company, boasts over three decades of leadership across diverse industries, including glass and textiles. After Bachelor during 1985, he joined family business and took the responsibility of salt mining, coal mining and silica sand mining projects of Ghani Group. Under the leadership of Mr. Masroor, Ghani Glass developed R&D department, paving the way for other glass manufacturers to adopt the same technology. Mr. Masroor along with his brothers formed Ghani Global Group and setup a state of the art industrial and medical gases manufacturing project. Complementing his expertise is CFO and Group director of finance, Mr. Asim Mehmud, a distinguished Fellow Chartered Accountant (FCA) with nearly 26 years of invaluable experience, ensuring financial stewardship and strategic insight.


Management Effectiveness

Currently, the organization has no management committees. However, plans are in place to implement a formal review mechanism for subsidiary performance. An Oracle ERP system has also been deployed at the Group level to enhance management efficiency.


Control Environment

The Company has established an internal audit function in conjunction with the Board’s Audit Committee to facilitate the implementation of its policies and procedures.


Investment Strategy
Investment Decision-making

The Company’s investment decisions are made by a management-level investment committee comprising the CEO, two Directors, the CFO, and the General Manager of Corporate. This structure ensures that investment strategies are aligned with the Company’s overall objectives.


Investment Policy

The Company is yet to formulate formal investment policy. Currently, the Company holds two strategic investments in its subsidiaries. 1:Ghani Chemical Industries Limited (GCIL) is principally engaged in manufacturing, sale and trading of medical/ industrial gases and chemicals, 2: Ghani Global Glass Limited is engaged in manufacturing and sale of glass tubing, ampoules and vials.


Investment Committee Effectiveness

The Company currently lacks formal investment guidelines; however, management meetings are held on an as-needed basis to facilitate investment decision-making


Business Risk
Diversification

The Company's investment portfolio consists of two long-term holdings: Global Glass (glass segment), and Ghani Chemicals (chemicals and industrial gases). Total investments are approximately PKR 3.6 billion as of 9MFY25. The portfolio lacks diversification, with around 60% in the chemical segment and 40% in glass. The Board of Directors has disinvested in Kilowatt Labs.


Portfolio Assessment

The Company has strategically invested in two listed subsidiaries, reflecting a robust portfolio approach. Its investment in Ghani Global Glass Limited (GGGL) amounts to PKR 1.4 billion. In 9MFY25, GGGL reported sales of PKR 2.13 billion, marking a notable 21% increase from PKR 1.76 billion in 9MFY24 backed by both volumetric and price increase. Due to decrease in finance cost to PKR 265mln during 9MFY25 (9MFY24: 299mln), profit after tax showed an increase and reported at PKR 243mln (9MFY24: PKR 109mln). GGGL is actively enhancing its production capabilities to target local and export markets, including Latin America and the GCC. The Company is also strategically exploring the MENA region, particularly Saudi Arabia (KSA), to broaden ampoule market footprint. The company has successfully installed and commissioned four more ampoule machines, thereby expanding ampoule production capacity to 50 million per month. Looking ahead, this company is planning to explore solar energy initiatives aimed at optimizing energy costs and enhancing sustainability. In terms of Ghani Chemical Industries Limited (GCIL), the investment is valued at PKR 2.15 billion. GCIL's gross sales surged by 46% to PKR 6.3 billion backed by both volumetric and price increase (6MFY24: PKR 4.3bln), with profit after taxation increasing significantly to PKR 1.23 billion during 6MFY25 (6MFY24: PKR 665mln). The subsidiary has stepped forward to enter into other business areas for setting up of 450 MT capacity, LPG Storage and Filling Plant (the Plant) at Phool Nagar, District Kasur for operations all over the country. The Company also held a minor investment of PKR 0.5 million in Kilowatt Labs, which has been divested this year.


Income Assessment

During 9MFY25, the company's total income increased to PKR 94.4 million, up from PKR 85.5 million during the same period in 2024. This income is generated from gross sales, corporate guarantees, and Sharia-compliant savings accounts. Despite the rise in total income, gross profit decreased significantly to PKR 1.2 million from PKR 13.4 million. This was due to an increase in the cost of sales. However, the company's net income saw a major improvement, rising to PKR 144 million from PKR 23.2 million in the previous year. This substantial gain was primarily driven by a dramatic increase in other income, which surged to PKR 191 million from just PKR 29.5 million. The main source of this increase was a PKR 167 million dividend received from the subsidiary, GCIL.


Financial Risk
Coverages

During 9MFY25, the company's financial health significantly deteriorated, as evidenced by a sharp decline in its total capital flows (TCF). The TCF, a key indicator of cash generation, reversed from a positive PKR 25 million in 9MFY24 to a negative PKR 28 million in 9MFY25. This substantial contraction in cash flow is the primary driver behind the decline in other financial metrics. The negative TCF directly resulted in a severe weakening of the company's coverage ratio. This ratio, which measures the company's ability to meet its financial obligations with its internal cash flow, plummeted from a healthy 25.3x in 9MFY24 to a concerning negative 27.6x in 9MFY25. A negative coverage ratio indicates that the company's cash flow was insufficient to cover its financial obligations, highlighting a significant liquidity and solvency risk.


