PACRA Maintains Entity Ratings of Ghani Global Holdings Limited

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.
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.

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.