Zarea Limited ('ZAL' or the 'Company'). Formerly Vision 2A Private Limited,was incorporated on September 16, 2020, and renamed on August 22, 2022. It became a public limited company on April 15, 2024, under the Companies Act, 2017. The company’s registered office is located at Delta 6, Office No. 6011, NASTP, Abid Majeed Road, Lahore Cantt.

Mr. Ali Alam Qamar founded Zarea Limited in 2020 with the vision of revolutionizing Pakistan's traditional commodity procurement systems. Recognizing the inefficiencies and lack of transparency in sectors like construction and agriculture, he laid the foundation of Zarea Limited as a digital B2B marketplace. Under his leadership, ZAL developed a proprietary technology platform that connects buyers and sellers, streamlining transactions across various industrial and agricultural commodities such as cement, steel, corn, wheat, agricultural biomass etc. His initiative marked a significant shift in Pakistan’s commodity trade landscape by introducing digital procurement, transparent pricing, and efficient logistics solutions.

Zarea Limited is a digital B2B marketplace for construction and agricultural goods like cement, steel, building material and biomass. Based in Pakistan, it connects buyers and sellers for transparent, transactions, serving corporates, SMEs, retailers, wholesalers, importers and exporters. The Company earns revenue mainly through platform fees and tech-enabled agriculture biomass trading, while also offering logistics and storage via third-party partners. ZAL currently operates nine sites located accross Kasur, Pir Mahal, Lodhran, Sangla, Ahmadpur Shah and South Punjab. The Company plans to expand its fertilizer distribution network into Khyber Pakhtunkhwa (KPK), tapping into an underserved agricultural market with strong growth potential. In parallel, ZAL is actively exploring export opportunities to the Middle East, aiming to leverage Pakistan’s competitive advantage in agri-commodities. This strategic expansion is aligned with the Company's broader vision to scale its footprint beyond domestic markets and become a regional player in B2B commodity trade.

Mr. Ali Alam Qamar, the Founder and Chief Executive Officer of Zarea Limited, maintains a controlling interest with an approximate ~41.5% equity stake in the company. Additionally, M/S Goldfinger Private Limited, a prominent institutional shareholder, holds a substantial ~34.3% ownership, which is ultimately beneficially owned by Mr. Qamar. This consolidated ownership structure results in an effective combined stake of approximately 75%, underscoring strong promoter alignment with the company’s strategic direction. The remaining ~23.8% of the shareholding is disseminated among the general public, ensuring broad-based market participation. Notably, several reputable financial institutions, including National Bank of Pakistan (NBP), Bank Alfalah, ABL Asset Management, and JS Investments, are among the shareholders—underscoring institutional confidence in Zarea’s business model, governance, and growth potential.

Zarea Limited benefits from a stable and well-structured ownership and governance framework, underpinned by strong leadership and institutional participation. The Company successfully introduced public shareholding through a highly oversubscribed Initial Public Offering (IPO), demonstrating robust investor confidence and market credibility. This balanced ownership structure combining promoter leadership, institutional backing, and diversified public investment - strengthens ZAL's position as a stable and resilient player in Pakistan's evolving digital commodity trading landscape.

Zarea Limited benefits from the strong business acumen of its founder and CEO, Mr. Ali Alam Qamar, a graduate of Cambridge University, an accomplished entrepreneur with over 10 years of experience in building and investing in successful technology and e-commerce ventures globally. The company's ownership structure reflects this strategic expertise, combining his majority stake for decisive leadership with institutional investment for governance discipline and public listing for enhanced transparency. This balanced approach enables ZAL to maintain entrepreneurial agility while benefiting from institutional oversight and access to capital markets, positioning the company well to capitalize on opportunities in Pakistan's digital commodity trading sector. Mr. Ali Alam Qamar's hands-on experience in technology-driven businesses continues to guide ZAL's growth strategy and operational execution. ZAL’s executive team brings together high-caliber professionals with proven track records across leading institutions such as Engro, Bank Alfalah, Packages Group, and Bestway Cement. This diverse mix of expertise across supply chain, corporate finance, industrial operations, and technology enables ZAL to execute with precision and scale. The Company’s Board of Directors further strengthens this foundation, comprising accomplished business leaders and independent professionals who provide strategic guidance, strong governance oversight, and sectoral insight—ensuring robust decision-making aligned with long-term value creation.