Capital Structure

The Company's capital structure is entirely composed of equity. In FY24, total equity experienced a modest increase, attributed to the incorporation of last year's profits, reaching PKR 3.81 billion, up from PKR 3.78 billion in FY23 (9MFY25: PKR 3.95bln).


Consolidated Position

As the main holding company of the Ghani Global Group, the Company relies on its subsidiaries for financial strength. As of FY24, the Group has consolidated assets of PKR 21 billion and equity of about PKR 13 billion (9MFY25: PKR 24bln, PKR 14bln respectively). The Group's topline reached PKR 9.3 billion, up from PKR 7.5 billion in FY23 (9MFY25: PKR 7.4bln), while profit after taxation rose to PKR 935 million, compared to PKR 625 million the previous year (9MFY25: PKR 1.5bln).


 
 

Oct-25

www.pacra.com

Ghani Global Holdings Limited

financial summary

(PKR mln)

Logo

Mar-25
9M		 Jun-24
12M		 Jun-23
12M		 Jun-22
12M
Management Audited Audited Audited
A. BALANCE SHEET
1. Investments 0 0 0 0
2. Related Party Investments 3,581 3,581 3,581 3,581
3. Non-Current Assets 0 0 0 0
4. Current Assets 448 357 221 250
5. Total Assets 4,029 3,938 3,803 3,832
6. Current Liabilities 38 24 15 21
7. Borrowings 0 0 0 0
8. Related Party Exposure 34 103 0 0
9. Non-Current Liabilities 0 0 0 0
10. Net Assets 3,956 3,811 3,787 3,811
11. Shareholders' Equity 3,956 3,811 3,787 3,811
B. INCOME STATEMENT
1. Total Investment Income 192 41 10 8
a. Cost of Investments 0 (10) (0) 0
2. Net Investment Income 192 31 10 8
a. Other Income 0 0 0 0
b. Operating Expenses (19) (10) (11) (14)
4. Profit or (Loss) before Interest and Tax 174 35 22 15
a. Taxation (29) (10) (6) (4)
6. Net Income Or (Loss) 145 24 16 10
C. CASH FLOW STATEMENT
a. Total Cash Flow (28) 25 9 11
b. Net Cash from Operating Activities before Working Capital Changes (28) 25 9 11
c. Changes in Working Capital (147) (22) 6 (59)
1. Net Cash provided by Operating Activities (175) 3 14 (48)
2. Net Cash (Used in) or Available From Investing Activities 168 0 0 (100)
3. Net increase (decrease) in long term borrowings 0 0 0 0
4. Net Cash (Used in) or Available From Financing Activities (0) 0 0 0
5. Net Cash generated or (Used) during the period (7) 3 14 (148)
D. RATIO ANALYSIS
1. Performance
a. Asset Concentration (Market Value of Largest Investment / Market Value of Equity Investments) 85.7% 81.0% 100.0% 62.4%
b. Core Investments / Market Value of Equity Investments 100.0% 100.0% 100.0% 100.0%
c. Marketable Investments / Total Investments at Market Value 0.0% 0.0% 0.0% 0.0%
2. Coverages
a. TCF / Finance Cost -27.6 2.4 8.7 11.1
b. TCF / Finance Cost + CMLTB -36.8 2.4 8.7 11.1
c. Loan to Value (Funding / Market Value of Equity Investments ) 0.0 0.0 0.0 0.0
3. Capital Structure (Total Debt/Total Debt+Equity)
a. Leveraging [Funding / (Funding + Shareholders' Equity] 0.0% 0.0% 0.0% 0.0%
b. (Funding + Off Balance Sheet Exposure) / Shareholders' Equity 0.0% 0.0% 0.0% 0.0%
E. NOTES
1
2
3
4
5
6
7
8
9
10