Zarea Limited demonstrates strong financial performance marked by consistent growth and prudent financial management. The Company maintains an impressive ~22% Return on Equity (ROE), positioning it as a leading performer within the PSX technology sector. In February 2025, ZAL successfully executed its Initial Public Offering (IPO), raising ~PKR 1.03 billion through the issuance of 62.5 million shares at a premium, with net proceeds amounting to approximately ~PKR 988 million. This strategic capital infusion has substantially reinforced the Company’s equity base, now standing at ~PKR 2.06 billion, enhancing its financial flexibility and capacity for future growth. These metrics underscore ZAL’s robust financial health and its ability to generate sustainable shareholder value.

The Board of Directors (BoD) of Zarea Limited (ZAL) consists of seven experienced professionals, including CEO Mr. Ali Alam Qamar and Chairperson Ms. Misbah Momin. The board includes two  executive, five non-executive including two independent directors.

Zarea Limited benefits from a diverse and highly accomplished board combining operational expertise, governance experience, and sector-specific knowledge. The leadership team is anchored by CEO Mr. Ali Alam Qamar, a Cambridge and Harvard-educated finance professional with specialized expertise in supply chain and digital procurement transformation. Chairperson Ms. Misbah Momin brings strategic vision as an established entrepreneur and social impact leader, with prior experience in government roles, women’s empowerment and establishing vocational training institutes and schools across Punjab. The board’s strength is further enhanced by its non-executive directors, including Mr. Junaid Akram, a former FBR bureaucrat with deep tax policy experience, and Ms. Meezan Fahd Mukhtar, a fashion entrepreneur with international exposure. Executive Director Mr. Nouman ul Hassan contributes hands-on technology execution expertise from his decade in software development. Independent oversight is provided by distinguished professionals: Mr. Sohail Wajahat Siddiqui, a Sitara-e-Imtiaz recipient, ex-MD of Siemens Pakistan, ex-Chairman PSO and ex-federal minister for petroleum & natural resources, and Mr. Muhammad Afzal Chaudhry, a seasoned banker with 43 years of financial leadership across multiple markets such as Pakistan and Oman. This balanced composition ensures robust governance while maintaining strong alignment with Zarea’s digital commerce ambitions.

Zarea Limited maintains a adequate governance framework with a well-structured Board that demonstrates strong oversight through regular meetings and proper documentation. The Board has established two key committees - the Audit Committee and the HR & Remuneration Committee - both chaired by independent directors to ensure objective oversight of financial reporting, internal controls, and executive compensation matters. Board meetings are conducted with due diligence, where discussions are properly minuted and decisions are formally recorded, reflecting adherence to corporate governance best practices. This structured approach enables effective monitoring of company affairs while maintaining transparency and accountability across all operational and strategic matters. The composition and functioning of these committees demonstrate the Board's commitment to sound governance principles and effective stewardship of shareholder interests.

Naveed Zafar Ashfaq Jaffery & Co. Chartered Accountants serves as the external auditor for Zarea Limited (ZAL). For the fiscal year ending 2023-24, the auditors issued an unqualified opinion on the company's financial statements. The CA firm holds Category A status on the State Bank of Pakistan's (SBP) approved auditors’ panel.

Zarea Limited operates with a well-defined functional structure comprising key departments including Management, Operations, Sales & Marketing, Accounts & Finance, Supply Chain, and Technology. The Company has established a clear reporting framework with each department led by a designated head who reports directly to the Chief Executive Officer. This streamlined structure facilitates efficient coordination across functions, enables swift decision-making, and ensures effective implementation of corporate strategy. The direct reporting lines to the CEO maintain organizational agility while promoting accountability across all operational verticals. This departmental framework supports ZAL's business objectives by aligning specialized expertise with strategic priorities, creating a cohesive operational environment that drives performance and growth.

Zarea Limited benefits from an experienced leadership team under the guidance of Founder & CEO Mr. Ali Alam Qamar, a distinguished finance professional with qualifications from Cambridge and Harvard, whose entrepreneurial acumen has significantly influenced Pakistan's digital commerce sector. The management team comprises seasoned professionals across all critical functions, including Mr. M. Usman Ameer (CFO), a chartered accountant specializing in financial controls and risk management; Mr. Usman Iftikhar (CIO), an investment expert with a track record in executing $400M+ capital market deals; Mr. Muhammad Shehzad (CTO), who spearheads the company's technological advancement; and Mr. Syed Muhammad Akram (Company Secretary), overseeing governance and compliance. Complementing this core team are department heads leading retail and corporate sales, public relations, human resources, agricultural operations, and supply chain management each bringing over a decade of specialized industry experience from leading organizations such as Engro, Packages Group, Bestway Cement, and Bank Alfalah.