Oct-25

www.pacra.com

Ghani Global Holdings Limited

rating scale

Logo

Oct-25

www.pacra.com

Ghani Global Holdings Limited

regulatory disclosure

Logo
  1. Rating Team Statements
    1. Rating is just an opinion about the creditworthiness of the entity and does not constitute a recommendation to buy, hold, or sell any security of the entity rated or to buy, hold, or sell the security rated, as the case may be. (Chapter III; 14-3-(x))
    2. Conflict of Interest
      1. The Rating Team or any of their family members have no interest in this rating (Chapter III; 12-2-(j))
      2. PACRA, the analysts involved in the rating process, and members of its rating committee and their family members do not have any conflict of interest relating to the rating done by them (Chapter III; 12-2-(e) & (k))
      3. The analyst is not a substantial shareholder of the customer being rated by PACRA [Annexure F; d-(ii)]
      4. Explanation: for the purpose of the above clause, the term "family members" shall include only those family members who are dependent on the analyst and members of the rating committee.
  2. Restrictions
    1. No director, officer, or employee of PACRA communicates the information acquired by him for use for rating purposes to any other person, except where required under law to do so. (Chapter III; 10-(5))
    2. PACRA does not disclose or discuss with outside parties or make improper use of the non-public information which has come to its knowledge during a business relationship with the customer. (Chapter III; 10-7-(d))
    3. PACRA does not make proposals or recommendations regarding the activities of rated entities that could impact a credit rating of the entity subject to rating. (Chapter III; 10-7-(k))
  3. Conduct of Business
    1. PACRA fulfills its obligations in a fair, efficient, transparent, and ethical manner and renders high standards of services in performing its functions and obligations. (Chapter III; 11-A-(a))
    2. PACRA uses due care in the preparation of this Rating Report. Our information has been obtained from sources we consider to be reliable, but its accuracy or completeness is not guaranteed. PACRA does not, in every instance, independently verify or validate information received in the rating process or in preparing this Rating Report. (Clause 11-(A)(p))
    3. PACRA prohibits its employees and analysts from soliciting money, gifts, or favors from anyone with whom PACRA conducts business. (Chapter III; 11-A-(q))
    4. PACRA ensures before the commencement of the rating process that an analyst or employee has not had a recent employment or other significant business or personal relationship with the rated entity that may cause or may be perceived as causing a conflict of interest. (Chapter III; 11-A-(r))
    5. PACRA maintains the principle of integrity in seeking rating business. (Chapter III; 11-A-(u))
    6. PACRA promptly investigates in the event of misconduct or a breach of the policies, procedures, and controls, and takes appropriate steps to rectify any weaknesses to prevent any recurrence, along with suitable punitive action against the responsible employee(s). (Chapter III; 11-B-(m))
  4. Independence & Conflict of Interest
    1. PACRA receives compensation from the entity being rated or any third party for the rating services it offers. The receipt of this compensation has no influence on PACRA’s opinions or other analytical processes. In all instances, PACRA is committed to preserving the objectivity, integrity, and independence of its ratings. Our relationship is governed by two distinct mandates: i) rating mandate - signed with the entity being rated or issuer of the debt instrument, and ii) fee mandate - signed with the payer, which can be different from the entity.
    2. PACRA does not provide consultancy/advisory services or other services to any of its customers or their associated companies and associated undertakings that are being rated or have been rated by it during the preceding three years, unless it has an adequate mechanism in place ensuring that the provision of such services does not lead to a conflict of interest situation with its rating activities. (Chapter III; 12-2-(d))
    3. PACRA discloses that no shareholder directly or indirectly holding 10% or more of the share capital of PACRA also holds directly or indirectly 10% or more of the share capital of the entity which is subject to rating or the entity which issued the instrument subject to rating by PACRA. (Chapter III; 12-2-(f))
    4. PACRA ensures that the rating assigned to an entity or instrument is not affected by the existence of a business relationship between PACRA and the entity or any other party, or the non-existence of such a relationship. (Chapter III; 12-2-(i))
    5. PACRA ensures that the analysts or any of their family members shall not buy, sell, or engage in any transaction in any security which falls in the analyst’s area of primary analytical responsibility. This clause, however, does not apply to investments in securities through collective investment schemes. (Chapter III; 12-2-(l))
    6. PACRA has established policies and procedures governing investments and trading in securities by its employees and for monitoring the same to prevent insider trading, market manipulation, or any other market abuse. (Chapter III; 11-B-(g))
  5. Monitoring and Review
    1. PACRA monitors all the outstanding ratings continuously, and any potential change therein due to any event associated with the issuer, the security arrangement, the industry, etc., is disseminated to the market immediately and in an effective manner after appropriate consultation with the entity/issuer. (Chapter III; 17-(a))
    2. PACRA reviews all the outstanding ratings periodically on an annual basis. Provided that public dissemination of annual review and in an instance of change in rating will be made. (Chapter III; 17-(b))
    3. PACRA initiates an immediate review of the outstanding rating upon becoming aware of any information that may reasonably be expected to result in downgrading of the rating. (Chapter III; 17-(c))
    4. PACRA engages with the issuer and the debt securities trustee to remain updated on all information pertaining to the rating of the entity/instrument. (Chapter III; 17-(d))
  6. Probability of Default
    1. PACRA’s Rating Scale reflects the expectation of credit risk. The highest rating has the lowest relative likelihood of default (i.e., probability). PACRA’s transition studies capture the historical performance behavior of a specific rating notch. Transition behavior of the assigned rating can be obtained from PACRA’s Transition Study available at our website. (www.pacra.com) However, the actual transition of rating may not follow the pattern observed in the past. (Chapter III; 14-3(f)(vii))
  7. Proprietary Information
    1. All information contained herein is considered proprietary by PACRA. Hence, none of the information in this document can be copied or otherwise reproduced, stored, or disseminated in whole or in part in any form or by any means whatsoever by any person without PACRA’s prior written consent.

Oct-25

www.pacra.com