Zarea Limited's management team demonstrates strong execution capabilities through its proven ability to drive operational excellence and strategic growth. The leadership's effectiveness is evidenced by the company's robust financial performance, including a ~22% ROE, and the successful execution of its oversubscribed IPO – reflecting investor confidence in management's competencies. The team combines entrepreneurial vision with specialized technical expertise across finance, technology, investments, and compliance, creating a balanced approach to decision-making. Their collective experience in scaling digital businesses enables agile responses to market opportunities while maintaining disciplined governance. The direct reporting structure to the CEO ensures swift implementation of strategic initiatives, with departmental heads providing deep domain knowledge in their respective functions. This results-oriented leadership approach has positioned ZAL as an emerging leader in Pakistan's digital commodity trading sector, capable of sustaining growth while effectively managing risks and stakeholder expectations.

Zarea Limited has established an  Enterprise Resource Planning (ERP) system integrated with AI/ML capabilities to power its data-driven operations. This sophisticated platform connects finance, supply chain, sales and inventory functions while employing machine learning algorithms to analyze transactional data, predict trends and optimize decision-making. The system's AI components enhance forecasting accuracy for commodity pricing and inventory requirements, while automated data processing reduces operational latency.By harnessing AI-powered analytics, Zarea Limited extracts actionable intelligence from its internal databases - identifying efficiency opportunities in procurement cycles, detecting anomalies in financial transactions, and personalizing customer engagement models. The cloud-based architecture ensures real-time data accessibility across management tiers, supported by dynamic dashboards that transform raw data into strategic insights. This technological infrastructure positions ZAL at the forefront of agri-tech innovation in Pakistan's commodity sector, where predictive analytics and automated reporting provide competitive differentiation. The company continues to upgrade its ML models to improve demand forecasting accuracy and supply chain responsiveness.

Zarea Limited maintains a rigorous control framework through its dedicated internal audit function, which operates with direct accountability to the Board's Audit Committee. The internal audit department, under the leadership of Chartered Accountant M. Usman Ameer, conducts systematic evaluations of operational processes and control mechanisms. This structure ensures independent verification of financial reporting integrity, risk management effectiveness, and compliance with regulatory standards. The department's direct reporting line to the Board-level Audit Committee - chaired by an independent director - reinforces organizational accountability while maintaining objective oversight. By combining professional audit expertise with governance best practices, ZAL sustains a disciplined control environment that safeguards assets, ensures process reliability, and supports informed decision-making across management levels. This multilayered approach to controls demonstrates the company's commitment to operational transparency and sound corporate governance.

As of March 2025, Pakistan’s cellular subscribers reached ~PKR 197.44 million with a teledensity of 80.3%, while mobile broadband users totaled ~PKR 143.4 million (58.3% penetration). Internet usage rose to ~PKR 116 million users, with overall broadband penetration at ~59.8%, driven mainly by mobile. Mobile and fixed broadband speeds improved to 20.9 Mbps and 15.5 Mbps, respectively. This rapid digital adoption supports growth in e-commerce, fintech, and online services. Companies like Zarea Limited can capitalize on this momentum to expand digital revenue and reach new markets.

Zarea Limited has processed over 17,000 orders across 50+ cities and secured long-term offtake agreements with leading corporates. Its agile microservices architecture and real-time tracking create high switching costs, enhancing customer retention. Supported by a proprietary 10-year commodity data repository. ZAL has also established itself as a credible supply chain partners.

Zarea Limited demonstrated strong top-line momentum during 9MFY25, reporting operating revenues of ~PKR 805 million, representing a ~171% year-over-year increase from ~PKR 297 million in the prior comparable period. This sharp revenue accretion reflects improved platform utilization, expanded trading volumes, and deepening market penetration, particularly within the agri-commodity vertical. The revenue mix remains diversified across recurring platform usage fees and transactional income from tech-enabled agricultural commodity sales, with the latter serving as the primary revenue engine, reinforcing the Company’s scale-driven monetization model. Profitability metrics have moved in tandem with revenue growth, with net earnings reaching ~PKR 454 million, marking a ~132% increase over ~PKR 196 million in 9MFY24. Net margin expansion has been aided by favorable cost absorption and continued benefit from the 10-year income tax exemption granted under the Special Technology Zones Authority (STZA) framework.

Zarea Limited’s latest financials reflect a moderation in margins relative to the fiscal year-end, though the Company continues to exhibit strong profitability metrics. During 9MFY25, the gross profit margin stood at ~46.39%, down from ~70.34% reported in FY24. This contraction is primarily attributable to increased trading activity in agri-commodities, where cost of sales is inherently higher due to the nature of physical procurement and logistics. Similarly, the operating profit margin declined to ~36.47% from ~58.25%, reflecting the absorption of higher distribution and platform enhancement costs amid scale-up. Despite this, ZAL continues to benefit from significant operating leverage, supported by a tech-centric cost structure and growing transaction volumes. Notably, both PBIT and net profit margins remain elevated at 56.31%, albeit lower than the FY24 levels of ~66.05% and ~66.28%, respectively. This margin compression, though notable, is still within a healthy range and reflects a normalized contribution from non-operating income, particularly mark-to-market gains on short-term investments. Overall, while margins have tempered from peak levels, they remain well above industry norms, underlining ZAL’s high-value digital offering, efficient cost base, and the continued benefit of STZA-related tax exemptions. Sustainability of current margin levels will hinge on effective management of cost-to-serve as the Company further expands into logistics, agri-processing, and regional diversification.

Zarea Limited is progressing toward the operationalization of its in-house logistics arm, a strategic initiative aimed at enhancing supply chain control, reducing third-party dependencies, and improving delivery efficiency across key trade corridors. Concurrently, the Company is executing its forward integration strategy through planned entry into the import and export domains, thereby broadening its transactional base and mitigating concentration risk. To reinforce long-term revenue visibility and operational resilience, ZAL has also secured structured offtake arrangements with institutional counterparties across the commodity spectrum, supporting its multi-vertical expansion and supply chain sustainability.

Zarea Limited has demonstrated notable improvement in its working capital efficiency over the reviewed period. As of March 30, 2025, average trade receivable days declined to 46.85, compared to 87.24 days at June 30, 2024, reflecting improved receivables management, faster cash conversion, and stronger collection discipline across counterparties. This trend is mirrored in the net working capital cycle, which compressed to 45.99 days from 87.24 days, indicating enhanced operational liquidity and reduced capital tie-up per unit of revenue. The Company maintains a minimal reliance on trade payables, with average payable days recorded at 1, underscoring its preference for upfront settlement and a lean liability structure within the procurement chain. This also aligns with ZAL’s digital-first transaction model, where real-time order execution limits the buildup of supplier-side credit.

Zarea Limited maintains a highly conservative financial risk profile, marked by minimal leverage and robust internal cash generation. The Company’s Free Cash Flow from Operations (FCFO) grew by ~53.85% during 9MFY25, although this reflects a normalization from the elevated ~150.66% growth recorded at FY24-end. This consistent positive FCFO trajectory underscores ZAL’s strong underlying cash-generating capacity, particularly within a capital-light, platform-based operating model. Despite the absence of traditional finance costs given the Company’s debt-free capital structure coverage metrics relative to contingent obligations remain notably strong.

Zarea Limited exhibits a strong capitalization profile, supported by a predominantly equity-funded balance sheet and minimal financial obligations. As of Mar'25, the Company reported total assets of PKR 2.11 billion, with shareholders’ equity comprising PKR 2.06 billion, representing an equity-to-asset ratio of approximately 97.8%. This capital structure reflects a conservative financial policy and underscores ZAL’s reliance on internally generated funds and equity financing to support growth initiatives. The Company’s debt burden remains negligible, with only ~PKR 31.3 million in long-term borrowings, ~PKR 13.1 million in short-term facilities, and ~PKR 2.5 million in trade payables, resulting in a very low debt-to-equity ratio of ~2.1%. Such limited leverage provides significant headroom under stress scenarios and supports strong creditor protection metrics. This lowly levered position enhances the Company’s financial resilience and provides flexibility to absorb execution risks associated with ongoing expansion into logistics and import/export verticals.